2023 Schedule CF Instructions 

  Purpose of Schedule CF 
If certain nonrefundable credits are not entirely applied against tax for the year in which they are computed, the unused credit may 
be carried  forward  up  to  15  years.  Use  Schedule  CF  to  record  the  amount  of  credit  used  in  a  year  and  the  amount  that  may  be 
carried forward and offset against tax in a future year. 

Use Schedule CF to report credits computed for any taxable year from 2008-2023 if you have an amount of unused credit to be carried 
forward to 2023 and future years. 

If a credit is still available, the carryforward of the credit is claimed on the same schedule used to compute the credit. For example, 
the carryforward of the manufacturing credit is claimed on Schedule MA-M. 

If a credit is no longer available (only a carryforward is allowed), the carryforward of the credit is claimed on the appropriate line of 
Schedule CR, Other Credits. In this case, the amounts in Columns (d) and (e) of Schedule CF will be the same as the amounts in Columns 
A and B of Schedule CR. However, if a combined return is filed, the credit is claimed on Part V of Form 6. 

Do not include Schedule CF if the full amount of a credit was computed and used in the same year. 

  General Instructions 
Who must file Schedule CF  You must file Schedule CF if you had any of the following credits and the entire amount of the credit was 
not used to offset tax for the year for which the credit was computed or as of the first day of your taxable year beginning in 2023 (January 
1, 2023, for calendar-year filers). 
Code 
No.   Name of Credit 
01    Community development finance                                     25 Research facilities 
02    Community rehabilitation program                                  26 Research facilities-energy efficient products 
03    Dairy and livestock farm investment                               27 Research facilities-internal combustion engines 
04    Development zones                                                 29 Supplement to federal historic rehabilitation 
11    Early stage seed investment                                       30 Technology zone 
12    Economic development                                              31 Water consumption 
13    Ethanol and biodiesel fuel pump                                   32 Electronic medical records 
14    Film production company investment                                33 Veteran employment 
15    Film production services                                          34 Manufacturing 
16    Health insurance risk-sharing assessments                         35 Development opportunity zone investment 
17    Internet equipment                                                36 Agriculture 
18    Biodiesel fuel production                                         37 Capital investment 
20    Manufacturing investment                                          38 Employee college savings account contribution 
21    Postsecondary education                                           39 Low-income housing 
22    Research expense                                                  40 State historic rehabilitation 
23    Research expense-energy efficient products                        41 Angel investment 
24    Research expense-internal combustion engines 

Note: The list of credits does not include the manufacturer’s sales tax credit as the carryforward amount is determined on Schedule MS, 
Wisconsin Manufacturer's Sales Tax Credit Carryforward Allowable. 

File a separate Schedule CF for each credit for which you have a carryforward. If you computed the same credit for more than one taxable 
year, complete a separate row of Schedule CF for each year for which the same credit was computed. 

Example: You computed an economic development tax credit of $20,000 for 2022. You used $10,000 of the credit and have a carry-
forward of the remaining $10,000. You computed an additional economic development tax credit of $30,000 for 2023. The entire $30,000 
of the 2023 credit will be carried forward. You must complete two rows of the worksheet, one for the 2022 credit and one for the 2023 
credit. If you also have a carryforward of another credit (for example, the angel investment credit), a separate Schedule CF must be 
completed for that credit. 

How do I determine how much credit has been used each year?             Wisconsin law provides that the listed credits “may” be claimed for 
a taxable year. Because the statutes use the word “may” instead of “shall” or “must,” you have the option of claiming all, a portion, or 
none of the credit available for a particular year. Any amount not used in the year for which a credit is computed may be carried forward 
and offset against tax until entirely used or the 15-year carryforward period expires, whichever is earlier. 

The amount of credit used for 2023 is the amount from the appropriate line of Column B of Schedule CR. 

Must I complete a new Schedule CF each year? You must submit a new Schedule CF each year until the carryforward is eliminated 
or until the 15-year carryforward period expires, whichever is earlier. 
I-147 (R. 11-23) 

  Specific Instructions 
Fill in the name and identification number of the individual or entity that has a carryforward of an unused credit. 

Fill in the code number and name of the credit. The code number for each credit is listed on the first page of these instructions. Enter 
the code number in the bracketed space. For example, if you are filing Schedule CF for the carryforward of the agriculture credit, fill in 36 
in the space for the code number. 

Column (b) For each year listed in column (a) for which you computed a credit and have an unused amount of credit to carry forward, 
fill in the amount of computed credit. 

Example:  You computed economic development tax credits of $10,000 for 2009, $15,000 for 2016, and $8,000 for 2020. You would fill 
in $10,000 in column (b) for 2009, $15,000 in column (b) for 2016, and $8,000 in column (b) for 2020. Include both the credit computed 
for  yourself  or  the  business  entity  and  any  credit  passed  through  from  a  tax-option  (S)  corporation,  partnership,  LLC  treated  as  a 
partnership, estate, or trust. 

CAUTION   Special instructions apply to recipients of a transferred credit. If you are the recipient of a transferred supplement to federal 
historic rehabilitation tax credit or early stage seed investment credit, fill in the amount of credit transferred to you in column (b) for the 
year in which the credit was originally computed by the person or entity that transferred the credit to you. If you are the recipient of a 
transferred economic development tax credit, fill in the amount of credit transferred to you in column (b) for the year of the transfer. 

Column (c) For each computed credit in column (b), fill in the amount of credit used for the year in which the credit was computed (or 
transferred to you) plus the amount used in all subsequent years. If you transferred any portion of a credit to another person or entity 
during a year, include the amount transferred in column (c) as credit used. 

Example: You computed an angel investment credit of $25,000 for 2016. You used $10,000 for 2016, $2,000 for 2017, and $5,000 for 
2022. Fill in $17,000 in column (c) as credit used through 2022. 

Column (d) For each year that has a computed credit, subtract the amount in column (c) from the amount in column (b). This is the 
amount of credit available for 2023. Enter this amount on the appropriate line of Column A of 2023 Schedule CR. 

Column (e) For each year that has a credit available for 2023, fill in the amount of credit used on your 2023 return. Include as credit 
used in 2023 any amount of credit transferred to another person or entity during 2023. This is the amount from the appropriate line of 
Column B of Schedule CR plus the amount of credit that you transferred to another person or entity in 2023. 

Column (f) For each year that has a credit available for 2023, subtract the amount in column (e) from the amount in column (d). This is 
the amount of credit that is available for 2024. 

Note: For the 2008 year, column (f) is shaded. Do not enter any amount in this space. The 15-year carryforward period for a credit 
computed in 2008 has expired and any credit computed in 2008 cannot be carried forward to 2024. 

  Attachments to the Return 
A copy of Schedule CF must be included with your Wisconsin income or franchise tax return each year for which a carryforward of a 
credit is available. 

  Additional Information 
For more information, you may: 

Email your questions to:                                         Call: 
DORFranchise@wisconsin.gov                                       (608) 266-2772
                                                                 [TTY: Call the Wisconsin Telecommunications Relay System at 711]
Write to: 
Corporate Franchise and Income Tax Assistance 
Wisconsin Department of Revenue 
PO Box 8906 
Madison WI 53708-8906 

                                                 Applicable Laws and Rules 
This document provides statements or interpretations of the following laws and regulations enacted as of November 28, 2023: 
ch. 71, Wis. Stats. 

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