The Wisconsin Department of Revenue updated its fact sheet concerning the manufacturing and agricultural credit. The revised fact sheet clarifies that an individual, estate, trust, partnership, LLC, or corporation can compute the credit, but that a partnership, LLC treated as partnerships, or S corporation may not claim the credit. The credit computed by a partnership, LLC treated as a partnership, or S corporation, however, can pass through to the partners, members, or shareholders. Wisconsin Manufacturing and Agriculture Credit - Fact Sheet 1107, Wisconsin Dep’t of Rev. (Oct. 31, 2012).

Co-author - Patrick Smith, Director Baker Tilly Virchow Krause, LLP

Mr. Ely is a partner and Messrs. Thistle and Rhyne are associates with the multistate law firm of Bradley Arant Boult Cummings LLP in its Birmingham, Alabama office. Mr. Ely is Chair of the firm’s State & Local Tax Practice Group. Messrs. Ely, Thistle, and Rhyne co-author a chapter on the state taxation of PTEs in the treatise “Keatinge, Conaway and Ely on Choice of Business Entity” (West). Mr. Smith is the Tax Director at Baker Tilly Virchow Krause, LLP and is head of State & Local Tax Services for the firm’s Chicago office. Mr. Smith is a co-author of “State Taxation of Pass-Through Entities and Their Owners,” a treatise published by Warren Gorham and Lamont/West since 2005. Messrs. Ely and Smith have co-presented on this topic at NYU’s Institute on Federal Taxation, as have Messrs. Thistle and Smith for a webinar hosted by Strafford Publications in early June.