AB50,1354 Section 1354. 71.28 (6) (cm) of the statutes is amended to read:

AB50,717,6 71.28 (6) (cm) Any credit claimed under this subsection par. (a) 2m. and 3. for Wisconsin purposes shall be claimed at the same time as for federal purposes.

AB50,1355 Section 1355. 71.28 (6) (cn) (intro.) of the statutes is amended to read:

AB50,717,10 71.28 (6) (cn) (intro.) For taxable years beginning after December 31, 2014, and before January 1, 2026, the Wisconsin Economic Development Corporation shall certify a person to claim a credit under par. (a) 3. if all of the following apply:

AB50,1356 Section 1356. 71.28 (6) (f) of the statutes is renumbered 71.28 (6) (f) 1. and amended to read:

AB50,718,13 71.28 (6) (f) 1. A partnership, limited liability company, or tax-option corporation may not claim the credit under this subsection par. (a) 2m. and 3. The partners of a partnership, members of a limited liability company, or shareholders in a tax-option corporation may claim the credit under this subsection par. (a) 2m. and 3. based on eligible costs incurred by the partnership, limited liability company, or tax-option corporation. The partnership, limited liability company, or tax-option corporation shall calculate the amount of the credit which may be claimed by each partner, member, or shareholder and shall provide that information to the partner, member, or shareholder. For shareholders of a tax-option corporation, the credit may be allocated in proportion to the ownership interest of each shareholder. Credits computed by a partnership or limited liability company may be claimed in proportion to the ownership interests of the partners or members or allocated to partners or members as provided in a written agreement among the partners or members that is entered into no later than the last day of the taxable year of the partnership or limited liability company, for which the credit is claimed. For a partnership or limited liability company that places property in service after June 29, 2008, and before January 1, 2009, the credit attributable to such property may be allocated, at the election of the partnership or limited liability company, to partners or members for a taxable year of the partnership or limited liability company that ends after June 29, 2008, and before January 1, 2010. Any partner or member who claims the credit as provided under this paragraph shall attach a copy of the agreement, if applicable, to the tax return on which the credit is claimed. A person claiming the credit as provided under this paragraph is solely responsible for any tax liability arising from a dispute with the department of revenue related to claiming the credit.

AB50,1357 Section 1357. 71.28 (6) (f) 2. of the statutes is created to read:

AB50,718,18 71.28 (6) (f) 2. a. A partnership, limited liability company, or tax-option corporation may make an election under s. 71.21 (6) (a) or 71.365 (4m) (a) to claim the credit under par. (a) 4. against the net income or franchise tax otherwise payable to this state on income of the same year.

AB50,718,20 b. A partnership’s partners, limited liability company’s members, and tax- option corporation’s shareholders may not claim the credit under par. (a) 4.

AB50,1358 Section 1358. 71.28 (6) (g) 1. of the statutes is amended to read:

AB50,719,2 71.28 (6) (g) 1. If Except as provided in subd. 1m., if a person who claims the credit under this subsection elects to claim the credit based on claiming amounts for expenditures as the expenditures are paid, rather than when the rehabilitation work is completed, the person shall file an election form with the department, in the manner prescribed by the department.

AB50,1359 Section 1359. 71.28 (6) (g) 1m. of the statutes is created to read:

AB50,719,6 71.28 (6) (g) 1m. No person may claim the credit under par. (a) 4. unless the person claims the credit for the taxable year in which the rehabilitation work is completed.

AB50,1360 Section 1360. 71.28 (6) (h) of the statutes is amended to read:

AB50,719,19 71.28 (6) (h) Any person, including a nonprofit entity described in section 501 (c) (3) of the Internal Revenue Code, may sell or otherwise transfer the credit under par. (a) 2m. or, 3., or 4., in whole or in part, to another person who is subject to the taxes imposed under s. 71.02, 71.23, or 71.43, if the person notifies the department of the transfer, and submits with the notification a copy of the transfer documents, and the department certifies ownership of the credit with each transfer. The transferor may file a claim for more than one taxable year on a form prescribed by the department to compute all years of the credit under par. (a) 2m. or, 3., or 4., at the time of the transfer request. The transferee may first use the credit to offset tax in the taxable year of the transferor in which the transfer occurs, and may use the credit only to offset tax in taxable years otherwise allowed to be claimed and carried forward by the original claimant.

AB50,1361 Section 1361. 71.28 (8b) (a) 7. of the statutes is amended to read:

AB50,720,6 71.28 (8b) (a) 7. “Qualified development” means a qualified low-income housing project under section 42 (g) of the Internal Revenue Code that is financed with tax-exempt bonds, pursuant to section 42 (i) (2) described in section 42 (h) (4) (A) of the Internal Revenue Code, allocated the credit under section 42 of the Internal Revenue Code, and located in this state; except that the authority may waive, in the qualified allocation plan under section 42 (m) (1) (B) of the Internal Revenue Code, the requirements of tax-exempt bond financing and federal credit allocation to the extent the authority anticipates that sufficient volume cap under section 146 of the Internal Revenue Code will not be available to finance low-income housing projects in any year.

AB50,1362 Section 1362. 71.28 (8m) of the statutes is created to read:

AB50,720,9 71.28 (8m) Universal changing station credit. (a) Definitions. In this subsection:

AB50,720,11 1. “Claimant” means a person who files a claim under this subsection and meets either of the following conditions during the preceding taxable year:

AB50,720,12 a. Had gross receipts that did not exceed $1,000,000.

AB50,720,13 b. Employed no more than 30 full-time employees.

AB50,720,15 2. “Full-time employee” means an individual who is employed for at least 30 hours per week for 20 or more calendar weeks during a taxable year.

AB50,720,16 3. “Universal changing station” has the meaning given in s. 71.07 (8m) (a) 3.

AB50,720,21 (b) Filing claims. For taxable years beginning after December 31, 2024, subject to the limitations provided in this subsection, a claimant may claim as a credit against the tax imposed under s. 71.23, up to the amount of those taxes, an amount equal to 50 percent of the amount the claimant paid during the taxable year to install a universal changing station.

AB50,721,4 (c) Limitations. 1. No credit may be claimed under this subsection unless the universal changing station is installed in a single-occupant restroom that measures at least 8 feet by 10 feet, with adequate space for a wheelchair and a care provider to maneuver; that is equipped with a waste receptacle, a toilet, a lavatory, a soap dispenser, and a paper towel dispenser; and that complies with accessibility standards under the federal Americans with Disabilities Act.

AB50,721,5 2. The credit claimed under this subsection may not exceed $5,125.

AB50,721,12 3. Partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and the amount of, the credit are based on the amounts paid by the entity. A partnership, limited liability company, or tax-option corporation shall compute the amount of credit that each of its partners, members, or shareholders may claim and shall provide that information to each of them. Partners, members, and shareholders may claim the credit in proportion to their ownership interests.

AB50,721,14 (d) Administration. Subsection (4) (e) to (h), as it applies to the credit under sub. (4), applies to the credit under this subsection.