2005 WISCONSIN ACT 487
An Act to amend 71.07 (2dm) (a) 1., 71.07 (2dm) (a) 3., 71.07 (2dm) (f) 1., 71.07 (2dm) (j), 71.07 (2dm) (k), 71.07 (2dx) (a) 2., 71.07 (2dx) (b) (intro.), 71.07 (2dx) (c), 71.07 (2dx) (d), 71.28 (1dm) (a) 1., 71.28 (1dm) (a) 3., 71.28 (1dm) (f) 1., 71.28 (1dm) (j), 71.28 (1dm) (k), 71.28 (1dx) (a) 2., 71.28 (1dx) (b) (intro.), 71.28 (1dx) (c), 71.28 (1dx) (d), 71.47 (1dm) (a) 1., 71.47 (1dm) (a) 3., 71.47 (1dm) (f) 1., 71.47 (1dm) (j), 71.47 (1dm) (k), 71.47 (1dx) (a) 2., 71.47 (1dx) (b) (intro.), 71.47 (1dx) (c), 71.47 (1dx) (d), 234.03 (2m), 234.03 (11), 234.08 (1), 234.265 (2), 234.40 (4), 234.50 (4), 234.60 (2), 234.61 (1) and 234.66 (3) (b); and to create 234.63 and 560.799 of the statutes; relating to: creating income and franchise tax credits for businesses located in an airport development zone and a loan program for certain construction projects in an airport development zone.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
487,1
Section
1. 71.07 (2dm) (a) 1. of the statutes is amended to read:
71.07 (2dm) (a) 1. "Certified" means entitled under s. 560.795 (3) (a) 4. to claim tax benefits or certified under s. 560.795 (5) or, 560.798 (3)
, or 560.799 (4).
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2. 71.07 (2dm) (a) 3. of the statutes is amended to read:
71.07 (2dm) (a) 3. "Development zone" means a development opportunity zone under s. 560.795 (1) (e) and (f) or 560.798, or an airport development zone under s. 560.799.
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3. 71.07 (2dm) (f) 1. of the statutes is amended to read:
71.07 (2dm) (f) 1. A copy of a verification from the department of commerce that the claimant may claim tax benefits under s. 560.795 (3) (a) 4. or is certified under s. 560.795 (5) or, 560.798 (3), or 560.799 (4).
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4. 71.07 (2dm) (j) of the statutes is amended to read:
71.07 (2dm) (j) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits becomes ineligible for such tax benefits, or if a person's certification under s. 560.795 (5) or, 560.798 (3), or 560.799 (4) is revoked, that person may claim no credits under this subsection for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years, and that person may carry over no unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years.
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5. 71.07 (2dm) (k) of the statutes is amended to read:
71.07 (2dm) (k) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits or certified under s. 560.795 (5) or, 560.798 (3), or 560.799 (4) ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.
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6. 71.07 (2dx) (a) 2. of the statutes is amended to read:
71.07 (2dx) (a) 2. "Development zone" means a development zone under s. 560.70, a development opportunity zone under s. 560.795, an enterprise development zone under s. 560.797, or an agricultural development zone under s. 560.798, or an airport development zone under s. 560.799.
71.07 (2dx) (b) Credit. (intro.) Except as provided in pars. (be) and (bg) and in s. 73.03 (35), and subject to s. 560.785, for any taxable year for which the person is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4), any person may claim as a credit against the taxes otherwise due under this chapter the following amounts:
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8. 71.07 (2dx) (c) of the statutes is amended to read:
71.07 (2dx) (c) Credit precluded. If the certification of a person for tax benefits under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4) is revoked, or if the person becomes ineligible for tax benefits under s. 560.795 (3), that person may not claim credits under this subsection for the taxable year that includes the day on which the certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years and that person may not carry over unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years.
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9. 71.07 (2dx) (d) of the statutes is amended to read:
71.07 (2dx) (d) Carry-over precluded. If a person who is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4) for tax benefits ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.
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Section
10. 71.28 (1dm) (a) 1. of the statutes is amended to read:
71.28 (1dm) (a) 1. "Certified" means entitled under s. 560.795 (3) (a) 4. to claim tax benefits or certified under s. 560.795 (5) or, 560.798 (3)
, or 560.799 (4).
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Section
11. 71.28 (1dm) (a) 3. of the statutes is amended to read:
71.28 (1dm) (a) 3. "Development zone" means a development opportunity zone under s. 560.795 (1) (e) and (f) or 560.798, or an airport development zone under s. 560.799.
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12. 71.28 (1dm) (f) 1. of the statutes is amended to read:
71.28 (1dm) (f) 1. A copy of a verification from the department of commerce that the claimant may claim tax benefits under s. 560.795 (3) (a) 4. or is certified under s. 560.795 (5) or, 560.798 (3), or 560.799 (4).
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13. 71.28 (1dm) (j) of the statutes is amended to read:
71.28 (1dm) (j) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits becomes ineligible for such tax benefits, or if a person's certification under s. 560.795 (5) or, 560.798 (3), or 560.799 (4) is revoked, that person may claim no credits under this subsection for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years, and that person may carry over no unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years.
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Section
14. 71.28 (1dm) (k) of the statutes is amended to read:
71.28 (1dm) (k) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits or certified under s. 560.795 (5) or, 560.798 (3), or 560.799 (4) ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.
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15. 71.28 (1dx) (a) 2. of the statutes is amended to read:
71.28 (1dx) (a) 2. "Development zone" means a development zone under s. 560.70, a development opportunity zone under s. 560.795, an enterprise development zone under s. 560.797, or an agricultural development zone under s. 560.798, or an airport development zone under s. 560.799.
71.28 (1dx) (b) Credit. (intro.) Except as provided in pars. (be) and (bg) and in s. 73.03 (35), and subject to s. 560.785, for any taxable year for which the person is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4), any person may claim as a credit against the taxes otherwise due under this chapter the following amounts:
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17. 71.28 (1dx) (c) of the statutes is amended to read:
71.28 (1dx) (c) Credit precluded. If the certification of a person for tax benefits under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4) is revoked, or if the person becomes ineligible for tax benefits under s. 560.795 (3), that person may not claim credits under this subsection for the taxable year that includes the day on which the certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years and that person may not carry over unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years.
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18. 71.28 (1dx) (d) of the statutes is amended to read:
71.28 (1dx) (d) Carry-over precluded. If a person who is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4) for tax benefits ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.
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Section
19. 71.47 (1dm) (a) 1. of the statutes is amended to read:
71.47 (1dm) (a) 1. "Certified" means entitled under s. 560.795 (3) (a) 4. to claim tax benefits or certified under s. 560.795 (5) or, 560.798 (3)
, or 560.799 (4).
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20. 71.47 (1dm) (a) 3. of the statutes is amended to read:
71.47 (1dm) (a) 3. "Development zone" means a development opportunity zone under s. 560.795 (1) (e) and (f) or 560.798, or an airport development zone under s. 560.799.
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21. 71.47 (1dm) (f) 1. of the statutes is amended to read:
71.47 (1dm) (f) 1. A copy of a verification from the department of commerce that the claimant may claim tax benefits under s. 560.795 (3) (a) 4. or is certified under s. 560.795 (5) or, 560.798 (3), or 560.799 (4).
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Section
22. 71.47 (1dm) (j) of the statutes is amended to read:
71.47 (1dm) (j) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits becomes ineligible for such tax benefits, or if a person's certification under s. 560.795 (5) or, 560.798 (3), or 560.799 (4) is revoked, that person may claim no credits under this subsection for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years, and that person may carry over no unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years.
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Section
23. 71.47 (1dm) (k) of the statutes is amended to read:
71.47 (1dm) (k) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits or certified under s. 560.795 (5) or, 560.798 (3), or 560.799 (4) ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.
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Section
24. 71.47 (1dx) (a) 2. of the statutes is amended to read:
71.47 (1dx) (a) 2. "Development zone" means a development zone under s. 560.70, a development opportunity zone under s. 560.795 or an enterprise development zone under s. 560.797, or an agricultural development zone under s. 560.798, or an airport development zone under s. 560.799.
71.47 (1dx) (b) Credit. (intro.) Except as provided in pars. (be) and (bg) and in s. 73.03 (35), and subject to s. 560.785, for any taxable year for which the person is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4), any person may claim as a credit against the taxes otherwise due under this chapter the following amounts:
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Section
26. 71.47 (1dx) (c) of the statutes is amended to read:
71.47 (1dx) (c) Credit precluded. If the certification of a person for tax benefits under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4) is revoked, or if the person becomes ineligible for tax benefits under s. 560.795 (3), that person may not claim credits under this subsection for the taxable year that includes the day on which the certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years and that person may not carry over unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years.
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Section
27. 71.47 (1dx) (d) of the statutes is amended to read:
71.47 (1dx) (d) Carry-over precluded. If a person who is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4) for tax benefits ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.
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28. 234.03 (2m) of the statutes is amended to read:
234.03 (2m) To issue notes and bonds in accordance with ss. 234.08, 234.40, 234.50, 234.60, 234.61, 234.626, 234.63, 234.65, and 234.66.
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29. 234.03 (11) of the statutes is amended to read:
234.03 (11) To collect fees and charges on mortgage loans and economic development loans and airport development loans under s. 234.63 (3) for the purpose of paying all or a portion of authority costs as the authority determines are reasonable and as approved by the authority.
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30. 234.08 (1) of the statutes is amended to read:
234.08 (1) The authority may issue its negotiable notes and bonds in such principal amount, as, in the opinion of the authority, is necessary to provide sufficient funds for achieving its corporate purposes, including the purchase of certain mortgages and securities and the making of secured loans for low- and moderate-income housing, for the rehabilitation of existing structures and for the construction of facilities appurtenant thereto as provided in this chapter; for the making of secured loans to assist eligible elderly homeowners in paying property taxes and special assessments; for the payment of interest on notes and bonds of the authority during construction; for the awarding of airport development loans under s. 234.63 (3); for the establishment of reserves to secure such notes and bonds; for the provision of moneys for the housing development fund in order to make temporary loans to sponsors of housing projects as provided in this chapter; and for all other expenditures of the authority incident to and necessary or convenient to carry out its corporate purposes and powers.
234.265 (2) Records or portions of records consisting of personal or financial information provided by a person seeking a grant or loan under s. 234.04, 234.08, 234.49, 234.59, 234.61, 234.63, 234.65, 234.67, 234.83, 234.84, 234.90, 234.905, 234.907, or 234.91, seeking a loan under ss. 234.621 to 234.626, seeking financial assistance under s. 234.66, seeking investment of funds under s. 234.03 (18m), or in which the authority has invested funds under s. 234.03 (18m), unless the person consents to disclosure of the information.
234.40 (4) The limitations established in ss. 234.18, 234.50, 234.60, 234.61, 234.63, 234.65, and 234.66 are not applicable to bonds issued under the authority of this section. The authority may not have outstanding at any one time bonds for veterans housing loans in an aggregate principal amount exceeding $61,945,000, excluding bonds being issued to refund outstanding bonds.
234.50 (4) The limitations established in ss. 234.18, 234.40, 234.60, 234.61, 234.63, 234.65, and 234.66 are not applicable to bonds issued under the authority of this section. The authority may not have outstanding at any one time bonds for housing rehabilitation loans in an aggregate principal amount exceeding $100,000,000, excluding bonds being issued to refund outstanding bonds. The authority shall consult with and coordinate the issuance of bonds with the building commission prior to the issuance of bonds.
234.60 (2) The limitations in ss. 234.18, 234.40, 234.50, 234.61, 234.63, 234.65, and 234.66 do not apply to bonds or notes issued under this section.
234.61 (1) Upon the authorization of the department of health and family services, the authority may issue bonds or notes and make loans for the financing of housing projects which are residential facilities as defined in s. 46.28 (1) (d) and the development costs of those housing projects, if the department of health and family services has approved the residential facilities for financing under s. 46.28 (2). The limitations in ss. 234.18, 234.40, 234.50, 234.60, 234.63, 234.65, and 234.66 do not apply to bonds or notes issued under this section. The definition of "nonprofit corporation" in s. 234.01 (9) does not apply to this section.
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36. 234.63 of the statutes is created to read:
234.63 Airport development zone loan program. (1) There is established a loan program to be known as the "Wisconsin Airport Development Zone Loan Program."
(2) (a) For the purpose of awarding loans under sub. (3), the authority may issue bonds in an aggregate principal amount not to exceed $200,000,000, excluding bonds issued to refund outstanding bonds issued under this paragraph. Bonds issued under this paragraph shall be special obligations of the authority payable solely out of revenues received in connection with the loan program under sub. (1), including specifically repayments of the loans awarded under sub. (3) and the proceeds of bonds issued under this paragraph. All assets and liabilities created through the issuance of bonds under this paragraph shall be separate from all other assets and liabilities of the authority.
(b) The limits in ss. 234.18 (1), 234.40, 234.50, 234.60, 234.61, 234.65, and 234.66 do not apply to bonds issued under par. (a).
(c) The authority shall employ the building commission as its financial consultant to assist and coordinate the issuance of bonds under par. (a).
(3) (a) The authority may award a loan to a business, including an airport, for the purpose of financing the construction or expansion of an airport in an airport development zone established under s. 560.799, including financing activities to increase the number of flights to and from the airport or to encourage airlines that do not offer flights to and from the airport to offer such flights.
(b) The authority shall charge a rate of interest for each loan awarded under par. (a) that reasonably approximates that portion of the amount required to repay the principal and interest of the bonds issued under par. (a), plus the cost of issuing the bonds, that is allocable to the loan.
234.66 (3) (b) The limits in ss. 234.18, 234.40, 234.50, 234.60, 234.61, 234.63, and 234.65 do not apply to bonds or notes issued under this section.
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38. 560.799 of the statutes is created to read:
560.799 Airport development zones. (1) Definitions. In this section:
(a) "Airport development project" means a business that locates or expands in an area designated as an airport development zone in this state.
(b) "Full-time job" has the meaning given in s. 560.70 (2m).
(c) "Target population" has the meaning given in s. 560.70 (6).
(d) "Tax benefits" means the development zones capital investment credit under ss. 71.07 (2dm), 71.28 (1dm), and 71.47 (1dm) and the development zones credit under ss. 71.07 (2dx), 71.28 (1dx), and 71.47 (1dx).
(2) Designation of an airport development zone. (a) Subject to par. (c), the department may designate an area as an airport development zone if the department determines all of the following:
