SB120,3,149 71.07 (3p) (c) 2m. b. The maximum amount of the credits that may be claimed
10by all claimants, other than members of dairy cooperatives, under this subsection
11and ss. 71.28 (3p) and 71.47 (3p), as allocated under s. 560.207, is $700,000 in fiscal
12year 2008-09, $700,000 in fiscal year 2009-10, $700,000 in fiscal year 2010-11, and
13$1,000,000 in fiscal year 2011-12
and in each fiscal year thereafter , is $700,000, as
14allocated under s. 560.207
.
SB120, s. 3 15Section 3. 71.07 (3p) (c) 2m. bm. of the statutes is amended to read:
SB120,4,7
171.07 (3p) (c) 2m. bm. The maximum amount of the credits that may be claimed
2by members of dairy cooperatives under this subsection and ss. 71.28 (3p) and 71.47
3(3p), as allocated under s. 560.207, is $600,000 in fiscal year 2009-10 is $600,000, as
4allocated under s. 560.207, and the maximum amount of the credits that may be
5claimed by members of dairy cooperatives under this subsection and ss. 71.28 (3p)
6and 71.47 (3p)
, $700,000 in fiscal year 2010-11, and $1,000,000 in fiscal year
72011-12
and in each fiscal year thereafter, is $700,000, as allocated under s. 560.207.
SB120, s. 4 8Section 4. 71.07 (3r) (c) 3. b. of the statutes is amended to read:
SB120,4,119 71.07 (3r) (c) 3. b. The maximum amount of the credits that may be allocated
10under this subsection and ss. 71.28 (3r) and 71.47 (3r) in fiscal year 2010-11, and in
11each fiscal year thereafter,
is $700,000, as allocated under s. 560.208.
SB120, s. 5 12Section 5. 71.07 (3r) (c) 3. bm. of the statutes is created to read:
SB120,4,1513 71.07 (3r) (c) 3. bm. The maximum amount of the credits that may be allocated
14under this subsection and ss. 71.28 (3r) and 71.47 (3r) in fiscal year 2011-12, and in
15each fiscal year thereafter, is $1,200,000, as allocated under s. 560.208.
SB120, s. 6 16Section 6. 71.07 (3rn) (c) 3. b. of the statutes is amended to read:
SB120,4,1917 71.07 (3rn) (c) 3. b. The maximum amount of the credits that may be allocated
18under this subsection and ss. 71.28 (3rn) and 71.47 (3rn) in fiscal year 2010-11, and
19in each fiscal year thereafter,
is $1,200,000, as allocated under s. 560.2056.
SB120, s. 7 20Section 7. 71.07 (3rn) (c) 3. c. of the statutes is repealed.
SB120, s. 8 21Section 8. 71.07 (5p) of the statutes is created to read:
SB120,4,2422 71.07 (5p) Community development financial institution credit. (a)
23Definition. In this subsection, "claimant" means a person who files a claim under this
24subsection.
SB120,5,9
1(b) Filing claims. Subject to the limitations provided under this subsection and
2the requirements under s. 560.295, for taxable years beginning after December 31,
32010, and before January 1, 2013, a claimant may claim as a credit against the tax
4imposed under s. 71.02, up to the amount of the tax, for the taxable year in which the
5investment is made, an amount equal to 10 percent of the claimant's qualified
6investment in a community development financial institution, if the investment is
7at least $10,000, but not more than $150,000, or 12 percent of the claimant's qualified
8investment in a community development financial institution, if the investment is
9more than $150,000, but not more than $500,000.
SB120,5,1710 (c) Limitations. Partnerships, limited liability companies, and tax-option
11corporations may not claim the credit under this subsection, but the eligibility for,
12and the amount of, the credit are based on their payment of amounts under par. (b).
13A partnership, limited liability company, or tax-option corporation shall compute
14the amount of credit that each of its partners, members, or shareholders may claim
15and shall provide that information to each of them. Partners, members of limited
16liability companies, and shareholders of tax-option corporations may claim the
17credit in proportion to their ownership interests.
SB120,5,1918 (d) Administration. Section 71.28 (4) (e) to (h), as it applies to the credit under
19s. 71.28 (4), applies to the credit under this subsection.
SB120, s. 9 20Section 9. 71.10 (4) (cr) of the statutes is created to read:
SB120,5,2221 71.10 (4) (cr) Community development financial institution credit under s.
2271.07 (5p).
SB120, s. 10 23Section 10. 71.21 (4) of the statutes is amended to read:
SB120,6,224 71.21 (4) Credits computed by a partnership under s. 71.07 (2dd), (2de), (2di),
25(2dj), (2dL), (2dm), (2ds), (2dx), (2dy), (3g), (3h), (3n), (3p), (3q), (3r), (3rm), (3rn), (3s),

1(3t), (3w), (5e), (5f), (5g), (5h), (5i), (5j), (5k), (5p), (5r), (5rm), and (8r) and passed
2through to partners shall be added to the partnership's income.
SB120, s. 11 3Section 11. 71.26 (2) (a) 4. of the statutes, as affected by 2011 Wisconsin Act
43
, is amended to read:
SB120,6,115 71.26 (2) (a) 4. Plus the amount of the credit computed under s. 71.28 (1dd),
6(1de), (1di), (1dj), (1dL), (1dm), (1ds), (1dx), (1dy), (3g), (3h), (3n), (3p), (3q), (3r),
7(3rm), (3rn), (3t), (3w), (5e), (5f), (5g), (5h), (5i), (5j), (5k), (5p), (5r), (5rm), (8r), and
8(9s) and not passed through by a partnership, limited liability company, or
9tax-option corporation that has added that amount to the partnership's, limited
10liability company's, or tax-option corporation's income under s. 71.21 (4) or 71.34 (1k)
11(g).
SB120, s. 12 12Section 12. 71.28 (3p) (c) 2m. b. of the statutes is amended to read:
SB120,6,1813 71.28 (3p) (c) 2m. b. The maximum amount of the credits that may be claimed
14by all claimants, other than members of dairy cooperatives, under this subsection
15and ss. 71.07 (3p) and 71.47 (3p), as allocated under s. 560.207, is $700,000 in fiscal
16year 2008-09, $700,000 in fiscal year 2009-10, $700,000 in fiscal year 2010-11, and
17$1,000,000 in fiscal year 2011-12
and in each fiscal year thereafter , is $700,000, as
18allocated under s. 560.207
.
SB120, s. 13 19Section 13. 71.28 (3p) (c) 2m. bm. of the statutes is amended to read:
SB120,7,220 71.28 (3p) (c) 2m. bm. The maximum amount of the credits that may be claimed
21by members of dairy cooperatives under this subsection and ss. 71.07 (3p) and 71.47
22(3p), as allocated under s. 560.207, is $600,000 in fiscal year 2009-10 is $600,000, as
23allocated under s. 560.207, and the maximum amount of the credits that may be
24claimed by members of dairy cooperatives under this subsection and ss. 71.07 (3p)

1and 71.47 (3p)
, $700,000 in fiscal year 2010-11, and $1,000,000 in fiscal year
22011-12
and in each fiscal year thereafter, is $700,000, as allocated under s. 560.207.
SB120, s. 14 3Section 14. 71.28 (3r) (c) 3. b. of the statutes is amended to read:
SB120,7,64 71.28 (3r) (c) 3. b. The maximum amount of the credits that may be allocated
5under this subsection and ss. 71.07 (3r) and 71.47 (3r) in fiscal year 2010-11, and in
6each fiscal year thereafter,
is $700,000, as allocated under s. 560.208.
SB120, s. 15 7Section 15. 71.28 (3r) (c) 3. bm. of the statutes is created to read:
SB120,7,108 71.28 (3r) (c) 3. bm. The maximum amount of the credits that may be allocated
9under this subsection and ss. 71.07 (3r) and 71.47 (3r) in fiscal year 2011-12, and in
10each fiscal year thereafter, is $1,200,000, as allocated under s. 560.208.
SB120, s. 16 11Section 16. 71.28 (3rn) (c) 3. b. of the statutes is amended to read:
SB120,7,1412 71.28 (3rn) (c) 3. b. The maximum amount of the credits that may be allocated
13under this subsection and ss. 71.07 (3rn) and 71.47 (3rn) in fiscal year 2010-11, and
14in each fiscal year thereafter,
is $1,200,000, as allocated under s. 560.2056.
SB120, s. 17 15Section 17. 71.28 (3rn) (c) 3. c. of the statutes is repealed.
SB120, s. 18 16Section 18. 71.28 (5p) of the statutes is created to read:
SB120,7,1917 71.28 (5p) Community development financial institution credit. (a)
18Definition. In this subsection, "claimant" means a person who files a claim under this
19subsection.
SB120,8,320 (b) Filing claims. Subject to the limitations provided under this subsection and
21the requirements under s. 560.295, for taxable years beginning after December 31,
222010, and before January 1, 2013, a claimant may claim as a credit against the tax
23imposed under s. 71.23, up to the amount of the tax, for the taxable year in which the
24investment is made, an amount equal to 10 percent of the claimant's qualified
25investment in a community development financial institution, if the investment is

1at least $10,000, but not more than $150,000, or 12 percent of the claimant's qualified
2investment in a community development financial institution, if the investment is
3more than $150,000, but not more than $500,000.
SB120,8,114 (c) Limitations. Partnerships, limited liability companies, and tax-option
5corporations may not claim the credit under this subsection, but the eligibility for,
6and the amount of, the credit are based on their payment of amounts under par. (b).
7A partnership, limited liability company, or tax-option corporation shall compute
8the amount of credit that each of its partners, members, or shareholders may claim
9and shall provide that information to each of them. Partners, members of limited
10liability companies, and shareholders of tax-option corporations may claim the
11credit in proportion to their ownership interests.
SB120,8,1312 (d) Administration. Subsection (4) (e) to (h), as it applies to the credit under
13sub. (4), applies to the credit under this subsection.
SB120, s. 19 14Section 19. 71.30 (3) (cr) of the statutes is created to read:
SB120,8,1615 71.30 (3) (cr) Community development financial institution credit under s.
1671.28 (5p).
SB120, s. 20 17Section 20. 71.34 (1k) (g) of the statutes is amended to read:
SB120,8,2118 71.34 (1k) (g) An addition shall be made for credits computed by a tax-option
19corporation under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1dm), (1ds), (1dx), (1dy),
20(3), (3g), (3h), (3n), (3p), (3q), (3r), (3rm), (3rn), (3t), (3w), (5e), (5f), (5g), (5h), (5i), (5j),
21(5k), (5p), (5r), (5rm), and (8r) and passed through to shareholders.
SB120, s. 21 22Section 21. 71.45 (2) (a) 10. of the statutes, as affected by 2011 Wisconsin Act
233
, is amended to read:
SB120,9,524 71.45 (2) (a) 10. By adding to federal taxable income the amount of credit
25computed under s. 71.47 (1dd) to (1dy), (3g), (3h), (3n), (3p), (3q), (3r), (3rm), (3rn),

1(3w), (5e), (5f), (5g), (5h), (5i), (5j), (5k), (5p), (5r), (5rm), (8r), and (9s) and not passed
2through by a partnership, limited liability company, or tax-option corporation that
3has added that amount to the partnership's, limited liability company's, or
4tax-option corporation's income under s. 71.21 (4) or 71.34 (1k) (g) and the amount
5of credit computed under s. 71.47 (1), (3), (3t), (4), (4m), and (5).
SB120, s. 22 6Section 22. 71.47 (3p) (c) 2m. b. of the statutes is amended to read:
SB120,9,127 71.47 (3p) (c) 2m. b. The maximum amount of the credits that may be claimed
8by all claimants, other than members of dairy cooperatives, under this subsection
9and ss. 71.07 (3p) and 71.28 (3p), as allocated under s. 560.207, is $700,000 in fiscal
10year 2008-09, $700,000 in fiscal year 2009-10, $700,000 in fiscal year 2010-11, and
11$1,000,000 in fiscal year 2011-12
and in each fiscal year thereafter , is $700,000, as
12allocated under s. 560.207
.
SB120, s. 23 13Section 23. 71.47 (3p) (c) 2m. bm. of the statutes is amended to read:
SB120,9,2014 71.47 (3p) (c) 2m. bm. The maximum amount of the credits that may be claimed
15by members of dairy cooperatives under this subsection and ss. 71.07 (3p) and 71.28
16(3p), as allocated under s. 560.207, is $600,000 in fiscal year 2009-10 is $600,000, as
17allocated under s. 560.207, and the maximum amount of the credits that may be
18claimed by members of dairy cooperatives under this subsection and ss. 71.07 (3p)
19and 71.28 (3p)
, $700,000 in fiscal year 2010-11, and $1,000,000 in fiscal year
202011-12
and in each fiscal year thereafter, is $700,000, as allocated under s. 560.207.
SB120, s. 24 21Section 24. 71.47 (3r) (c) 3. b. of the statutes is amended to read:
SB120,9,2422 71.47 (3r) (c) 3. b. The maximum amount of the credits that may be allocated
23under this subsection and ss. 71.07 (3r) and 71.28 (3r) in fiscal year 2010-11, and in
24each fiscal year thereafter,
is $700,000, as allocated under s. 560.208.
SB120, s. 25 25Section 25. 71.47 (3r) (c) 3. bm. of the statutes is created to read:
SB120,10,3
171.47 (3r) (c) 3. bm. The maximum amount of the credits that may be allocated
2under this subsection and ss. 71.07 (3r) and 71.28 (3r) in fiscal year 2011-12, and in
3each fiscal year thereafter, is $1,200,000 as allocated under s. 560.208.
SB120, s. 26 4Section 26. 71.47 (3rn) (c) 3. b. of the statutes is amended to read:
SB120,10,75 71.47 (3rn) (c) 3. b. The maximum amount of the credits that may be allocated
6under this subsection and ss. 71.07 (3rn) and 71.28 (3rn) in fiscal year 2010-11, and
7in each fiscal year thereafter,
is $1,200,000, as allocated under s. 560.2056.
SB120, s. 27 8Section 27. 71.47 (3rn) (c) 3. c. of the statutes is repealed.
SB120, s. 28 9Section 28. 71.47 (5p) of the statutes is created to read:
SB120,10,1210 71.47 (5p) Community development financial institution credit. (a)
11Definition. In this subsection, "claimant" means a person who files a claim under this
12subsection.
SB120,10,2113 (b) Filing claims. Subject to the limitations provided under this subsection and
14the requirements under s. 560.295, for taxable years beginning after December 31,
152010, and before January 1, 2013, a claimant may claim as a credit against the tax
16imposed under s. 71.43, up to the amount of the tax, for the taxable year in which the
17investment is made, an amount equal to 10 percent of the claimant's qualified
18investment in a community development financial institution, if the investment is
19at least $10,000, but not more than $150,000, or 12 percent of the claimant's qualified
20investment in a community development financial institution, if the investment is
21more than $150,000, but not more than $500,000.
SB120,11,422 (c) Limitations. Partnerships, limited liability companies, and tax-option
23corporations may not claim the credit under this subsection, but the eligibility for,
24and the amount of, the credit are based on their payment of amounts under par. (b).
25A partnership, limited liability company, or tax-option corporation shall compute

1the amount of credit that each of its partners, members, or shareholders may claim
2and shall provide that information to each of them. Partners, members of limited
3liability companies, and shareholders of tax-option corporations may claim the
4credit in proportion to their ownership interests.
SB120,11,65 (d) Administration. Section 71.28 (4) (e) to (h), as it applies to the credit under
6s. 71.28 (4), applies to the credit under this subsection.
SB120, s. 29 7Section 29. 71.49 (1) (cr) of the statutes is created to read:
SB120,11,98 71.49 (1) (cr) Community development financial institution credit under s.
971.47 (5p).
SB120, s. 30 10Section 30. 76.634 of the statutes is created to read:
SB120,11,20 1176.634 Community development financial institution credit. (1) Filing
12claims.
Subject to the limitations provided under this subsection and the
13requirements under s. 560.295, for taxable years beginning after December 31, 2010,
14and before January 1, 2013, an insurer may claim as a credit against the fees due
15under s. 76.60, 76.63, 76.65, 76.66, or 76.67 for the taxable year in which the
16investment is made, an amount equal to 10 percent of the insurer's qualified
17investment in a community development financial institution, if the investment is
18at least $10,000, but not more than $150,000, or 12 percent of the insurer's qualified
19investment in a community development financial institution, if the investment is
20more than $150,000, but not more than $500,000.
SB120,12,2 21(2) Carry-forward. If the credit under sub. (1) is not entirely offset against the
22fees under s. 76.60, 76.63, 76.65, 76.66, or 76.67 otherwise due, the unused balance
23may be carried forward and credited against those fees for the following 15 years to
24the extent that it is not offset by those fees otherwise due in all the years between

1the year in which the expense was made and the year in which the carry-forward
2credit is claimed.
SB120,12,5 3(3) Limitations. No credit may be allowed under this section unless the insurer
4includes with the insurer's annual return under s. 76.64 a copy of the insurer's
5certification for tax benefits under s. 560.295 (5) (b).
SB120, s. 31 6Section 31. 76.67 (2) of the statutes is amended to read:
SB120,12,167 76.67 (2) If any domestic insurer is licensed to transact insurance business in
8another state, this state may not require similar insurers domiciled in that other
9state to pay taxes greater in the aggregate than the aggregate amount of taxes that
10a domestic insurer is required to pay to that other state for the same year less the
11credits under ss. 76.634, 76.635, 76.636, 76.637, 76.638, and 76.655, except that the
12amount imposed shall not be less than the total of the amounts due under ss. 76.65
13(2) and 601.93 and, if the insurer is subject to s. 76.60, 0.375% of its gross premiums,
14as calculated under s. 76.62, less offsets allowed under s. 646.51 (7) or under ss.
1576.634, 76.635, 76.636, 76.637, 76.638, and 76.655 against that total, and except that
16the amount imposed shall not be less than the amount due under s. 601.93.
SB120, s. 32 17Section 32. 77.92 (4) of the statutes is amended to read:
SB120,13,818 77.92 (4) "Net business income," with respect to a partnership, means taxable
19income as calculated under section 703 of the Internal Revenue Code; plus the items
20of income and gain under section 702 of the Internal Revenue Code, including taxable
21state and municipal bond interest and excluding nontaxable interest income or
22dividend income from federal government obligations; minus the items of loss and
23deduction under section 702 of the Internal Revenue Code, except items that are not
24deductible under s. 71.21; plus guaranteed payments to partners under section 707
25(c) of the Internal Revenue Code; plus the credits claimed under s. 71.07 (2dd), (2de),

1(2di), (2dj), (2dL), (2dm), (2dr), (2ds), (2dx), (2dy), (3g), (3h), (3n), (3p), (3q), (3r),
2(3rm), (3rn), (3s), (3t), (3w), (5e), (5f), (5g), (5h), (5i), (5j), (5k), (5p), (5r), (5rm), and
3(8r); and plus or minus, as appropriate, transitional adjustments, depreciation
4differences, and basis differences under s. 71.05 (13), (15), (16), (17), and (19); but
5excluding income, gain, loss, and deductions from farming. "Net business income,"
6with respect to a natural person, estate, or trust, means profit from a trade or
7business for federal income tax purposes and includes net income derived as an
8employee as defined in section 3121 (d) (3) of the Internal Revenue Code.
SB120, s. 33 9Section 33. 560.2056 (2) of the statutes is amended to read:
SB120,13,1710 560.2056 (2) If the department of commerce certifies a taxpayer under sub. (1),
11the department of commerce shall determine the amount of credits to allocate to that
12taxpayer. The total amount of food processing plant and food warehouse investment
13credits allocated to taxpayers in any fiscal year 2009-10 may not exceed $600,000
14and the total amount of food processing plant and food warehouse investment credits
15allocated to taxpayers in fiscal year 2010-11, and in each fiscal year thereafter,
may
16not exceed $700,000 the amounts provided under ss. 71.07 (3rn) (c) 3., 71.28 (3rn) (c)
173., and 71.47 (3rn) (c) 3
.
SB120, s. 34 18Section 34. 560.207 (2) of the statutes is amended to read:
SB120,14,619 560.207 (2) If the department of commerce certifies a taxpayer under sub. (1),
20the department of commerce shall determine the amount of credits to allocate to that
21taxpayer. The total amount of dairy manufacturing facility investment credits
22allocated to taxpayers in any fiscal year 2007-08 may not exceed $600,000 and the
23total amount of dairy manufacturing facility investment credits allocated to
24taxpayers who are not members of dairy cooperatives in fiscal year 2008-09, and in
25each fiscal year thereafter, may not exceed $700,000. The total amount of dairy

1manufacturing facility investment credits allocated to taxpayers who are members
2of dairy cooperatives in fiscal year 2009-10 may not exceed $600,000 and the total
3amount of dairy manufacturing facility investment credits allocated to taxpayers
4who are members of dairy cooperatives in fiscal year 2010-11, and in each fiscal year
5thereafter,
may not exceed $700,000 the amounts provided under ss. 71.07 (3p) (c)
62m., 71.28 (3p) (c) 2m., and 71.47 (3p) (c) 2m
.
SB120, s. 35 7Section 35. 560.208 (2) of the statutes is amended to read:
SB120,14,148 560.208 (2) If the department of commerce certifies a taxpayer under sub. (1),
9the department of commerce shall determine the amount of credits to allocate to that
10taxpayer. The total amount of meat processing facility investment credits allocated
11to taxpayers in any fiscal year 2009-10 may not exceed $300,000 and the total
12amount of meat processing facility investment credits allocated to taxpayers in fiscal
13year 2010-11, and in each fiscal year thereafter,
may not exceed $700,000 the
14amounts provided under ss. 71.07 (3r) (c) 3., 71.28 (3r) (c) 3., and 71.47 (3r) (c) 3
.
SB120, s. 36 15Section 36. 560.295 of the statutes is created to read:
SB120,14,17 16560.295 Certification of investments in community development
17financial institutions.
(1) Definitions. In this section:
SB120,14,1918 (a) "Community development financial institution" means an entity that
19satisfies all of the following:
SB120,14,22201. The entity is certified by the fund under 12 CFR 1805.201 as meeting the
21eligibility requirements for a community development financial institution under 12
22CFR 1805.200
and 1805.201 (b).
SB120,14,2323 2. The entity is organized under the laws of this state.
SB120,14,2524 3. The entity uses qualified investments for which a person may be certified for
25tax credits under sub. (2) (a) for projects that are based in this state.
SB120,15,2
1(b) "Fund" means the Community Development Financial Institutions Fund
2established under 12 USC 4703 (a).
SB120,15,53 (c) 1. Subject to subd. 2., "qualified investment" means a deposit or loan that
4pays no interest to the person who made the deposit or loan, if the deposit or loan has
5a value of at least $10,000 and is made for a period of at least 60 months.
SB120,15,126 2. A community development financial institution that receives an investment
7described under subd. 1. shall have complete control over the entire investment
8amount, including any interest earned on the investment, for the duration of the
9investment period, but the investment may be subject to any additional terms and
10conditions of the investment agreement between the community development
11financial institution and the investor which are not inconsistent with the
12requirements of this section.
SB120,15,18 13(2) Certification; registration and reporting required. (a) Subject to the
14limits under sub. (4), the department may certify a person under this section to claim
15tax credits under s. 71.07 (5p), 71.28 (5p), 71.47 (5p), or 76.634 if the person applies
16to the department on a form prepared by the department and submits evidence
17satisfactory to the department that the person has made a qualified investment in
18a community development financial institution that is registered under par. (b).
SB120,15,2519 (b) 1. The department may register a community development financial
20institution if the community development financial institution applies to the
21department on a form prepared by the department. The department may revoke the
22registration of a community development financial institution if the entity no longer
23meets the eligibility requirements for certification as a community development
24financial institution by the fund or fails to comply with the requirements of this
25paragraph.
SB120,16,6
12. A community development financial institution registered under this section
2shall annually, within 90 days after the last day of the preceding calendar year,
3submit a report containing financial statements of the community development
4financial institution, prepared according to generally accepted accounting principles
5and including all of the following information for the preceding calendar year, to the
6department:
SB120,16,87 a. The material events certification form required by the federal department
8of the treasury.
SB120,16,119 b. Certification, in the form and manner prescribed by the department, that the
10community development financial institution satisfies the criteria under sub. (1) (a)
111. to 3.
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