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Wisconsin Free Printable 2022 IC-068 Schedule MI Manufacturing Investment Credit and Instructions (fillable) for 2024 Wisconsin Manufacturing Investment Credit

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Manufacturing Investment Credit
2022 IC-068 Schedule MI Manufacturing Investment Credit and Instructions (fillable)

Tab to navigate within form. Use mouse to check applicable boxes, press spacebar or press Enter. Schedule MI Save Print Clear Manufacturing Investment Credit 2022 File with Wisconsin Form 1, 1NPR, 2, 3, 4, 4T, 5S, or 6 Wisconsin Department of Revenue Name Identifying Number Round Amounts to Nearest Dollar 1 Enter the amount of your manufacturer's sales tax credit carryover that was certified by the former Wisconsin Department of Commerce. . . . . . . . . . 1 .00 2 Divide the amount on line 1 by 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .00 3 Manufacturing investment credit passed through from tax-option (S) corporations (from Schedule 5K-1, line 13): 3a Entity Name Amount 3a .00 Amount 3b .00 3c Total pass through credits from additional schedule. 3c .00 FEIN 3b Entity Name FEIN 3d Total credits (add lines 3a through 3c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3d .00 4 Add lines 2 and 3d. This is your 2022 manufacturing investment credit. . . . . 4 .00 4a Fiduciaries - enter the amount of credit allocated to beneficiaries . . . . . . . . . 4a .00 4b Fiduciaries - subtract line 4a from line 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4b .00 5 Carryover of unused manufacturing investment credit (see instructions). Include Schedule CF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 .00 6 Add lines 4 and 5 (lines 4b and 5 if a fiduciary). This is the available manufacturing investment credit. Include Schedule CF if the credit was not used in full . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 .00 Instructions for 2022 Schedule MI Purpose of Schedule MI Credit is Income Use Schedule MI to claim the manufacturing investment credit. In order for the claimant to receive the credit, the claimant’s business must have been certified by the former Department of Commerce (DOC), now the Wisconsin Economic Development Corporation. The credit computed on line 2 of Schedule MI is income and must be reported on your Wisconsin franchise or income tax return in the year computed. (Note: The amount on line 2 must be included in income for each taxable year for taxable years beginning in 2008 through taxable years beginning in 2022.) Any individual, estate, trust, corporation, or tax-exempt organization whose business was certified by the DOC and had a manufacturer’s sales tax credit carryover to 2006 of more than $25,000 may be eligible for the credit. IC-068 (R. 7-22) Carryforward of Unused Credits The manufacturing investment credit is nonrefundable. If you do not use your 1/15 share of the credit in a tax year, the unused portion may be carried forward for up to 15 years. Go to Page 2 Page 2 of 2 2022 Schedule MI If there is a reorganization of a corporation claiming the manufacturing investment credit, the limitations provided by Internal Revenue Code section 383 may apply to the carryover of any unused credit. Specific Line Instructions Line 1. Fill in the amount of your manufacturer’s sales tax credit carryover shown on the approved copy of your application to the DOC (this is your certification). Line 3. Fill in the amount of manufacturing investment credit passed through from tax-option (S) corporations which computed the credit based on manufacturer’s sales tax credit carryover from years when the entity did not pass the credit through to shareholders. This is the amount on Schedule 5K-1, line 13. Line 4. For pass-through entities, special instructions apply to the amount on line 4. Tax-option (S) corporations: For the portion of the amount on line 4 attributable to manufacturer’s sales tax credit from taxable years beginning prior to January 1, 1998, prorate the credit among the shareholders based on their ownership interests. For the portion of the amount on line 4 attributable to manufacturer’s sales tax credit from taxable years beginning on or after January 1, 1998, allocate the credit only among the shareholders that had more than $25,000 in manufacturer’s sales tax credit carryforward for their first taxable year beginning after December 31, 2005. Make this allocation in proportion to each shareholder’s manufacturer’s sales tax credit carryforward for its first taxable year beginning after December 31, 2005. Partnerships and LLCs treated as partnerships: Allocate the credit only among the partners or members that had more than $25,000 in manufacturer’s sales tax credit carryforward for their first taxable year beginning after December 31, 2005. Make this allocation in proportion to each partner’s or member’s manufacturer’s sales tax credit carryforward for its first taxable year beginning after December 31, 2005. Applicable Laws and Rules This document provides statements or interpretations of the following provisions of Wisconsin Statutes in effect as of July 11, 2022: Sections 71.07(3t), 71.28(3t), and 71.47(3t), Wis. Stats. Laws enacted and in effect after July 11, 2022, new administrative rules, and court decisions may change the interpretations in this document. Guidance issued prior to July 11, 2022, that is contrary to the information in this document is superseded by this document, according to sec. 73.16(2)(a), Wis. Stats. Line 4a and 4b. Fiduciaries: Allocate the credit between the estate or trust itself and its beneficiaries in proportion to their unused manufacturer’s sales tax credit carryforward for their first taxable year beginning after December 31, 2005. Do not allocate the credit to any taxpayer (whether the taxpayer is an estate, trust, or beneficiary) that had $25,000 or less in unused manufacturer’s sales tax credit carryforward for its first taxable year beginning after December 31, 2005. Show the beneficiaries’ portion of the credit on line 4a. Show the credit for each applicable beneficiary on Schedule 2K-1. Show only the estate’s or trust’s portion of the credit on line 4b. Line 5. Fill in the amount of manufacturing investment credit you computed in prior years which you could not use to offset your prior year's tax liability. Line 6. Enter the amount of manufacturing investment credit from line 6 on the appropriate line of Schedule CR. If the claimant is a combined group member, enter the credit amount on Form 6, Part V, line 1 instead of Schedule CR. Required Attachments to Return Include your completed Schedule MI with your Wisconsin franchise or income tax return. Also include a copy of your DOC certification to claim the credit. For any amounts included on lines 3 or 4 which are attributable to a business that is a tax-option (S) corporation, partnership, limited liability company treated as a partnership, or a trust, include a copy of the Schedule 5K-1, 3K-1, or 2K-1, as appropriate, with Schedule MI instead of the certification. Additional Information For more information, you may: • Email your questions to [email protected] • Call (608) 266-2772 [TTY: Call the Wisconsin Telecommunications Relay System at 711. If no answer, dial 1-800-947-3529] • Send a FAX to (608) 267-0834 • Write to the Audit Bureau, Wisconsin Department of Revenue, Mail Stop 3-107, PO Box 8906, Madison WI 53708-8906. Return to Page 1
Extracted from PDF file 2022-wisconsin-schedule-mi.pdf, last modified August 2015

More about the Wisconsin Schedule MI Corporate Income Tax Tax Credit

We last updated the Manufacturing Investment Credit in March 2023, and the latest form we have available is for tax year 2022. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Wisconsin Department of Revenue. You can print other Wisconsin tax forms here.


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Other Wisconsin Corporate Income Tax Forms:

TaxFormFinder has an additional 88 Wisconsin income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 2 Wisconsin Fiduciary Income Tax for Estates or Trusts
Schedule CC Request for a Closing Certificate for Fiduciaries
Form 3 Form 3 Partnership Return
Form 4 Wisconsin Non-Combined Corporation Franchise or Income Tax Return
Schedule FC Farmland Preservation Credit

Download all WI tax forms View all 89 Wisconsin Income Tax Forms


Form Sources:

Wisconsin usually releases forms for the current tax year between January and April. We last updated Wisconsin Schedule MI from the Department of Revenue in March 2023.

Show Sources >

Schedule MI is a Wisconsin Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Wisconsin Schedule MI

We have a total of eleven past-year versions of Schedule MI in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2022 Schedule MI

2022 IC-068 Schedule MI Manufacturing Investment Credit and Instructions (fillable)

2021 Schedule MI

2021 IC-068 Schedule MI Manufacturing Investment Credit and Instructions (fillable)

2020 Schedule MI

2020 IC-068 Schedule MI Manufacturing Investment Credit and Instructions (fillable)

2019 Schedule MI

2019 IC-068 Schedule MI Manufacturing Investment Credit and Instructions (fillable)

2018 Schedule MI

2018 IC-068 Schedule MI Manufacturing Investment Credit and Instructions

2017 Schedule MI

2017 IC-068 Schedule MI Manufacturing Investment Credit and Instructions

2016 Schedule MI

2016 IC-068 Schedule MI Manufacturing Investment Credit and Instructions

Manufacturing Investment Credit 2015 Schedule MI

2015 IC-068 Schedule MI Manufacturing Investment Credit and Instructions (fillable)

Manufacturing Investment Credit 2013 Schedule MI

2013 IC-068 Schedule MI Manufacturing Investment Credit

2012 Schedule MI

2012 IC-068 Schedule MI Manufacturing Investment Credit

2011 IC-068 Schedule MI fillable 2011 Schedule MI

2011 IC-068 Schedule MI - Manufacturing Investment Credit


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