SB484,6,15 1. “Allocation certificate" means an allocation certificate issued by the Wisconsin Housing and Economic Development Authority under s. 234.045 (3) (a).

SB484,6,16 2. “Claimant” means a person who files a claim under this subsection.

SB484,6,20 (b) Filing claims. For taxable years beginning after December 31, 2019, subject to the limitations provided in this subsection and in s. 234.045, a claimant may claim as a credit against the tax imposed under s. 71.43, up to the amount of the tax, the amount specified in the allocation certificate.

SB484,6,22 (c) Limitations. 1. No person may claim the credit under par. (b) unless the claimant includes with the claimant's return a copy of the allocation certificate.

SB484,7,4 2. A partnership, limited liability company, or tax-option corporation may not claim the credit under this subsection, but the eligibility for and amount of the credit are based on the amount specified in the allocation certificate. 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.

SB484,7,11 (d) Carry-forward credit. If the credit that a claimant may claim under par. (b) is not entirely offset against Wisconsin income or franchise taxes otherwise due, the unused balance shall be carried forward and credited against Wisconsin income or franchise taxes otherwise due for the following 10 taxable years to the extent not offset by these taxes in all intervening years between the year in which the credit is allowed under the allocation certificate and the year in which the carry-forward credit is claimed.

SB484,7,16 (e) Transfer. Any person may sell or otherwise transfer the credit under par. (b), in whole or in part, to another person who is subject to the taxes or fees imposed under s. 71.02, 71.23, or 71.43 or subch. III of ch. 76 if the person notifies the department of the transfer and submits with the notification a copy of the transfer documents, and the department certifies the change in the credit's ownership.

SB484,7,18 (f) Administration. Section 71.28 (4) (e), (g), and (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.

SB484,7 Section 7 . 71.49 (1) (cu) of the statutes is created to read:

SB484,7,20 71.49 (1) (cu) Workforce housing credit under s. 71.47 (8f).

SB484,8 Section 8 . 76.6395 of the statutes is created to read:

SB484,7,22 76.6395 Workforce housing credit. (1) Definitions. In this section:

SB484,7,24 (a) “Allocation certificate" means an allocation certificate issued by the Wisconsin Housing and Economic Development Authority under s. 234.045 (3) (a).

SB484,7,25 (b) “Claimant” means a person who files a claim under this subsection.

SB484,8,4 (2) Filing claims. For taxable years beginning after December 31, 2019, subject to the limitations provided in this section and in s. 234.045, a claimant may claim as a credit against the fees imposed under s. 76.60, 76.63, 76.65, 76.66, or 76.67 the amount specified in the allocation certificate.

SB484,8,6 (3) Limitations. No person may claim the credit under sub. (2) unless the claimant includes with the claimant's return a copy of the allocation certificate.

SB484,8,12 (4) Carry-forward. If the credit that a claimant may claim under sub. (2) is not entirely offset against the fees under s. 76.60, 76.63, 76.65, 76.66, or 76.67 otherwise due, the unused balance shall be carried forward and credited against those fees for the following 10 taxable years to the extent not offset by the fees in all intervening years between the year in which the credit is allowed under the allocation certificate and the year in which the carry-forward credit is claimed.

SB484,8,18 (5) Transfer. Any person may sell or otherwise transfer the credit under sub. (2), in whole or in part, to another person who is subject to the taxes or fees imposed under s. 71.02, 71.23, 71.43, 76.60, 76.63, 76.65, 76.66, or 76.67 if the person notifies the department of the transfer and submits with the notification a copy of the transfer documents, and the department certifies the change in the credit's ownership.

SB484,9 Section 9 . 76.67 (2) of the statutes is amended to read:

SB484,9,5 76.67 (2) If any domestic insurer is licensed to transact insurance business in another state, this state may not require similar insurers domiciled in that other state to pay taxes greater in the aggregate than the aggregate amount of taxes that a domestic insurer is required to pay to that other state for the same year less the credits under ss. 76.635, 76.636, 76.637, 76.638, 76.639, 76.6395, and 76.655, except that the amount imposed shall not be less than the total of the amounts due under ss. 76.65 (2) and 601.93 and, if the insurer is subject to s. 76.60, 0.375 percent of its gross premiums, as calculated under s. 76.62, less offsets allowed under s. 646.51 (7) or under ss. 76.635, 76.636, 76.637, 76.638, 76.639, 76.6395, and 76.655 against that total, and except that the amount imposed shall not be less than the amount due under s. 601.93.

SB484,10 Section 10 . 234.045 of the statutes is created to read:

SB484,9,7 234.045 Workforce housing tax credits. (1) Definitions. In this section:

SB484,9,10 (a) “Allocation certificate" means a statement issued by the authority certifying that an eligible recipient may claim tax benefits and specifying the amount of the tax benefits that the eligible recipient may claim.

SB484,9,12 (b) “Lender" means any banking institution, savings bank, savings and loan association, or credit union organized under the laws of this state.

SB484,9,14 (c) “Tax benefits” means the tax credit under ss. 71.07 (8f), 71.28 (8f), 71.47 (8f), and 76.6395.

SB484,9,17 (2) Establishment of program. The authority shall establish and administer a program under this section for the award of tax benefits to encourage the creation of workforce housing in this state.

SB484,9,21 (3) Certifications. (a) The authority may certify a person to claim tax benefits in an amount determined by the authority by issuing the person an allocation certificate. The allocation certificate shall state the amount the authority determines the person is eligible to claim.

SB484,9,23 (b) With respect to any eligible workforce housing project, the authority may issue an allocation certificate under par. (a) to only one of the following:

SB484,9,24 1. The lender financing the project.