Instructions for Form IC-074 Schedule ED Wisconsin Economic Development Tax Credit - Wisconsin

This document contains official instructions for Form IC-074 Schedule ED, Wisconsin Economic Development Tax Credit - a form released and collected by the Wisconsin Department of Revenue.

FAQ

Q: What is Form IC-074 Schedule ED?
A: Form IC-074 Schedule ED is a tax form used in Wisconsin to claim the Wisconsin Economic Development Tax Credit.

Q: What is the purpose of the Wisconsin Economic Development Tax Credit?
A: The purpose of the Wisconsin Economic Development Tax Credit is to incentivize businesses to invest in economic development projects in Wisconsin.

Q: Who is eligible to claim the Wisconsin Economic Development Tax Credit?
A: Businesses that have made qualifying investments in Wisconsin economic development projects may be eligible to claim the tax credit.

Q: How do I fill out Form IC-074 Schedule ED?
A: You need to provide information about your business, the economic development project, and the qualifying investments on the form.

Q: Are there any specific deadlines for claiming the Wisconsin Economic Development Tax Credit?
A: Yes, the form must be filed with your tax return by the due date of your return, including extensions.

Q: Can I claim the Wisconsin Economic Development Tax Credit for investments made in previous years?
A: No, the tax credit can only be claimed for qualifying investments made in the current tax year.

Q: What documentation do I need to support my claim for the Wisconsin Economic Development Tax Credit?
A: You should keep records of the economic development project, the qualifying investments, and any other supporting documentation as required by the Wisconsin Department of Revenue.

Q: Is the Wisconsin Economic Development Tax Credit refundable?
A: No, the tax credit is non-refundable, but any unused credit can be carried forward for up to 15 years.