LRB-1545/P1
MDE&KP:kms
2023 - 2024 LEGISLATURE
DOA:......Quinn, BB0385 - Business Development Credit Incentives for Renewable Energy
For 2023-2025 Budget -- Not Ready For Introduction
An Act ...; relating to: the budget.
Analysis by the Legislative Reference Bureau
commerce and economic development
Economic development
Energy efficiency and renewable energy project expenditures for the business development tax credit
This bill adds a new category of expenditures that qualify for the business development tax credit. Under current law, WEDC may award the tax credit to a certified business based on its qualifying expenses related to job creation and retention, employee training, capital investment, and corporate headquarters location or retention in Wisconsin. Under the bill, WEDC may also award the tax credit based on a certified business's energy efficiency or renewable energy project expenditures. The credit is up to 25 percent of the expenditures, with WEDC directed under the bill to ensure that the percentage of expenditures taken into account positively correlates to the scale of the project. The bill applies to credits awarded after December 31, 2023.
For further information see the state fiscal estimate, which will be printed as an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
Section
1. 71.07 (3y) (b) 6. of the statutes is created to read:
71.07 (3y) (b) 6. For taxable years beginning after December 31, 2023, an amount, as determined by the Wisconsin Economic Development Corporation under s. 238.308 (4) (a) 6., equal to a percentage, not to exceed 25 percent, of the claimant's energy efficiency or renewable energy project expenditures on real or personal property located in this state.
Section
2. 71.28 (3y) (b) 6. of the statutes is created to read:
71.28 (3y) (b) 6. For taxable years beginning after December 31, 2023, an amount, as determined by the Wisconsin Economic Development Corporation under s. 238.308 (4) (a) 6., equal to a percentage, not to exceed 25 percent, of the claimant's energy efficiency or renewable energy project expenditures on real or personal property located in this state.
Section
3. 71.47 (3y) (b) 6. of the statutes is created to read:
71.47 (3y) (b) 6. For taxable years beginning after December 31, 2023, an amount, as determined by the Wisconsin Economic Development Corporation under s. 238.308 (4) (a) 6., equal to a percentage, not to exceed 25 percent, of the claimant's energy efficiency or renewable energy project expenditures on real or personal property located in this state.
Section
4. 238.308 (4) (a) 6. of the statutes is created to read:
238.308 (4) (a) 6. An amount equal to up to 25 percent of the person's energy efficiency or renewable energy project expenditures on real or personal property located in this state. When making an award under this subdivision, the corporation shall ensure that the percentage of expenditures taken into account positively correlates to the scale of the project.
Section 9349.
Initial applicability; Wisconsin Economic Development Corporation.
(1) Energy efficiency and renewable energy project expenditures for business development tax credit. The treatment of s. 238.308 (4) (a) 6. first applies to credits awarded under s. 238.308 on January 1, 2024.
(End)
