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.

SB484,6,9 (f) Administration. Subsection (4) (e), (g), and (h), as it applies to the credit under sub. (4), applies to the credit under this subsection.

SB484,5 Section 5 . 71.30 (3) (cu) of the statutes is created to read:

SB484,6,11 71.30 (3) (cu) Workforce housing credit under s. 71.28 (8f).

SB484,6 Section 6 . 71.47 (8f) of the statutes is created to read:

SB484,6,13 71.47 (8f) Workforce housing credit. (a) Definitions. In this subsection:

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.