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6. Notwithstanding par. (b), if a residential condominium's association, as
4defined in s. 703.02 (1m), paid for lead hazard abatement in or on the condominium's
5common elements, as defined in s. 703.02 (2), the association may claim a credit
6under this subsection even if the association does not own the common elements and
7even if the common elements do not constitute a dwelling or extended dwelling or,
8at the option of the association, the condominium's unit owners, as defined in s.
9703.02 (17), may claim the credit in proportion to their percentage interests in the
10common elements, as determined under s. 703.13. If the association elects to allow
11the unit owners to claim the credit, the association shall compute the amount of the
12credit that each of the unit owners may claim and shall provide that information to
13each of them.
AB1174,18,1514
7. A claimant may only claim a credit under this subsection within the time
15period specified under s. 71.75 (2).
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8. The maximum aggregate amount that one or more claimants may claim
17under this subsection and ss. 71.07 (8g) and 71.28 (8g) with respect to a particular
18dwelling, extended dwelling, or condominium unit is $1,500 per dwelling, extended
19dwelling, or condominium unit, except that, if the dwelling or extended dwelling
20contains more than one dwelling unit, the maximum aggregate amount is $1,500 per
21dwelling unit.
AB1174,19,722
9. Partnerships, limited liability companies, and tax-option corporations may
23not claim the credit under this subsection, but the eligibility for, and the amount of,
24the credit are based on their payment of amounts described under par. (b), except
25that for each dwelling, extended dwelling, or condominium unit owned by the entity
1the aggregate amount of credits that the entity may compute may not exceed the
2limitation under subd. 8. A partnership, limited liability company, or tax-option
3corporation shall compute the amount of the credit that each of its partners,
4members, or shareholders may claim and shall provide that information to each of
5them. Partners, members of limited liability companies, and shareholders of
6tax-option corporations may claim the credit in proportion to their ownership
7interests.
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10. Housing cooperatives incorporated under ch. 185 or organized under ch.
9193 may not claim the credit under this subsection, but the eligibility for, and the
10amount of, the credit are based on their payment of amounts described under par.
11(b), except that for each dwelling, extended dwelling, or condominium unit owned by
12the entity the aggregate amount of credits that the entity may compute may not
13exceed the limitation under subd. 8. A housing cooperative shall compute the
14amount of the credit that each of its members may claim and shall provide that
15information to each of them. Members may claim the credit in proportion to their
16ownership interests.
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11. If 2 or more persons own a dwelling, extended dwelling, or condominium
18unit, each person may claim a credit under par. (b) in proportion to the person's
19ownership interest, except that the aggregate amount of the credits claimed by all
20persons who own the dwelling, extended dwelling, or condominium unit may not
21exceed the limitation under subd. 8.
AB1174,19,2322
(d)
Administration. 1. Section 71.28 (4) (e), (g), and (h), as it applies to the
23credit under s. 71.28 (4), applies to the credit under this subsection.
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2. If a credit computed under this subsection is not entirely offset against taxes
25otherwise due, the unused balance may be carried forward and credited against
1taxes otherwise due for the following 7 taxable years to the extent not offset by taxes
2otherwise due in all intervening years between the year in which the expense was
3incurred and the year in which the carry-forward credit is claimed.
AB1174,11
4Section
11. 71.49 (1) (am) of the statutes is created to read:
AB1174,20,55
71.49
(1) (am) Lead hazard abatement tax credit under s. 71.47 (8g).
AB1174,12
6Section
12.
Initial applicability.
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(1) This act first applies to taxable years beginning on January 1 of the year
8in which this subsection takes effect, except that if this subsection takes effect after
9July 31, this act first applies to taxable years beginning on January 1 of the year
10following the year in which this subsection takes effect.