This is the preview version of the Wisconsin State Legislature site.
Please see http://docs.legis.wisconsin.gov for the production version.
AB900,6,1615 a. The deposit or loan pays no interest to the person who made the deposit or
16loan.
AB900,6,1717 b. The deposit or loan has a value of at least $10,000.
AB900,6,1818 c. The deposit or loan is made for a period of at least 60 months.
AB900,6,2419 d. The community development financial institution that receives the deposit
20or loan has complete control over the entire deposit or loan amount, including any
21interest earned on the deposit or loan, for the duration of the investment period, but
22the deposit or loan may be subject to any additional terms and conditions of the
23investment agreement between the community development financial institution
24and the investor that are not inconsistent with the requirements of this subsection.
AB900,7,8
1(b) Filing claims. For taxable years beginning after December 31, 2021, and
2before January 1, 2024, a claimant may claim as a credit against the tax imposed
3under s. 71.23, up to the amount of the tax, for the taxable year in which the
4investment is made, an amount equal to 10 percent of the claimant's qualified
5investment in a community development financial institution, if the investment is
6at least $10,000 but not more than $150,000, or 12 percent of the claimant's qualified
7investment in a community development financial institution, if the investment is
8more than $150,000 but not more than $500,000.
AB900,7,169 (c) Limitations. 1. Partnerships, limited liability companies, and tax-option
10corporations may not claim the credit under this subsection, but the eligibility for,
11and the amount of, the credit are based on their investment of amounts under par.
12(b). A partnership, limited liability company, or tax-option corporation shall
13compute the amount of credit that each of its partners, members, or shareholders
14may claim and shall provide that information to each of them. Partners, members
15of limited liability companies, and shareholders of tax-option corporations may
16claim the credit in proportion to their ownership interests.
AB900,7,2517 2. A person who makes an investment in a community development financial
18institution in a taxable year, withdraws the investment in that taxable year, and
19immediately reinvests the proceeds into another community development financial
20institution may claim only one credit under this subsection for that taxable year,
21based on the lesser of all such investments in that taxable year. Investments in a
22community development financial institution made before the effective date of this
23subdivision .... [LRB inserts date], may not be withdrawn prior to the end of their
24contractual term and reinvested in a community development financial institution
25in order to claim a credit under this subsection.
AB900,8,7
13. A claimant who withdraws a qualified investment from a community
2development financial institution prior to the first day of the 61st month after the
3qualified investment was made and who does not, within 60 days, reinvest the
4proceeds of the qualified investment as a qualified investment in another community
5development financial institution shall, in the taxable year in which the investment
6is withdrawn, add to the claimant's liability for taxes imposed under s. 71.23 one of
7the following percentages of the amount of the credits received under this subsection:
AB900,8,98 a. If the withdrawal occurs within one year after the date on which the claimant
9made the qualified investment, 100 percent.
AB900,8,1110 b. If the withdrawal occurs within 2 years after the date on which the claimant
11made the qualified investment, 75 percent.
AB900,8,1312 c. If the withdrawal occurs within 3 years after the date on which the claimant
13made the qualified investment, 50 percent.
AB900,8,1514 d. If the withdrawal occurs within 4 years after the date on which the claimant
15made the qualified investment, 25 percent.
AB900,8,1716 e. If the withdrawal occurs within 5 years after the date on which the claimant
17made the qualified investment, 10 percent.
AB900,8,1918 (d) Administration. Subsection (4) (e) to (h), as it applies to the credit under
19sub. (4), applies to the credit under this subsection.
AB900,7 20Section 7. 71.30 (3) (dr) of the statutes is created to read:
AB900,8,2221 71.30 (3) (dr) Steve Hilgenberg community development credit under s. 71.28
22(5p).
AB900,8 23Section 8. 71.34 (1k) (g) of the statutes is amended to read:
AB900,9,224 71.34 (1k) (g) An addition shall be made for credits computed by a tax-option
25corporation under s. 71.28 (1dm), (1dx), (1dy), (3), (3g), (3h), (3n), (3q), (3t), (3w),

1(3wm), (3y), (4), (5), (5e), (5g), (5i), (5j), (5k), (5p), (5r), (5rm), (6n), and (10) and passed
2through to shareholders.
AB900,9 3Section 9. 71.45 (2) (a) 10. of the statutes is amended to read:
AB900,9,104 71.45 (2) (a) 10. By adding to federal taxable income the amount of credit
5computed under s. 71.47 (1dm) to (1dy), (3g), (3h), (3n), (3q), (3w), (3y), (5e), (5g), (5i),
6(5j), (5k), (5p), (5r), (5rm), (6n), (9s), and (10) and not passed through by a
7partnership, limited liability company, or tax-option corporation that has added that
8amount to the partnership's, limited liability company's, or tax-option corporation's
9income under s. 71.21 (4) or 71.34 (1k) (g) and the amount of credit computed under
10s. 71.47 (1), (3), (3t), (4), (4m), and (5).
AB900,10 11Section 10. 71.47 (5p) of the statutes is created to read:
AB900,9,1312 71.47 (5p) Steve Hilgenberg community development credit. (a) Definitions.
13In this subsection:
AB900,9,1414 1. “Claimant" means a person who files a claim under this subsection.
AB900,9,1615 2. “Community development financial institution" means an entity that
16satisfies all of the following:
AB900,9,1917a. The entity is certified by the fund under 12 CFR 1805.201 as meeting the
18eligibility requirements for a community development financial institution under 12
19CFR 1805.200
and 1805.201 (b).
AB900,9,2020 b. The entity is organized under the laws of this state.
AB900,9,2121 c. The entity uses qualified investments for projects that are based in this state.
AB900,9,2322 3. “Fund" means the Community Development Financial Institutions Fund
23established under 12 USC 4703 (a).
AB900,9,2524 4. “Qualified investment" means a deposit or loan that satisfies all of the
25following:
AB900,10,2
1a. The deposit or loan pays no interest to the person who made the deposit or
2loan.
AB900,10,33 b. The deposit or loan has a value of at least $10,000.
AB900,10,44 c. The deposit or loan is made for a period of at least 60 months.
AB900,10,105 d. The community development financial institution that receives the deposit
6or loan has complete control over the entire deposit or loan amount, including any
7interest earned on the deposit or loan, for the duration of the investment period, but
8the deposit or loan may be subject to any additional terms and conditions of the
9investment agreement between the community development financial institution
10and the investor that are not inconsistent with the requirements of this subsection.
AB900,10,1811 (b) Filing claims. For taxable years beginning after December 31, 2021, and
12before January 1, 2024, a claimant may claim as a credit against the tax imposed
13under s. 71.43, up to the amount of the tax, for the taxable year in which the
14investment is made, an amount equal to 10 percent of the claimant's qualified
15investment in a community development financial institution, if the investment is
16at least $10,000 but not more than $150,000, or 12 percent of the claimant's qualified
17investment in a community development financial institution, if the investment is
18more than $150,000 but not more than $500,000.
AB900,11,219 (c) Limitations. 1. Partnerships, limited liability companies, and tax-option
20corporations may not claim the credit under this subsection, but the eligibility for,
21and the amount of, the credit are based on their investment of amounts under par.
22(b). A partnership, limited liability company, or tax-option corporation shall
23compute the amount of credit that each of its partners, members, or shareholders
24may claim and shall provide that information to each of them. Partners, members

1of limited liability companies, and shareholders of tax-option corporations may
2claim the credit in proportion to their ownership interests.
AB900,11,113 2. A person who makes an investment in a community development financial
4institution in a taxable year, withdraws the investment in that taxable year, and
5immediately reinvests the proceeds into another community development financial
6institution may claim only one credit under this subsection for that taxable year,
7based on the lesser of all such investments in that taxable year. Investments in a
8community development financial institution made before the effective date of this
9subdivision .... [LRB inserts date], may not be withdrawn prior to the end of their
10contractual term and reinvested in a community development financial institution
11in order to claim a credit under this subsection.
AB900,11,1812 3. A claimant who withdraws a qualified investment from a community
13development financial institution prior to the first day of the 61st month after the
14qualified investment was made and who does not, within 60 days, reinvest the
15proceeds of the qualified investment as a qualified investment in another community
16development financial institution shall, in the taxable year in which the investment
17is withdrawn, add to the claimant's liability for taxes imposed under s. 71.43 one of
18the following percentages of the amount of the credits received under this subsection:
AB900,11,2019 a. If the withdrawal occurs within one year after the date on which the claimant
20made the qualified investment, 100 percent.
AB900,11,2221 b. If the withdrawal occurs within 2 years after the date on which the claimant
22made the qualified investment, 75 percent.
AB900,11,2423 c. If the withdrawal occurs within 3 years after the date on which the claimant
24made the qualified investment, 50 percent.
AB900,12,2
1d. If the withdrawal occurs within 4 years after the date on which the claimant
2made the qualified investment, 25 percent.
AB900,12,43 e. If the withdrawal occurs within 5 years after the date on which the claimant
4made the qualified investment, 10 percent.
AB900,12,65 4. No person may claim a credit under this subsection and s. 76.634 for the same
6qualified investment.
AB900,12,87 (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.
AB900,11 9Section 11. 71.49 (1) (dr) of the statutes is created to read:
AB900,12,1110 71.49 (1) (dr) Steve Hilgenberg community development credit under s. 71.47
11(5p).
AB900,12 12Section 12. 76.634 of the statutes is created to read:
AB900,12,14 1376.634 Steve Hilgenberg community development credit. (1)
14Definitions. In this section:
AB900,12,1615 (a) “Community development financial institution" means an entity that
16satisfies all of the following:
AB900,12,19171. The entity is certified by the fund under 12 CFR 1805.201 as meeting the
18eligibility requirements for a community development financial institution under 12
19CFR 1805.200
and 1805.201 (b).
AB900,12,2020 2. The entity is organized under the laws of this state.
AB900,12,2121 3. The entity uses qualified investments for projects that are based in this state.
AB900,12,2322 (b) “Fund" means the Community Development Financial Institutions Fund
23established under 12 USC 4703 (a).
AB900,12,2524 (c) “Qualified investment" means a deposit or loan that satisfies all of the
25following:
AB900,13,2
11. The deposit or loan pays no interest to the person who made the deposit or
2loan.
AB900,13,33 2. The deposit or loan has a value of at least $10,000.
AB900,13,44 3. The deposit or loan is made for a period of at least 60 months.
AB900,13,105 4. The community development financial institution that receives the deposit
6or loan has complete control over the entire deposit or loan amount, including any
7interest earned on the deposit or loan, for the duration of the investment period, but
8the deposit or loan may be subject to any additional terms and conditions of the
9investment agreement between the community development financial institution
10and the investor that are not inconsistent with the requirements of this section.
AB900,13,18 11(1m) Filing claims. For taxable years beginning after December 31, 2021, and
12before January 1, 2024, an insurer may claim as a credit against the fees due under
13s. 76.60, 76.63, 76.65, 76.66, or 76.67, for the taxable year in which the investment
14is made, an amount equal to 10 percent of the insurer's qualified investment in a
15community development financial institution, if the investment is at least $10,000
16but not more than $150,000, or 12 percent of the insurer's qualified investment in
17a community development financial institution, if the investment is more than
18$150,000 but not more than $500,000.
AB900,13,24 19(2) Carry-forward. If the credit under sub. (1m) is not entirely offset against
20the fees under s. 76.60, 76.63, 76.65, 76.66, or 76.67 otherwise due, the unused
21balance may be carried forward and credited against those fees for the following 15
22years to the extent that it is not offset by those fees otherwise due in all the years
23between the year in which the investment was made and the year in which the
24carry-forward credit is claimed.
AB900,14,9
1(3) Limitations. (a) An insurer who makes an investment in a community
2development financial institution in a taxable year, withdraws the investment in
3that taxable year, and immediately reinvests the proceeds into another community
4development financial institution may claim only one credit under this section for
5that taxable year, based on the lesser of all such investments in that taxable year.
6Investments in a community development financial institution made before the
7effective date of this paragraph .... [LRB inserts date], may not be withdrawn prior
8to the end of their contractual term and reinvested in a community development
9financial institution in order to claim a credit under this section.
AB900,14,1110 (b) No person may claim a credit under this section and s. 71.47 (5p) for the
11same qualified investment.
AB900,14,20 12(4) Repayment. An insurer who claims a credit under this section and who
13withdraws a qualified investment from a community development financial
14institution prior to the first day of the 61st month after the qualified investment was
15made and who does not, within 60 days, reinvest the proceeds of the qualified
16investment as a qualified investment in another community development financial
17institution shall, in the taxable year in which the investment is withdrawn, add to
18the insurer's liability for fees imposed under s. 76.60, 76.63, 76.65, 76.66, or 76.67
19one of the following percentages of the amount of the credits received under this
20section:
AB900,14,2221 (a) If the withdrawal occurs within one year after the date on which the insurer
22made the qualified investment, 100 percent.
AB900,14,2423 (b) If the withdrawal occurs within 2 years after the date on which the insurer
24made the qualified investment, 75 percent.
AB900,15,2
1(c) If the withdrawal occurs within 3 years after the date on which the insurer
2made the qualified investment, 50 percent.
AB900,15,43 (d) If the withdrawal occurs within 4 years after the date on which the insurer
4made the qualified investment, 25 percent.
AB900,15,65 (e) If the withdrawal occurs within 5 years after the date on which the insurer
6made the qualified investment, 10 percent.
AB900,13 7Section 13. 76.67 (2) of the statutes is amended to read:
AB900,15,188 76.67 (2) If any domestic insurer is licensed to transact insurance business in
9another state, this state may not require similar insurers domiciled in that other
10state to pay taxes greater in the aggregate than the aggregate amount of taxes that
11a domestic insurer is required to pay to that other state for the same year less the
12credits under ss. 76.634, 76.635, 76.636, 76.637, 76.638, and 76.655, except that the
13amount imposed shall not be less than the total of the amounts due under ss. 76.65
14(2) and 601.93 and, if the insurer is subject to s. 76.60, 0.375 percent of its gross
15premiums, as calculated under s. 76.62, less offsets allowed under s. 646.51 (7) or
16under ss. 76.634, 76.635, 76.636, 76.637, 76.638, 76.639, and 76.655 against that
17total, and except that the amount imposed shall not be less than the amount due
18under s. 601.93.
AB900,15,1919 (End)
Loading...
Loading...