SB484,1 Section 1. 16.309 (4) of the statutes is created to read:

SB484,3,6 16.309 (4) (a) In this subsection, “revolving loan fund account” means all moneys held by the department in connection with each economic development revolving loan fund that is funded by a community development block grant under this section, including all moneys derived from the liquidation and close-out of the revolving loan fund.

SB484,3,9 (b) Annually, no later than March 15, the department shall submit a report to the joint committee on finance that includes all of the following information for each revolving loan fund account:

SB484,3,10 1. The account balance.

SB484,3,11 2. All accounts receivable, if any.

SB484,3,13 3. A detailed description of all account expenditures, including a description of each project funded by a grant awarded from the account.

SB484,3,15 4. A detailed description of all account expenditures the department intends to make before March 15 of the year following the report.

SB484,3,18 (c) If the joint committee on finance objects to any intended expenditure of moneys detailed under par. (b) 4., the committee may reallocate those moneys consistent with federal requirements for expenditure of the moneys.

SB484,2 Section 2 . 71.07 (8f) of the statutes is created to read:

SB484,3,20 71.07 (8f) Workforce housing credit. (a) Definitions. In this subsection:

SB484,3,22 1. “Allocation certificate" means an allocation certificate issued by the Wisconsin Housing and Economic Development Authority under s. 234.045 (3) (a).

SB484,3,23 2. “Claimant” means a person who files a claim under this subsection.

SB484,4,2 (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. 71.02, up to the amount of the tax, the amount specified in the allocation certificate.

SB484,4,4 (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.

SB484,4,11 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.

SB484,4,18 (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.

SB484,4,23 (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.

SB484,4,25 (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.

SB484,3 Section 3. 71.10 (4) (fd) of the statutes is created to read:

SB484,5,2 71.10 (4) (fd) Workforce housing credit under s. 71.07 (8f).

SB484,4 Section 4 . 71.28 (8f) of the statutes is created to read:

SB484,5,4 71.28 (8f) Workforce housing credit. (a) Definitions. In this subsection:

SB484,5,6 1. “Allocation certificate" means an allocation certificate issued by the Wisconsin Housing and Economic Development Authority under s. 234.045 (3) (a).

SB484,5,7 2. “Claimant” means a person who files a claim under this subsection.

SB484,5,11 (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. 71.23, up to the amount of the tax, the amount specified in the allocation certificate.

SB484,5,13 (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.

SB484,5,20 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.

SB484,6,2 (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.

SB484,6,7 (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.