DOA:......Quinn, BB0363 - Workforce housing modifications to the business development tax credit
For 2025-2027 Budget -- Not Ready For Introduction
An Act ...; relating to: the budget.
Analysis by the Legislative Reference Bureau
COMMERCE AND ECONOMIC DEVELOPMENT
Economic development
Workforce housing modifications to the business development tax credit
This bill makes adjustments to the workforce housing investments award under the business development tax credit. Under current law, a person may claim tax benefits of an amount equal to up to 15 percent of the person’s investment, comprised only of capital expenditures, in workforce housing for employees. Under the bill, the investment in workforce housing for which a person may receive tax benefits may include contributions made to a third party for the building or rehabilitating of workforce housing, including contributions made to a local revolving loan fund program. The bill also removes the requirement that the workforce housing for which a person may receive tax benefits for investing in be for employees.
For further information see the state fiscal estimate, which will be printed as an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
Section 1. 71.07 (3y) (b) 6. of the statutes is amended to read:
71.07 (3y) (b) 6. For taxable years beginning after December 31, 2023, and before January 1, 2025, the amount of the investment in workforce housing, as defined in s. 234.66 (1) (i), for employees, not to exceed 15 percent of such investment, and, for taxable years beginning after December 31, 2023, the amount of the investment in establishing an employee child care program for employees, not to exceed 15 percent of such investment, as determined by the Wisconsin Economic Development Corporation.
Section 2. 71.07 (3y) (b) 7. of the statutes is created to read:
71.07 (3y) (b) 7. For taxable years beginning after December 31, 2024, the amount of the investment in workforce housing, as defined in s. 234.66 (1) (i), for employees, including contributions made by the person to a 3rd party responsible for building or rehabilitating workforce housing, including contributions made to a local revolving loan fund program, not to exceed 15 percent of such investment.
Section 3. 71.28 (3y) (b) 6. of the statutes is amended to read:
71.28 (3y) (b) 6. For taxable years beginning after December 31, 2023, and before January 1, 2025, the amount of the investment in workforce housing, as defined in s. 234.66 (1) (i), for employees, not to exceed 15 percent of such investment, and, for taxable years beginning after December 31, 2023, the amount of the investment made in establishing an employee child care program for employees, not to exceed 15 percent of such investment, as determined by the Wisconsin Economic Development Corporation.
Section 4. 71.28 (3y) (b) 7. of the statutes is created to read:
71.28 (3y) (b) 7. For taxable years beginning after December 31, 2024, the amount of the investment in workforce housing, as defined in s. 234.66 (1) (i), for employees, including contributions made by the person to a 3rd party responsible for building or rehabilitating workforce housing, including contributions made to a local revolving loan fund program, not to exceed 15 percent of such investment.
Section 5. 71.47 (3y) (b) 6. of the statutes is amended to read:
71.47 (3y) (b) 6. For taxable years beginning after December 31, 2023, and before January 1, 2025, the amount of the investment in workforce housing, as defined in s. 234.66 (1) (i), for employees, not to exceed 15 percent of such investment, and, for taxable years beginning after December 31, 2023, the amount of the investment made in establishing an employee child care program for employees, not to exceed 15 percent of such investment, as determined by the Wisconsin Economic Development Corporation.
Section 6. 71.47 (3y) (b) 7. of the statutes is created to read:
71.47 (3y) (b) 7. For taxable years beginning after December 31, 2024, the amount of the investment in workforce housing, as defined in s. 234.66 (1) (i), for employees, including contributions made by the person to a 3rd party responsible for building or rehabilitating workforce housing, including contributions made to a local revolving loan fund program, not to exceed 15 percent of such investment.
Section 7. 238.308 (4) (a) 6. of the statutes is amended to read:
238.308 (4) (a) 6. For taxable years beginning after December 31, 2023, and before January 1, 2025, an amount equal to up to 15 percent of the person’s investment in workforce housing, as defined in s. 234.66 (1) (i), for employees and, for taxable years beginning after December 31, 2023, up to 15 percent of the person’s investment in establishing an employee child care program for employees. Such investments may include only capital expenditures made by the person.
Section 8. 238.308 (4) (a) 7. of the statutes is created to read:
238.308 (4) (a) 7. For taxable years beginning after December 31, 2024, an amount equal to up to 15 percent of the person’s investment in workforce housing, as defined in s. 234.66 (1) (i). Such investments may include contributions made by the person to a 3rd party responsible for building or rehabilitating workforce housing, including contributions made to a local revolving loan fund program.
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