AB50,690,12 3. If the individual has 3 or more qualifying children who have the same principal place of abode as the individual, 34 percent.

AB50,1299 Section 1299. 71.07 (9e) (b) of the statutes is amended to read:

AB50,690,18 71.07 (9e) (b) No credit may be allowed under this subsection to married persons, except married persons living apart who are treated as single under section 7703 (b) of the internal revenue code Internal Revenue Code, if the husband and wife spouses report their income on separate income tax returns for the taxable year.

AB50,1300 Section 1300. 71.07 (9m) (a) 1m. of the statutes is repealed.

AB50,1301 Section 1301. 71.07 (9m) (a) 2m. of the statutes is amended to read:

AB50,691,4 71.07 (9m) (a) 2m. For taxable years beginning after December 31, 2013, and before January 1, 2026, any person may claim as a credit against taxes otherwise due under s. 71.02, up to the amount of those taxes, an amount equal to 20 percent of the costs of qualified rehabilitation expenditures, as defined in section 47 (c) (2) of the Internal Revenue Code, for certified historic structures on property located in this state, if the cost of the person’s qualified rehabilitation expenditures is at least $50,000 and the rehabilitated property is placed in service after December 31, 2013.

AB50,1302 Section 1302. 71.07 (9m) (a) 3. of the statutes is amended to read:

AB50,691,19 71.07 (9m) (a) 3. For taxable years beginning after December 31, 2013, and before January 1, 2026, any person may claim as a credit against taxes otherwise due under s. 71.02, up to the amount of those taxes, an amount equal to 20 percent of the costs of qualified rehabilitation expenditures, as defined in section 47 (c) (2) of the Internal Revenue Code, for qualified rehabilitated buildings, as defined in section 47 (c) (1) of the Internal Revenue Code, on property located in this state, if the cost of the person’s qualified rehabilitation expenditures is at least $50,000 and the rehabilitated property is placed in service after December 31, 2013, and regardless of whether the rehabilitated property is used for multiple or revenue- producing purposes. No credit may be claimed under this subdivision for property listed as a contributing building in the state register of historic places or in the national register of historic places and no credit may be claimed under this subdivision for nonhistoric, nonresidential property converted into housing if the property has been previously used for housing.

AB50,1303 Section 1303. 71.07 (9m) (a) 4. of the statutes is created to read:

AB50,692,2 71.07 (9m) (a) 4. For taxable years beginning after December 31, 2025, any person may claim as a credit against taxes otherwise due under s. 71.02, up to the amount of those taxes, an amount equal to 20 percent of the costs of qualified rehabilitation expenditures, as defined in section 47 (c) (2) of the Internal Revenue Code, for property located in this state, if the rehabilitated property is placed in service after December 31, 2025.

AB50,1304 Section 1304. 71.07 (9m) (c) (intro.) of the statutes is amended to read:

AB50,692,8 71.07 (9m) (c) (intro.) No person may claim the credit under par. (a) 2m. or 4. unless the claimant includes with the claimant’s return a copy of the claimant’s certification under s. 238.17. For certification purposes under s. 238.17, the claimant shall provide to the Wisconsin Economic Development Corporation all of the following:

AB50,1305 Section 1305. 71.07 (9m) (cm) of the statutes is amended to read:

AB50,692,11 71.07 (9m) (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.

AB50,1306 Section 1306. 71.07 (9m) (cn) (intro.) of the statutes is amended to read:

AB50,692,15 71.07 (9m) (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:

AB50,1307 Section 1307. 71.07 (9m) (f) of the statutes is renumbered 71.07 (9m) (f) 1. and amended to read:

AB50,693,18 71.07 (9m) (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, 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.

AB50,1308 Section 1308. 71.07 (9m) (f) 2. of the statutes is created to read:

AB50,693,23 71.07 (9m) (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.

AB50,694,2 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.

AB50,1309 Section 1309. 71.07 (9m) (g) 1. of the statutes is amended to read:

AB50,694,8 71.07 (9m) (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.

AB50,1310 Section 1310. 71.07 (9m) (g) 1m. of the statutes is created to read:

AB50,694,12 71.07 (9m) (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.

AB50,1311 Section 1311. 71.07 (9m) (h) of the statutes is amended to read:

AB50,695,2 71.07 (9m) (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.

AB50,1312 Section 1312. 71.09 (13) (a) 2. of the statutes is amended to read:

AB50,695,11 71.09 (13) (a) 2. The tax shown on the return for the preceding year. If a husband and wife spouses who filed separate returns for the preceding taxable year file a joint return, the tax shown on the return for the preceding year is the sum of the taxes shown on the separate returns of the husband and wife spouses. If a husband and wife spouses who filed a joint return for the preceding taxable year file separate returns, the tax shown on the return for the preceding year is the husband’s or wife’s each spouse’s proportion of that tax based on what their respective tax liabilities for that year would have been had they filed separately.