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As shown in Table 1, for 2022, a single tax- payer with Wisconsin AGI less than $16,990 has a standard deduction of $11,790; for single tax- payers with AGI in excess of $115,240, no standard deduction is provided.
The manufacturing and agriculture credit is available to claimants that derive qualified production activities income from property located in Wisconsin that is assessed as either manufacturing or agricultural.
Assuming all of a corporation's income is derived from manufacturing and agriculture property lo- cated in Wisconsin, the MAC has the effect of re- ducing the statutory corporate tax rate of 7.9% to an effective rate of 0.4% on the corporation's tax- able income (7.9% - 7.5% = 0.4%).
Effective Tax Rates under the MAC Under both taxes, the MAC equals 7.5% of the claimant's eligible QPAI derived from Wisconsin property that is assessed as manufacturing or agri- cultural under state property tax law. The tax credit is nonrefundable.
Itemized Deduction Credit: If the total of your itemized deductions exceed your WI standard deduction, you can claim the itemized deduction credit. These items are pulled from your federal return and include: Medical and dental expenses. Interest paid form federal Schedule A.
The personal exemptions are $700 for individuals, their spouses, and dependents, and an additional $250 for taxpayers and their spouses (if filing a joint return) who have reached the age of 65 before the close of the taxable year.