New Electronic Medical Records Tax Credit!


June 13, 2012
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The State of Wisconsin recently announced a new tax credit intended to assist health care providers (both individuals and entities) with the purchase and implementation of electronic medical records.  To qualify for the tax credit, claimants must purchase information technology hardware and software that is certified by the federal government and used to maintain medical records in electronic format.  Also, the purchase must take place in calendar year 2012.
 
A health care provider is any of the following that are licensed under the Wisconsin statutes: nurse, chiropractor, dentist, physician, physician assistant, perfusionist, respiratory care practitioner, physical therapist, podiatrist, dietitian, athletic trainer, occupational therapist, occupational therapy assistant, optometrist, pharmacist, acupuncturist, psychologist, social worker, marriage and family therapist, professional counselor, speech-language pathologist, audiologist, massage therapist, bodywork therapist, a partnership of any providers listed above, a corporation or limited liability company of any providers listed above, a cooperative health care association that directly provides services through salaried employees in its own facility, a hospice, an inpatient health care facility, a community-based residential facility, and a rural medical center.
 
The credit is equal to 50 percent of the cost of the hardware and software and is nonrefundable.  The maximum credit that may be claimed by all claimants is $10,000,000.  If more than $20,000,000 of expenses are claimed, the credit will be divided proportionately among all claimants.  More information on this credit can be found by reviewing Wisconsin’s frequently asked questions at http://www.revenue.wi.gov/faqs/ise/elecmedrec.html.
 
For more information on the credit or how it may apply to you please contact Jason Brandner at jbrandner@wipfli.com or your Wipfli relationship executive.

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