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SB825,5,2
1c. If the withdrawal occurs during the 3rd year after the date on which the
2claimant made the qualified investment, 50 percent.
SB825,5,43 d. If the withdrawal occurs during the 4th year after the date on which the
4claimant made the qualified investment, 25 percent.
SB825,5,65 e. If the withdrawal occurs during the 5th year after the date on which the
6claimant made the qualified investment, 10 percent.
SB825,5,87 (d) Administration. Section 71.28 (4) (e) to (h), as it applies to the credit under
8s. 71.28 (4), applies to the credit under this subsection.
SB825,3 9Section 3. 71.10 (4) (cs) of the statutes is created to read:
SB825,5,1110 71.10 (4) (cs) Steve Hilgenberg community development credit under s. 71.07
11(5p).
SB825,4 12Section 4 . 71.21 (4) (a) of the statutes is amended to read:
SB825,5,1613 71.21 (4) (a) The amount of the credits computed by a partnership under s.
1471.07 (2dm), (2dx), (2dy), (3g), (3h), (3n), (3p), (3q), (3r), (3rm), (3rn), (3s), (3t), (3w),
15(3wm), (3y), (4k), (4n), (5e), (5f), (5g), (5h), (5i), (5j), (5k), (5p), (5r), (5rm), (6n), (8r),
16and (10) and passed through to partners shall be added to the partnership's income.
SB825,5 17Section 5 . 71.26 (2) (a) 4. of the statutes is amended to read:
SB825,5,2318 71.26 (2) (a) 4. Plus the amount of the credit computed under s. 71.28 (1dm),
19(1dx), (1dy), (3g), (3h), (3n), (3p), (3q), (3r), (3rm), (3rn), (3t), (3w), (3wm), (3y), (5e),
20(5f), (5g), (5h), (5i), (5j), (5k), (5p), (5r), (5rm), (6n), (8r), (9s), and (10) and not passed
21through by a partnership, limited liability company, or tax-option corporation that
22has added that amount to the partnership's, limited liability company's, or
23tax-option corporation's income under s. 71.21 (4) or 71.34 (1k) (g).
SB825,6 24Section 6. 71.28 (5p) of the statutes is created to read:
SB825,6,2
171.28 (5p) Steve Hilgenberg community development credit. (a) Definitions.
2In this subsection:
SB825,6,33 1. “Claimant" means a person who files a claim under this subsection.
SB825,6,54 2. “Community development financial institution" means an entity that
5satisfies all of the following:
SB825,6,86a. The entity is certified by the fund under 12 CFR 1805.201 as meeting the
7eligibility requirements for a community development financial institution under 12
8CFR 1805.200
and 1805.201 (b).
SB825,6,99 b. The entity is organized under the laws of this state.
SB825,6,1010 c. The entity uses qualified investments for projects that are based in this state.
SB825,6,1211 3. “Fund" means the Community Development Financial Institutions Fund
12established under 12 USC 4703 (a).
SB825,6,1513 4. a. Subject to subd. 4. b., “qualified investment" means a deposit or loan that
14pays no interest to the person who made the deposit or loan if the deposit or loan has
15a value of at least $10,000 and is made for a period of at least 60 months.
SB825,6,2216 b. A community development financial institution that receives an investment
17described under subd. 4. a. shall have complete control over the entire investment
18amount, including any interest earned on the investment, for the duration of the
19investment period, but the investment may be subject to any additional terms and
20conditions of the investment agreement between the community development
21financial institution and the investor that are not inconsistent with the
22requirements of this section.
SB825,7,523 (b) Filing claims. For taxable years beginning after December 31, 2018, and
24before January 1, 2021, a claimant may claim as a credit against the tax imposed
25under s. 71.23, up to the amount of the tax, for the taxable year in which the

1investment is made, an amount equal to 10 percent of the claimant's qualified
2investment in a community development financial institution, if the investment is
3at least $10,000, but not more than $150,000, or 12 percent of the claimant's qualified
4investment in a community development financial institution, if the investment is
5more than $150,000, but not more than $500,000.
SB825,7,136 (c) Limitations. 1. Partnerships, limited liability companies, and tax-option
7corporations may not claim the credit under this subsection, but the eligibility for,
8and the amount of, the credit are based on their payment of amounts under par. (b).
9A partnership, limited liability company, or tax-option corporation shall compute
10the amount of credit that each of its partners, members, or shareholders may claim
11and shall provide that information to each of them. Partners, members of limited
12liability companies, and shareholders of tax-option corporations may claim the
13credit in proportion to their ownership interests.
SB825,7,2214 2. A person who makes an investment in a community development financial
15institution in a taxable year, withdraws the investment in that taxable year, and
16immediately reinvests the proceeds into another community development financial
17institution may claim only one credit under this subsection for that taxable year,
18based on the lesser of all such investments in that taxable year. Investments in a
19community development financial institution made before the effective date of this
20subdivision .... [LRB inserts date], may not be withdrawn prior to the end of their
21contractual term and reinvested in a community development financial institution
22in order to claim a credit under this subsection.
SB825,8,423 3. A claimant who withdraws a qualified investment from a community
24development financial institution prior to the first day of the 61st month after the
25qualified investment was made and who does not immediately reinvest the proceeds

1of the qualified investment as a qualified investment in another community
2development financial institution shall add to the claimant's liability for taxes
3imposed under s. 71.23 one of the following percentages of the amount of the credits
4received under this subsection:
SB825,8,65 a. If the withdrawal occurs during the first year after the date on which the
6claimant made the qualified investment, 100 percent.
SB825,8,87 b. If the withdrawal occurs during the 2nd year after the date on which the
8claimant made the qualified investment, 75 percent.
SB825,8,109 c. If the withdrawal occurs during the 3rd year after the date on which the
10claimant made the qualified investment, 50 percent.
SB825,8,1211 d. If the withdrawal occurs during the 4th year after the date on which the
12claimant made the qualified investment, 25 percent.
SB825,8,1413 e. If the withdrawal occurs during the 5th year after the date on which the
14claimant made the qualified investment, 10 percent.
SB825,8,1615 (d) Administration. Subsection (4) (e) to (h), as it applies to the credit under
16sub. (4), applies to the credit under this subsection.
SB825,7 17Section 7. 71.30 (3) (dr) of the statutes is created to read:
SB825,8,1918 71.30 (3) (dr) Steve Hilgenberg community development credit under s. 71.28
19(5p).
SB825,8 20Section 8 . 71.34 (1k) (g) of the statutes is amended to read:
SB825,8,2421 71.34 (1k) (g) An addition shall be made for credits computed by a tax-option
22corporation under s. 71.28 (1dm), (1dx), (1dy), (3), (3g), (3h), (3n), (3p), (3q), (3r),
23(3rm), (3rn), (3t), (3w), (3wm), (3y), (4), (5), (5e), (5f), (5g), (5h), (5i), (5j), (5k), (5p),
24(5r), (5rm), (6n), (8r), and (10) and passed through to shareholders.
SB825,9 25Section 9 . 71.45 (2) (a) 10. of the statutes is amended to read:
SB825,9,7
171.45 (2) (a) 10. By adding to federal taxable income the amount of credit
2computed under s. 71.47 (1dm) to (1dy), (3g), (3h), (3n), (3p), (3q), (3r), (3rm), (3rn),
3(3w), (3y), (5e), (5f), (5g), (5h), (5i), (5j), (5k), (5p), (5r), (5rm), (6n), (8r), (9s), and (10)
4and not passed through by a partnership, limited liability company, or tax-option
5corporation that has added that amount to the partnership's, limited liability
6company's, or tax-option corporation's income under s. 71.21 (4) or 71.34 (1k) (g) and
7the amount of credit computed under s. 71.47 (1), (3), (3t), (4), (4m), and (5).
SB825,10 8Section 10. 71.47 (5p) of the statutes is created to read:
SB825,9,109 71.47 (5p) Steve Hilgenberg community development credit. (a) Definitions.
10In this subsection:
SB825,9,1111 1. “Claimant" means a person who files a claim under this subsection.
SB825,9,1312 2. “Community development financial institution" means an entity that
13satisfies all of the following:
SB825,9,1614a. The entity is certified by the fund under 12 CFR 1805.201 as meeting the
15eligibility requirements for a community development financial institution under 12
16CFR 1805.200
and 1805.201 (b).
SB825,9,1717 b. The entity is organized under the laws of this state.
SB825,9,1818 c. The entity uses qualified investments for projects that are based in this state.
SB825,9,2019 3. “Fund" means the Community Development Financial Institutions Fund
20established under 12 USC 4703 (a).
SB825,9,2321 4. a. Subject to subd. 4. b., “qualified investment" means a deposit or loan that
22pays no interest to the person who made the deposit or loan if the deposit or loan has
23a value of at least $10,000 and is made for a period of at least 60 months.
SB825,9,2524 b. A community development financial institution that receives an investment
25described under subd. 4. a. shall have complete control over the entire investment

1amount, including any interest earned on the investment, for the duration of the
2investment period, but the investment may be subject to any additional terms and
3conditions of the investment agreement between the community development
4financial institution and the investor that are not inconsistent with the
5requirements of this section.
SB825,10,136 (b) Filing claims. For taxable years beginning after December 31, 2018, and
7before January 1, 2021, a claimant may claim as a credit against the tax imposed
8under s. 71.43, up to the amount of the tax, for the taxable year in which the
9investment is made, an amount equal to 10 percent of the claimant's qualified
10investment in a community development financial institution, if the investment is
11at least $10,000, but not more than $150,000, or 12 percent of the claimant's qualified
12investment in a community development financial institution, if the investment is
13more than $150,000, but not more than $500,000.
SB825,10,2114 (c) Limitations. 1. Partnerships, limited liability companies, and tax-option
15corporations may not claim the credit under this subsection, but the eligibility for,
16and the amount of, the credit are based on their payment of amounts under par. (b).
17A partnership, limited liability company, or tax-option corporation shall compute
18the amount of credit that each of its partners, members, or shareholders may claim
19and shall provide that information to each of them. Partners, members of limited
20liability companies, and shareholders of tax-option corporations may claim the
21credit in proportion to their ownership interests.
SB825,11,522 2. A person who makes an investment in a community development financial
23institution in a taxable year, withdraws the investment in that taxable year, and
24immediately reinvests the proceeds into another community development financial
25institution may claim only one credit under this subsection for that taxable year,

1based on the lesser of all such investments in that taxable year. Investments in a
2community development financial institution made before the effective date of this
3subdivision .... [LRB inserts date], may not be withdrawn prior to the end of their
4contractual term and reinvested in a community development financial institution
5in order to claim a credit under this subsection.
SB825,11,126 3. A claimant who withdraws a qualified investment from a community
7development financial institution prior to the first day of the 61st month after the
8qualified investment was made and who does not immediately reinvest the proceeds
9of the qualified investment as a qualified investment in another community
10development financial institution shall add to the claimant's liability for taxes
11imposed under s. 71.43 one of the following percentages of the amount of the credits
12received under this subsection:
SB825,11,1413 a. If the withdrawal occurs during the first year after the date on which the
14claimant made the qualified investment, 100 percent.
SB825,11,1615 b. If the withdrawal occurs during the 2nd year after the date on which the
16claimant made the qualified investment, 75 percent.
SB825,11,1817 c. If the withdrawal occurs during the 3rd year after the date on which the
18claimant made the qualified investment, 50 percent.
SB825,11,2019 d. If the withdrawal occurs during the 4th year after the date on which the
20claimant made the qualified investment, 25 percent.
SB825,11,2221 e. If the withdrawal occurs during the 5th year after the date on which the
22claimant made the qualified investment, 10 percent.
SB825,11,2423 (d) Administration. Section 71.28 (4) (e) to (h), as it applies to the credit under
24s. 71.28 (4), applies to the credit under this subsection.
SB825,11 25Section 11. 71.49 (1) (dr) of the statutes is created to read:
SB825,12,2
171.49 (1) (dr) Steve Hilgenberg community development credit under s. 71.47
2(5p).
SB825,12 3Section 12. 76.634 of the statutes is created to read:
SB825,12,5 476.634 Steve Hilgenberg community development credit. (1)
5Definitions. In this section:
SB825,12,76 (a) “Community development financial institution" means an entity that
7satisfies all of the following:
SB825,12,1081. The entity is certified by the fund under 12 CFR 1805.201 as meeting the
9eligibility requirements for a community development financial institution under 12
10CFR 1805.200
and 1805.201 (b).
SB825,12,1111 2. The entity is organized under the laws of this state.
SB825,12,1212 3. The entity uses qualified investments for projects that are based in this state.
SB825,12,1413 (b) “Fund" means the Community Development Financial Institutions Fund
14established under 12 USC 4703 (a).
SB825,12,1715 (c) 1. Subject to subd. 2., “qualified investment" means a deposit or loan that
16pays no interest to the person who made the deposit or loan if the deposit or loan has
17a value of at least $10,000 and is made for a period of at least 60 months.
SB825,12,2418 2. A community development financial institution that receives an investment
19described under subd. 1. shall have complete control over the entire investment
20amount, including any interest earned on the investment, for the duration of the
21investment period, but the investment may be subject to any additional terms and
22conditions of the investment agreement between the community development
23financial institution and the investor that are not inconsistent with the
24requirements of this section.
SB825,13,8
1(1m) Filing claims. For taxable years beginning after December 31, 2018, and
2before January 1, 2021, an insurer may claim as a credit against the fees due under
3s. 76.60, 76.63, 76.65, 76.66, or 76.67 for the taxable year in which the investment
4is made, an amount equal to 10 percent of the insurer's qualified investment in a
5community development financial institution, if the investment is at least $10,000,
6but not more than $150,000, or 12 percent of the insurer's qualified investment in
7a community development financial institution, if the investment is more than
8$150,000, but not more than $500,000.
SB825,13,14 9(2) Carry-forward. If the credit under sub. (1) is not entirely offset against the
10fees under s. 76.60, 76.63, 76.65, 76.66, or 76.67 otherwise due, the unused balance
11may be carried forward and credited against those fees for the following 15 years to
12the extent that it is not offset by those fees otherwise due in all the years between
13the year in which the expense was made and the year in which the carry-forward
14credit is claimed.
SB825,13,23 15(3) Limitations. An insurer who makes an investment in a community
16development financial institution in a taxable year, withdraws the investment in
17that taxable year, and immediately reinvests the proceeds into another community
18development financial institution may claim only one credit under this section for
19that taxable year, based on the lesser of all such investments in that taxable year.
20Investments in a community development financial institution made before the
21effective date of this subsection .... [LRB inserts date], may not be withdrawn prior
22to the end of their contractual term and reinvested in a community development
23financial institution in order to claim a credit under this section.
SB825,14,6 24(4) Repayment. An insurer who claims a credit under this section and who
25withdraws a qualified investment from a community development financial

1institution prior to the first day of the 61st month after the qualified investment was
2made and who does not immediately reinvest the proceeds of the qualified
3investment as a qualified investment in another community development financial
4institution shall add to the insurer's liability for fees imposed under s. 76.60, 76.63,
576.65, 76.66, or 76.67 one of the following percentages of the amount of the credits
6received under this section:
SB825,14,87 (a) If the withdrawal occurs during the first year after the date on which the
8insurer made the qualified investment, 100 percent.
SB825,14,109 (b) If the withdrawal occurs during the 2nd year after the date on which the
10insurer made the qualified investment, 75 percent.
SB825,14,1211 (c) If the withdrawal occurs during the 3rd year after the date on which the
12insurer made the qualified investment, 50 percent.
SB825,14,1413 (d) If the withdrawal occurs during the 4th year after the date on which the
14insurer made the qualified investment, 25 percent.
SB825,14,1615 (e) If the withdrawal occurs during the 5th year after the date on which the
16insurer made the qualified investment, 10 percent.
SB825,13 17Section 13. 76.67 (2) of the statutes is amended to read:
SB825,15,318 76.67 (2) If any domestic insurer is licensed to transact insurance business in
19another state, this state may not require similar insurers domiciled in that other
20state to pay taxes greater in the aggregate than the aggregate amount of taxes that
21a domestic insurer is required to pay to that other state for the same year less the
22credits under ss. 76.634, 76.635, 76.636, 76.637, 76.638, and 76.655, except that the
23amount imposed shall not be less than the total of the amounts due under ss. 76.65
24(2) and 601.93 and, if the insurer is subject to s. 76.60, 0.375 percent of its gross
25premiums, as calculated under s. 76.62, less offsets allowed under s. 646.51 (7) or

1under ss. 76.634, 76.635, 76.636, 76.637, 76.638, 76.639, and 76.655 against that
2total, and except that the amount imposed shall not be less than the amount due
3under s. 601.93.
SB825,15,44 (End)
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