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SB786,16,1210 (c) In the event that the recapture of a credit is required in a taxable year, the
11taxpayer shall include the recaptured amount of the credit on the return submitted
12for the taxable year in which the recapture event is identified.
SB786,16,1313 (d) The department shall promulgate rules to implement this subsection.
SB786,16,19 14(5) Carry-forward. If the credit under sub. (2) is not entirely offset against the
15fees under s. 76.60, 76.63, 76.65, 76.66, or 76.67 otherwise due, the unused balance
16may be carried forward and credited against those fees for the following 15 years to
17the extent that it is not offset by those fees otherwise due in all the years between
18the year in which the expense was made and the year in which the carry-forward
19credit is claimed.
SB786,8 20Section 8. 76.67 (2) of the statutes is amended to read:
SB786,17,621 76.67 (2) If any domestic insurer is licensed to transact insurance business in
22another state, this state may not require similar insurers domiciled in that other
23state to pay taxes greater in the aggregate than the aggregate amount of taxes that
24a domestic insurer is required to pay to that other state for the same year less the
25credits under ss. 76.635, 76.636, 76.637, 76.638, 76.639, 76.6395, and 76.655, except

1that the amount imposed shall not be less than the total of the amounts due under
2ss. 76.65 (2) and 601.93 and, if the insurer is subject to s. 76.60, 0.375 percent of its
3gross premiums, as calculated under s. 76.62, less offsets allowed under s. 646.51 (7)
4or under ss. 76.635, 76.636, 76.637, 76.638, 76.639, 76.6395, and 76.655 against that
5total, and except that the amount imposed shall not be less than the amount due
6under s. 601.93.
SB786,9 7Section 9 . 234.46 of the statutes is created to read:
SB786,17,9 8234.46 State workforce housing tax credits. (1) Definitions. In this
9section:
SB786,17,1310 (a) “Allocation certificate” means a statement issued by the authority certifying
11that a qualified housing development is eligible for a credit under this section and
12specifying the amount of the credit that the owners of the qualified housing
13development may claim for each taxable year of the credit period.
SB786,17,1514 (b) “Area median gross income” has the meaning as used for purposes of 26 USC
1542
.
SB786,17,1716 (c) “Compliance period” means the 10-year period beginning with the first
17taxable year of the credit period.
SB786,17,2218 (d) “Credit period” means the 6-year period beginning with the taxable year
19in which a qualified housing development is placed in service. For purposes of this
20paragraph, if a qualified housing development consists of more than one building,
21the qualified housing development is placed in service in the taxable year in which
22the last building is placed in service.
SB786,18,223 (e) “Qualified housing development” means a residential rental property
24development located in this state if at least 25 percent of the development's
25residential rental units are rent-restricted units and occupied by individuals whose

1tenant income is at least 61 percent but not more than 100 percent of area median
2gross income.
SB786,18,53 (f) “Qualified unit” means a rent-restricted unit that is occupied by individuals
4whose tenant income is at least 61 percent but not more than 100 percent of area
5median gross income.
SB786,18,96 (g) “Rent-restricted unit” means a residential rental unit if the gross rent with
7respect to the unit does not exceed 30 percent of area median gross income,
8determined as if the unit is occupied by one individual in a unit without a separate
9bedroom and 1.5 individuals for each separate bedroom in any other unit.
SB786,18,1110 (h) “State tax credit” means a tax credit under s. 71.07 (8f), 71.28 (8f), 71.47 (8f),
11or 76.6395.
SB786,18,1312 (i) “Tenant income” means the income determined under 26 USC 142 (d) (2) (B)
13of individuals occupying a residential rental unit.
SB786,18,16 14(2) Establishment of program. The authority shall establish a program to
15certify persons to claim state tax credits, in amounts determined by the authority,
16under this section.
SB786,19,3 17(3) Certification. The authority may certify a person to claim a state tax credit
18by issuing the person an allocation certificate for the qualified housing development.
19The allocation certificate shall state the amount the authority determines the person
20is eligible to claim for each year of the credit period, the name and address of the
21person, the person's Wisconsin tax identification number, and any other information
22required by the authority or department of revenue. The authority shall provide a
23copy of the allocation certificate to the department of revenue. The authority shall
24issue allocation certificates annually, on a rolling basis, based on eligibility, as
25determined by the authority, except that the authority may develop a competitive

1process to award allocation certificates as a part of its qualified allocation plan under
2sub. (4). The authority may issue an allocation certificate under this subsection only
3if all of the following conditions are satisfied:
SB786,19,54 (a) The allocation certificate is issued to a person who has an ownership
5interest in the qualified housing development.
SB786,19,76 (b) The state tax credit is necessary for the financial feasibility of the qualified
7housing development.
SB786,19,138 (c) The qualified housing development is the subject of a recorded restrictive
9covenant requiring that, for the compliance period or for a longer period agreed to
10by the authority and the owner of the qualified housing development, the
11development shall be maintained and operated as a qualified housing development
12and shall be in compliance with Title VIII of the federal Civil Rights Act of 1968, as
13amended.
SB786,19,1514 (d) The allocation certificate is issued in accordance with the authority's
15qualified allocation plan under sub. (4).
SB786,19,25 16(4) Allocation plan. The authority shall develop a qualified allocation plan
17that sets forth selection criteria to determine housing priorities for individuals
18whose income is at least 61 percent but not more 100 percent of area median gross
19income. The housing priorities shall be appropriate for local conditions. The
20selection criteria shall include project location, housing needs characteristics,
21project characteristics, sponsor characteristics, tenant populations with special
22housing needs, tenant populations of individuals with children, projects intended for
23eventual tenant ownership, the energy efficiency of the project, and the historic
24nature of the project. The plan shall include procedures to monitor noncompliance
25with this section and with habitability standards.
SB786,20,7
1(5) Allocation limits. In any calendar year, the aggregate amount of all state
2tax credits for which the authority certifies persons in allocation certificates issued
3under sub. (3) in that year may not exceed $42,000,000, including all amounts each
4person is eligible to claim for each year of the credit period, plus the total amount of
5all unallocated state tax credits from previous calendar years and plus the total
6amount of all previously allocated state tax credits that have been revoked or
7cancelled or otherwise recovered by the authority.
SB786,20,10 8(6) Preference for smaller municipalities. In issuing allocation certificates
9under sub. (3), the authority shall give preference to qualified housing developments
10located in a city, village, or town with a population of fewer than 150,000.
SB786,20,12 11(7) Report. No later than December 31 of each year, the authority shall submit
12a report to the legislature under s. 13.172 (2) that includes all of the following:
SB786,20,1813 (a) A description of each qualified housing development for which the authority
14issued an allocation certificate that year, including the development's geographic
15location, the household type and any specific demographic information available
16concerning the residents intended to be served by the development, the income levels
17of residents intended to be served by the development, and the rents or set-asides
18authorized for the development.
SB786,20,2319 (b) An analysis of housing market and demographic information that shows
20how the qualified housing developments for which the authority has issued
21allocation certificates at any time are addressing the need for affordable housing
22within the communities the developments are intended to serve and an analysis of
23remaining disparities in the affordability of housing within those communities.
SB786,21,3
1(8) Policies and procedures. The authority, in consultation with the
2department of revenue, shall establish policies and procedures to administer this
3section.
SB786,21,44 (End)
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