AB223,9,1816 71.47 (1dm) (f) 1. A copy of a verification from the department of commerce that
17the claimant may claim tax benefits under s. 560.795 (3) (a) 4. or is certified under
18s. 560.795 (5) or, 560.798 (3), or 560.799 (4).
AB223, s. 22 19Section 22. 71.47 (1dm) (j) of the statutes is amended to read:
AB223,9,2520 71.47 (1dm) (j) If a person who is entitled under s. 560.795 (3) (a) 4. to claim
21tax benefits becomes ineligible for such tax benefits, or if a person's certification
22under s. 560.795 (5) or, 560.798 (3) , or 560.799 (4) is revoked, that person may claim
23no credits under this subsection for the taxable year that includes the day on which
24the person becomes ineligible for tax benefits, the taxable year that includes the day
25on which the certification is revoked, or succeeding taxable years, and that person

1may carry over no unused credits from previous years to offset tax under this chapter
2for the taxable year that includes the day on which the person becomes ineligible for
3tax benefits, the taxable year that includes the day on which the certification is
4revoked, or succeeding taxable years.
AB223, s. 23 5Section 23. 71.47 (1dm) (k) of the statutes is amended to read:
AB223,10,116 71.47 (1dm) (k) If a person who is entitled under s. 560.795 (3) (a) 4. to claim
7tax benefits or certified under s. 560.795 (5) or, 560.798 (3), or 560.799 (4) ceases
8business operations in the development zone during any of the taxable years that
9that zone exists, that person may not carry over to any taxable year following the
10year during which operations cease any unused credits from the taxable year during
11which operations cease or from previous taxable years.
AB223, s. 24 12Section 24. 71.47 (1dx) (a) 2. of the statutes is amended to read:
AB223,10,1613 71.47 (1dx) (a) 2. "Development zone" means a development zone under s.
14560.70, a development opportunity zone under s. 560.795 or an enterprise
15development zone under s. 560.797, or an agricultural development zone under s.
16560.798, or an airport development zone under s. 560.799.
AB223, s. 25 17Section 25. 71.47 (1dx) (b) (intro.) of the statutes is amended to read:
AB223,10,2318 71.47 (1dx) (b) Credit. (intro.) Except or provided in pars. (be) and (bg) and
19in s. 73.03 (35), and subject to s. 560.785, for any taxable year for which the person
20is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3),
21560.797 (4) or, 560.798 (3), or 560.799 (4), any person may claim as a credit against
22taxes imposed on the person's income from the person's business activities in a
23development zone under this subchapter the following amounts:
AB223, s. 26 24Section 26. 71.47 (1dx) (c) of the statutes is amended to read:
AB223,11,10
171.47 (1dx) (c) Credit precluded. If the certification of a person for tax benefits
2under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4) is revoked, or if the
3person becomes ineligible for tax benefits under s. 560.795 (3), that person may not
4claim credits under this subsection for the taxable year that includes the day on
5which the certification is revoked; the taxable year that includes the day on which
6the person becomes ineligible for tax benefits; or succeeding taxable years and that
7person may not carry over unused credits from previous years to offset tax under this
8chapter for the taxable year that includes the day on which certification is revoked;
9the taxable year that includes the day on which the person becomes ineligible for tax
10benefits; or succeeding taxable years.
AB223, s. 27 11Section 27. 71.47 (1dx) (d) of the statutes is amended to read:
AB223,11,1812 71.47 (1dx) (d) Carry-over precluded. If a person who is entitled under s.
13560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4) or,
14560.798 (3), or 560.799 (4) for tax benefits ceases business operations in the
15development zone during any of the taxable years that that zone exists, that person
16may not carry over to any taxable year following the year during which operations
17cease any unused credits from the taxable year during which operations cease or
18from previous taxable years.
AB223, s. 28 19Section 28. 234.03 (2m) of the statutes is amended to read:
AB223,11,2120 234.03 (2m) To issue notes and bonds in accordance with ss. 234.08, 234.40,
21234.50, 234.60, 234.61, 234.626, 234.63, 234.65, and 234.66.
AB223, s. 29 22Section 29. 234.03 (11) of the statutes is amended to read:
AB223,12,223 234.03 (11) To collect fees and charges on mortgage loans and economic
24development loans and airport development loans under s. 234.63 (3) for the purpose

1of paying all or a portion of authority costs as the authority determines are
2reasonable and as approved by the authority.
AB223, s. 30 3Section 30. 234.08 (1) of the statutes is amended to read:
AB223,12,174 234.08 (1) The authority may issue its negotiable notes and bonds in such
5principal amount, as, in the opinion of the authority, is necessary to provide sufficient
6funds for achieving its corporate purposes, including the purchase of certain
7mortgages and securities and the making of secured loans for low- and
8moderate-income housing, for the rehabilitation of existing structures and for the
9construction of facilities appurtenant thereto as provided in this chapter; for the
10making of secured loans to assist eligible elderly homeowners in paying property
11taxes and special assessments; for the payment of interest on notes and bonds of the
12authority during construction; for the awarding of airport development loans under
13s. 234.63 (3);
for the establishment of reserves to secure such notes and bonds; for the
14provision of moneys for the housing development fund in order to make temporary
15loans to sponsors of housing projects as provided in this chapter; and for all other
16expenditures of the authority incident to and necessary or convenient to carry out its
17corporate purposes and powers.
AB223, s. 31 18Section 31. 234.265 (2) of the statutes is amended to read:
AB223,12,2519 234.265 (2) Records or portions of records consisting of personal or financial
20information provided by a person seeking a grant or loan under s. 234.08, 234.49,
21234.59, 234.61, 234.63, 234.65, 234.67, 234.83, 234.84, 234.90, 234.905, 234.907, or
22234.91, seeking a loan under ss. 234.621 to 234.626, seeking financial assistance
23under s. 234.66, seeking investment of funds under s. 234.03 (18m) or in which the
24authority has invested funds under s. 234.03 (18m), unless the person consents to
25disclosure of the information.
AB223, s. 32
1Section 32. 234.40 (4) of the statutes is amended to read:
AB223,13,62 234.40 (4) The limitations established in ss. 234.18 (1), 234.50, 234.60, 234.61,
3234.63, 234.65, and 234.66 are not applicable to bonds issued under the authority of
4this section. The authority may not have outstanding at any one time bonds for
5veterans housing loans in an aggregate principal amount exceeding $61,945,000,
6excluding bonds being issued to refund outstanding bonds.
AB223, s. 33 7Section 33. 234.50 (4) of the statutes is amended to read:
AB223,13,148 234.50 (4) The limitations established in ss. 234.18 (1), 234.40, 234.60, 234.61,
9234.63, 234.65, and 234.66 are not applicable to bonds issued under the authority of
10this section. The authority may not have outstanding at any one time bonds for
11housing rehabilitation loans in an aggregate principal amount exceeding
12$100,000,000, excluding bonds being issued to refund outstanding bonds. The
13authority shall consult with and coordinate the issuance of bonds with the building
14commission prior to the issuance of bonds.
AB223, s. 34 15Section 34. 234.60 (2) of the statutes is amended to read:
AB223,13,1716 234.60 (2) The limitations in ss. 234.18 (1), 234.40, 234.50, 234.61, 234.63,
17234.65, and 234.66 do not apply to bonds or notes issued under this section.
AB223, s. 35 18Section 35. 234.61 (1) of the statutes is amended to read:
AB223,14,219 234.61 (1) Upon the authorization of the department of health and family
20services, the authority may issue bonds or notes and make loans for the financing of
21housing projects which are residential facilities as defined in s. 46.28 (1) (d) and the
22development costs of those housing projects, if the department of health and family
23services has approved the residential facilities for financing under s. 46.28 (2). The
24limitations in ss. 234.18 (1), 234.40, 234.50, 234.60, 234.63, 234.65, and 234.66 do not

1apply to bonds or notes issued under this section. The definition of "nonprofit
2corporation" in s. 234.01 (9) does not apply to this section.
AB223, s. 36 3Section 36. 234.63 of the statutes is created to read:
AB223,14,6 4234.63 Airport development zone loan program. (1) There is established
5a loan program to be known as the "Wisconsin Airport Development Zone Loan
6Program."
AB223,14,15 7(2) (a) For the purpose of awarding loans under sub. (3), the authority may
8issue bonds in an aggregate principal amount not to exceed $200,000,000, excluding
9bonds issued to refund outstanding bonds issued under this paragraph. Bonds
10issued under this paragraph shall be special obligations of the authority payable
11solely out of revenues received in connection with the loan program under sub. (1),
12including specifically repayments of the loans awarded under sub. (3) and the
13proceeds of bonds issued under this paragraph. All assets and liabilities created
14through the issuance of bonds under this paragraph shall be separate from all other
15assets and liabilities of the authority.
AB223,14,1716 (b) The limits in ss. 234.18 (1), 234.40, 234.50, 234.60, 234.61, 234.65, and
17234.66 do not apply to bonds issued under par. (a).
AB223,14,1918 (c) The authority shall employ the building commission as its financial
19consultant to assist and coordinate the issuance of bonds under par. (a).
AB223,14,24 20(3) (a) The authority may award a loan to a business, including an airport, for
21the purpose of financing the construction or expansion of an airport in an airport
22development zone established under s. 560.799, including financing activities to
23increase the number of flights to and from the airport or to encourage airlines that
24do not offer flights to and from the airport to offer such flights.
AB223,15,4
1(b) The authority shall charge a rate of interest for each loan awarded under
2par. (a) that reasonably approximates that portion of the amount required to repay
3the principal and interest of the bonds issued under par. (a), plus the cost of issuing
4the bonds, that is allocable to the loan.
AB223, s. 37 5Section 37. 234.66 (3) (b) of the statutes is amended to read:
AB223,15,76 234.66 (3) (b) The limits in ss. 234.18 (1), 234.40, 234.50, 234.60, 234.61,
7234.63,
and 234.65 do not apply to bonds or notes issued under this section.
AB223, s. 38 8Section 38. 560.799 of the statutes is created to read:
AB223,15,9 9560.799 Airport development zones. (1) Definitions. In this section:
AB223,15,1110 (a) "Airport development project" means the construction or expansion of an
11airport in this state.
AB223,15,1212 (b) "Full-time job" has the meaning given in s. 560.70 (2m).
AB223,15,1313 (c) "Target population" has the meaning given in s. 560.70 (6).
AB223,15,1414 (d) "Tax benefits" has the meaning given in s. 560.70 (7).
AB223,15,17 15(2) Designation of an airport development zone. (a) Subject to par. (c), the
16department may designate an area as an airport development zone if the department
17determines all of the following:
AB223,15,2018 1. That an airport development project is desired for the area, as evidenced by
19a resolution of the governing body of each city, village, and town in which territory
20of the airport development zone will be located.
AB223,15,2121 2. That the airport development project serves a public purpose.
AB223,15,2322 3. That the airport development project will likely retain or increase
23employment in the state.
AB223,15,2524 4. That the airport development project is not likely to occur or continue
25without the department's designation of the area as an airport development zone.
AB223,16,1
15. That the airport development project will likely positively affect the area.
AB223,16,32 (b) In making a determination under par. (a), the department shall consider all
3of the following:
AB223,16,54 1. The extent of poverty, unemployment, or other factors contributing to
5general economic hardship in the area.
AB223,16,66 2. The prospects for new investment and economic development in the area.
AB223,16,87 3. The amount of investment that is likely to result from the airport
8development project.
AB223,16,109 4. The number of full-time jobs that are likely to be created as a result of the
10airport development project.
AB223,16,1211 5. The number of full-time jobs that are likely to be available to the target
12population as a result of the project.
AB223,16,1413 6. The competitive effect of designating the area as an airport development
14zone on other businesses in the area.
AB223,16,1515 7. The needs of other areas of the state.
AB223,16,1616 8. Any other factors that the department considers relevant.
AB223,16,2117 (c) 1. The department may not designate as an airport development zone, or as
18any part of an airport development zone, an area that is located within the
19boundaries of an area that is designated as a development zone under s. 560.71, as
20a development opportunity zone under s. 560.795, or as an enterprise development
21zone under s. 560.797.
AB223,16,2322 2. The department shall give the department of transportation the opportunity
23to review and comment on any proposed designation under this subsection.
AB223,17,7 24(3) Duration of designation; limits on tax benefits. (a) When the department
25designates an area as an airport development zone, the department shall specify the

1length of time, not to exceed 84 months, that the designation is effective, subject to
2par. (d). The department shall notify each person certified for tax benefits in an
3airport development zone, the department of revenue, the department of
4transportation, the Wisconsin Housing and Economic Development Authority, and
5the governing body of each city, village, town, and federally recognized American
6Indian tribe or band in which territory of the airport development zone is located of
7the designation of and expiration date of the airport development zone.
AB223,17,108 (b) When the department designates an area as an airport development zone,
9the department shall establish a limit, not to exceed $3,000,000, for tax benefits
10applicable to the airport development zone.
AB223,17,1211 (c) Annually, the department shall estimate the amount of forgone state
12revenue because of tax benefits claimed by persons in each airport development zone.
AB223,17,1713 (d) 1. Notwithstanding the length of time specified by the department under
14par. (a), the designation of an area as an airport development zone shall expire 90
15days after the day on which the department determines that the forgone tax
16revenues estimated under par. (c) will equal or exceed the limit established for the
17airport development zone.
AB223,17,2418 2. The department shall immediately notify each person certified for tax
19benefits in an airport development zone, the department of revenue, the department
20of transportation, the Wisconsin Housing and Economic Development Authority, and
21the governing body of each city, village, town, and federally recognized American
22Indian tribe or band in which territory of the airport development zone is located of
23a change in the expiration date of the airport development zone under this
24paragraph.
AB223,18,3
1(4) Certification for tax benefits. (a) A person that intends to operate a place
2of business in an airport development zone may submit to the department an
3application and a business plan. The business plan shall include all of the following:
AB223,18,54 1. The name and address of the person's business for which tax benefits will be
5claimed.
AB223,18,66 2. The appropriate Wisconsin tax identification number of the person.
AB223,18,97 3. The names and addresses of other locations outside of the airport
8development zone where the person conducts business and a description of the
9business activities conducted at those locations.
AB223,18,1210 4. The amount that the person proposes to invest in the place of business or to
11spend on the construction, rehabilitation, repair, or remodeling of a building in the
12airport development zone.
AB223,18,1413 5. The estimated total investment of the person in the airport development
14zone.
AB223,18,1715 6. The estimated number of full-time jobs that will be created, retained, or
16substantially upgraded as a result of the person's place of business in the airport
17development zone in relation to the amount of tax benefits estimated for the person.
AB223,18,1918 7. The person's plans to make reasonable attempts to hire employees from the
19target population.
AB223,18,2120 8. The estimated number of full-time jobs that will be filled by members of the
21target population.
AB223,18,2322 10. Any other information required by the department or the department of
23revenue.
AB223,19,3
1(b) If the department approves a business plan under par. (a), the department
2shall certify the person as eligible for tax benefits. The department shall notify the
3department of revenue within 30 days of certifying a person under this paragraph.
AB223,19,64 (c) The department shall revoke a person's certification under par. (b) when the
5designation of the applicable airport development zone expires or if the person does
6any of the following:
AB223,19,77 1. Supplies false or misleading information to obtain the tax benefits.
AB223,19,98 2. Leaves the airport development zone to conduct substantially the same
9business outside of the airport development zone.
AB223,19,1210 3. Ceases operations in the airport development zone and does not renew
11operation of the business or a similar business in the airport development zone
12within 12 months.
AB223,19,1413 (d) The department shall notify the department of revenue within 30 days after
14revoking a certification under par. (c).
AB223,19,1715 (e) The tax benefits for which a person is certified as eligible under par. (b) are
16not transferable to another person, business, or location, except to the extent
17permitted under section 383 of the Internal Revenue Code.
AB223,19,20 18(5) Verification of information. The department annually shall verify
19information submitted to the department under ss. 71.07 (2dm) and (2dx), 71.28
20(1dm) and (1dx), and 71.47 (1dm) and (1dx) as it relates to airport development zones.
AB223, s. 39 21Section 39. Initial applicability.
AB223,20,222 (1) The treatment of sections 71.07 (2dm) (a) 1. and 3., (f) 1., (j), and (k), and
23(2dx) (a) 2., (b) (intro.), (c), and (d), 71.28 (1dm) (a) 1. and 3., (f) 1., (j), and (k), and
24(1dx) (a) 2., (b) (intro.), (c), and (d), and 71.47 (1dm) (a) 1. and 3., (f) 1., (j), and (k),

1and (1dx) (a) 2., (b) (intro.), (c), and (d) of the statutes first applies to taxable years
2beginning on January 1, 2005.
AB223,20,33 (End)
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