AB794,7,319 71.08 (1) Imposition. (intro.) If the tax imposed on a natural person, married
20couple filing jointly, trust, or estate under s. 71.02, not considering the credits under
21ss. 71.07 (1), (2dd), (2de), (2di), (2dj), (2dL), (2dr), (2ds), (2dx), (2dy), (2fd), (3m), (3n),
22(3p), (3s), (3t), (3w), (5b), (5d), (5e), (6), (6e), and (9e), 71.28 (1dd), (1de), (1di), (1dj),
23(1dL), (1ds), (1dx), (1dy), (1fd), (2m), (3), (3n), (3t), and (3w), and 71.47 (1dd), (1de),
24(1di), (1dj), (1dL), (1ds), (1dx), (1dy), (1fd), (2m), (3), (3n), (3t), and (3w), and subchs.
25VIII and IX and payments to other states under s. 71.07 (7), is less than the tax under

1this section, there is imposed on that natural person, married couple filing jointly,
2trust or estate, instead of the tax under s. 71.02, an alternative minimum tax
3computed as follows:
AB794, s. 7 4Section 7. 71.10 (4) (gv) of the statutes is created to read:
AB794,7,55 71.10 (4) (gv) Economic development tax credit under s. 71.07 (2dy).
AB794, s. 8 6Section 8. 71.21 (4) of the statutes, as affected by 2007 Wisconsin Act 20, is
7amended to read:
AB794,7,118 71.21 (4) Credits computed by a partnership under s. 71.07 (2dd), (2de), (2di),
9(2dj), (2dL), (2dm), (2ds), (2dx), (2dy), (3g), (3h), (3n), (3p), (3s), (3t), (3w), (5e), (5f),
10(5g), (5h), (5i), (5j), and (5k) and passed through to partners shall be added to the
11partnership's income.
AB794, s. 9 12Section 9. 71.26 (2) (a) of the statutes, as affected by 2007 Wisconsin Act 20,
13is amended to read:
AB794,8,614 71.26 (2) (a) Corporations in general. The "net income" of a corporation means
15the gross income as computed under the Internal Revenue Code as modified under
16sub. (3) minus the amount of recapture under s. 71.28 (1di) plus the amount of credit
17computed under s. 71.28 (1), (3), (4), and (5) minus, as provided under s. 71.28 (3) (c)
187., the amount of the credit under s. 71.28 (3) that the taxpayer added to income
19under this paragraph at the time that the taxpayer first claimed the credit plus the
20amount of the credit computed under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1dm),
21(1ds), (1dx), (1dy), (3g), (3h), (3n), (3p), (3t), (3w), (5e), (5f), (5g), (5h), (5i), (5j), and
22(5k) and not passed through by a partnership, limited liability company, or
23tax-option corporation that has added that amount to the partnership's, limited
24liability company's, or tax-option corporation's income under s. 71.21 (4) or 71.34 (1)
25(g) plus the amount of losses from the sale or other disposition of assets the gain from

1which would be wholly exempt income, as defined in sub. (3) (L), if the assets were
2sold or otherwise disposed of at a gain and minus deductions, as computed under the
3Internal Revenue Code as modified under sub. (3), plus or minus, as appropriate, an
4amount equal to the difference between the federal basis and Wisconsin basis of any
5asset sold, exchanged, abandoned, or otherwise disposed of in a taxable transaction
6during the taxable year, except as provided in par. (b) and s. 71.45 (2) and (5).
AB794, s. 10 7Section 10. 71.28 (1dy) of the statutes is created to read:
AB794,8,108 71.28 (1dy) Economic development tax credit. (a) Definition. In this
9subsection, "claimant" means a person who files a claim under this subsection and
10is certified under s. 560.701 (2) and authorized to claim tax benefits under s. 560.703.
AB794,8,1411 (b) Filing claims. Subject to the limitations under this subsection and ss.
12560.701 to 560.706, for taxable years beginning after December 31, 2007, a claimant
13may claim as a credit against the tax imposed under s. 71.23, up to the amount of the
14tax, the amount authorized for the claimant under s. 560.703.
AB794,8,1815 (c) Limitations. 1. No credit may be allowed under this subsection unless the
16claimant includes with the claimant's return a copy of the claimant's certification
17under s. 560.701 (2) and a copy of the claimant's notice of eligibility to receive tax
18benefits under s. 560.703 (3).
AB794,9,219 2. Partnerships, limited liability companies, and tax-option corporations may
20not claim the credit under this subsection, but the eligibility for, and the amount of,
21the credit are based on their authorization to claim tax benefits under s. 560.703.
22A partnership, limited liability company, or tax-option corporation shall compute
23the amount of credit that each of its partners, members, or shareholders may claim
24and shall provide that information to each of them. Partners, members of limited

1liability companies, and shareholders of tax-option corporations may claim the
2credit in proportion to their ownership interests.
AB794,9,43 (d) Administration. 1. Except as provided in subd. 2., sub. (4) (e) and (f), as it
4applies to the credit under sub. (4), applies to the credit under this subsection.
AB794,9,135 2. If a claimant's certification is revoked under s. 560.705, or if a claimant
6becomes ineligible for tax benefits under s. 560.702, the claimant may not claim
7credits under this subsection for the taxable year that includes the day on which the
8certification is revoked; the taxable year that includes the day on which the claimant
9becomes ineligible for tax benefits; or succeeding taxable years and the claimant may
10not carry over unused credits from previous years to offset the tax imposed under s.
1171.23 for the taxable year that includes the day on which certification is revoked; the
12taxable year that includes the day on which the claimant becomes ineligible for tax
13benefits; or succeeding taxable years.
AB794,9,1514 3. Subsection (4) (g) and (h), as it applies to the credit under sub. (4), applies
15to the credit under this subsection.
AB794, s. 11 16Section 11. 71.30 (3) (em) of the statutes is renumbered 71.30 (3) (eh).
AB794, s. 12 17Section 12. 71.30 (3) (ema) of the statutes is created to read:
AB794,9,1818 71.30 (3) (ema) Economic development tax credit under s. 71.28 (1dy).
AB794, s. 13 19Section 13. 71.30 (3) (emb) of the statutes is renumbered 71.30 (3) (ei).
AB794, s. 14 20Section 14. 71.30 (3) (en) of the statutes is renumbered 71.30 (3) (ej).
AB794, s. 15 21Section 15. 71.30 (3) (eo) of the statutes is renumbered 71.30 (3) (ek).
AB794, s. 16 22Section 16. 71.30 (3) (eom) of the statutes is renumbered 71.30 (3) (eL).
AB794, s. 17 23Section 17. 71.34 (1) (g) of the statutes, as affected by 2007 Wisconsin Act 20,
24is amended to read:
AB794,10,4
171.34 (1) (g) An addition shall be made for credits computed by a tax-option
2corporation under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1dm), (1ds), (1dx), (1dy),
3(3), (3g), (3h), (3n), (3p), (3t), (3w), (5e), (5f), (5g), (5h), (5i), (5j), and (5k) and passed
4through to shareholders.
AB794, s. 18 5Section 18. 71.45 (2) (a) 10. of the statutes is amended to read:
AB794,10,116 71.45 (2) (a) 10. By adding to federal taxable income the amount of credit
7computed under s. 71.47 (1dd) to (1dx) (1dy), (3h), (3n), (3p), (3w), (5e), (5f), (5g), (5h),
8(5i), (5j), and (5k) and not passed through by a partnership, limited liability company,
9or tax-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 (1)
11(g) and the amount of credit computed under s. 71.47 (1), (3), (3t), (4), and (5).
AB794, s. 19 12Section 19. 71.47 (1dy) of the statutes is created to read:
AB794,10,1513 71.47 (1dy) Economic development tax credit. (a) Definition. In this
14subsection, "claimant" means a person who files a claim under this subsection and
15is certified under s. 560.701 (2) and authorized to claim tax benefits under s. 560.703.
AB794,10,1916 (b) Filing claims. Subject to the limitations under this subsection and ss.
17560.701 to 560.706, for taxable years beginning after December 31, 2007, a claimant
18may claim as a credit against the tax imposed under s. 71.43, up to the amount of the
19tax, the amount authorized for the claimant under s. 560.703.
AB794,10,2320 (c) Limitations. 1. No credit may be allowed under this subsection unless the
21claimant includes with the claimant's return a copy of the claimant's certification
22under s. 560.701 (2) and a copy of the claimant's notice of eligibility to receive tax
23benefits under s. 560.703 (3).
AB794,11,624 2. Partnerships, limited liability companies, and tax-option corporations may
25not claim the credit under this subsection, but the eligibility for, and the amount of,

1the credit are based on their authorization to claim tax benefits under s. 560.703.
2A partnership, limited liability company, or tax-option corporation shall compute
3the amount of credit that each of its partners, members, or shareholders may claim
4and shall provide that information to each of them. Partners, members of limited
5liability companies, and shareholders of tax-option corporations may claim the
6credit in proportion to their ownership interests.
AB794,11,97 (d) Administration. 1. Except as provided in subd. 2., section 71.28 (4) (e) and
8(f), as it applies to the credit under s. 71.28 (4), applies to the credit under this
9subsection.
AB794,11,1810 2. If a claimant's certification is revoked under s. 560.705, or if a claimant
11becomes ineligible for tax benefits under s. 560.702, the claimant may not claim
12credits under this subsection for the taxable year that includes the day on which the
13certification is revoked; the taxable year that includes the day on which the claimant
14becomes ineligible for tax benefits; or succeeding taxable years and the claimant may
15not carry over unused credits from previous years to offset the tax imposed under s.
1671.43 for the taxable year that includes the day on which certification is revoked; the
17taxable year that includes the day on which the claimant becomes ineligible for tax
18benefits; or succeeding taxable years.
AB794,11,2019 3. Section 71.28 (4) (g) and (h), as it applies to the credit under s. 71.28 (4),
20applies to the credit under this subsection.
AB794, s. 20 21Section 20. 71.49 (1) (em) of the statutes is renumbered 71.49 (1) (eh).
AB794, s. 21 22Section 21. 71.49 (1) (ema) of the statutes is created to read:
AB794,11,2323 71.49 (1) (ema) Economic development tax credit under s. 71.47 (1dy).
AB794, s. 22 24Section 22. 71.49 (1) (emb) of the statutes is renumbered 71.49 (1) (ei).
AB794, s. 23 25Section 23. 71.49 (1) (en) of the statutes is renumbered 71.49 (1) (ej).
AB794, s. 24
1Section 24. 71.49 (1) (eo) of the statutes is renumbered 71.49 (1) (ek).
AB794, s. 25 2Section 25. 71.49 (1) (eom) of the statutes is renumbered 71.49 (1) (eL).
AB794, s. 26 3Section 26. 76.637 of the statutes is created to read:
AB794,12,6 476.637 Economic development tax credit. (1) Definition. In this section,
5"claimant" means an insurer who files a claim under this section and is certified
6under s. 560.701 (2) and authorized to claim tax benefits under s. 560.703.
AB794,12,10 7(2) Filing claims. Subject to the limitations under this section and ss. 560.701
8to 560.706, for taxable years beginning after December 31, 2007, a claimant may
9claim as a credit against the fees due under s. 76.60, 76.63, 76.65, 76.66, or 76.67 the
10amount authorized for the claimant under s. 560.703.
AB794,12,14 11(3) Limitations. No credit may be allowed under this section unless the insurer
12includes with the insurer's annual return under s. 76.64 a copy of the claimant's
13certification under s. 560.701 (2) and a copy of the claimant's notice of eligibility to
14receive tax benefits under s. 560.703 (3).
AB794,12,24 15(4) Administration. If an insurer's certification is revoked under s. 560.705,
16or if an insurer becomes ineligible for tax benefits under s. 560.702, the insurer may
17not claim credits under this section for the taxable year that includes the day on
18which the certification is revoked; the taxable year that includes the day on which
19the insurer becomes ineligible for tax benefits; or succeeding taxable years and the
20insurer may not carry over unused credits from previous years to offset the fees
21imposed under ss. 76.60, 76.63, 76.65, 76.66, or 76.67 for the taxable year that
22includes the day on which certification is revoked; the taxable year that includes the
23day on which the insurer becomes ineligible for tax benefits; or succeeding taxable
24years.
AB794, s. 27 25Section 27. 76.67 (2) of the statutes is amended to read:
AB794,13,10
176.67 (2) If any domestic insurer is licensed to transact insurance business in
2another state, this state may not require similar insurers domiciled in that other
3state to pay taxes greater in the aggregate than the aggregate amount of taxes that
4a domestic insurer is required to pay to that other state for the same year less the
5credits under ss. 76.635, 76.636, and 76.655, except that the amount imposed shall
6not be less than the total of the amounts due under ss. 76.65 (2) and 601.93 and, if
7the insurer is subject to s. 76.60, 0.375% of its gross premiums, as calculated under
8s. 76.62, less offsets allowed under s. 646.51 (7) or under ss. 76.635, 76.636, 76.637,
9and 76.655 against that total, and except that the amount imposed shall not be less
10than the amount due under s. 601.93.
AB794, s. 28 11Section 28. 77.92 (4) of the statutes, as affected by 2007 Wisconsin Act 20, is
12amended to read:
AB794,14,313 77.92 (4) "Net business income," with respect to a partnership, means taxable
14income as calculated under section 703 of the Internal Revenue Code; plus the items
15of income and gain under section 702 of the Internal Revenue Code, including taxable
16state and municipal bond interest and excluding nontaxable interest income or
17dividend income from federal government obligations; minus the items of loss and
18deduction under section 702 of the Internal Revenue Code, except items that are not
19deductible under s. 71.21; plus guaranteed payments to partners under section 707
20(c) of the Internal Revenue Code; plus the credits claimed under s. 71.07 (2dd), (2de),
21(2di), (2dj), (2dL), (2dm), (2dr), (2ds), (2dx), (2dy), (3g), (3h), (3s), (3n), (3p), (3t), (3w),
22(5e), (5f), (5g), (5h), (5i), (5j), and (5k); and plus or minus, as appropriate, transitional
23adjustments, depreciation differences, and basis differences under s. 71.05 (13), (15),
24(16), (17), and (19); but excluding income, gain, loss, and deductions from farming.
25"Net business income," with respect to a natural person, estate, or trust, means profit

1from a trade or business for federal income tax purposes and includes net income
2derived as an employee as defined in section 3121 (d) (3) of the Internal Revenue
3Code.
AB794, s. 29 4Section 29. 234.03 (2m) of the statutes is amended to read:
AB794,14,65 234.03 (2m) To issue notes and bonds in accordance with ss. 234.08, 234.40,
6234.50, 234.60, 234.61, 234.626, 234.63, 234.65, and 234.66.
AB794, s. 30 7Section 30. 234.03 (11) of the statutes is amended to read:
AB794,14,118 234.03 (11) To collect fees and charges on mortgage loans and economic
9development loans and airport development loans under s. 234.63 (3) , 2007 stats.,
10for the purpose of paying all or a portion of authority costs as the authority
11determines are reasonable and as approved by the authority.
AB794, s. 31 12Section 31. 234.08 (1) of the statutes is amended to read:
AB794,15,213 234.08 (1) The authority may issue its negotiable notes and bonds in such
14principal amount, as, in the opinion of the authority, is necessary to provide sufficient
15funds for achieving its corporate purposes, including the purchase of certain
16mortgages and securities and the making of secured loans for low- and
17moderate-income housing, for the rehabilitation of existing structures and for the
18construction of facilities appurtenant thereto as provided in this chapter; for the
19making of secured loans to assist eligible elderly homeowners in paying property
20taxes and special assessments; for the payment of interest on notes and bonds of the
21authority during construction; for the awarding of airport development loans under
22s. 234.63 (3);
for the establishment of reserves to secure such notes and bonds; for the
23provision of moneys for the housing development fund in order to make temporary
24loans to sponsors of housing projects as provided in this chapter; and for all other

1expenditures of the authority incident to and necessary or convenient to carry out its
2corporate purposes and powers.
AB794, s. 32 3Section 32. 234.265 (2) of the statutes is amended to read:
AB794,15,104 234.265 (2) Records or portions of records consisting of personal or financial
5information provided by a person seeking a grant or loan under s. 234.63, 2007 stats.,
6or
s. 234.04, 234.08, 234.49, 234.59, 234.61, 234.63, 234.65, 234.67, 234.83, 234.84,
7234.90, 234.905, 234.907, or 234.91, seeking a loan under ss. 234.621 to 234.626,
8seeking financial assistance under s. 234.66, seeking investment of funds under s.
9234.03 (18m), or in which the authority has invested funds under s. 234.03 (18m),
10unless the person consents to disclosure of the information.
AB794, s. 33 11Section 33. 234.40 (4) of the statutes is amended to read:
AB794,15,1612 234.40 (4) The limitations established in ss. 234.18, 234.50, 234.60, 234.61,
13234.63, 234.65, and 234.66 are not applicable to bonds issued under the authority of
14this section. The authority may not have outstanding at any one time bonds for
15veterans housing loans in an aggregate principal amount exceeding $61,945,000,
16excluding bonds being issued to refund outstanding bonds.
AB794, s. 34 17Section 34. 234.50 (4) of the statutes is amended to read:
AB794,15,2418 234.50 (4) The limitations established in ss. 234.18, 234.40, 234.60, 234.61,
19234.63, 234.65, and 234.66 are not applicable to bonds issued under the authority of
20this section. The authority may not have outstanding at any one time bonds for
21housing rehabilitation loans in an aggregate principal amount exceeding
22$100,000,000, excluding bonds being issued to refund outstanding bonds. The
23authority shall consult with and coordinate the issuance of bonds with the building
24commission prior to the issuance of bonds.
AB794, s. 35 25Section 35. 234.60 (2) of the statutes is amended to read:
AB794,16,2
1234.60 (2) The limitations in ss. 234.18, 234.40, 234.50, 234.61, 234.63, 234.65,
2and 234.66 do not apply to bonds or notes issued under this section.
AB794, s. 36 3Section 36. 234.61 (1) of the statutes is amended to read:
AB794,16,114 234.61 (1) Upon the authorization of the department of health and family
5services, the authority may issue bonds or notes and make loans for the financing of
6housing projects which are residential facilities as defined in s. 46.28 (1) (d) and the
7development costs of those housing projects, if the department of health and family
8services has approved the residential facilities for financing under s. 46.28 (2). The
9limitations in ss. 234.18, 234.40, 234.50, 234.60, 234.63, 234.65, and 234.66 do not
10apply to bonds or notes issued under this section. The definition of "nonprofit
11corporation" in s. 234.01 (9) does not apply to this section.
AB794, s. 37 12Section 37. 234.63 of the statutes is repealed.
AB794, s. 38 13Section 38. 234.66 (3) (b) of the statutes is amended to read:
AB794,16,1514 234.66 (3) (b) The limits in ss. 234.18, 234.40, 234.50, 234.60, 234.61, 234.63,
15and 234.65 do not apply to bonds or notes issued under this section.
AB794, s. 39 16Section 39. 560.01 (2) (am) of the statutes is created to read:
AB794,16,2317 560.01 (2) (am) Economic development assistance reporting. Annually, no later
18than October 1, the department shall submit to the joint legislative audit committee
19and to the appropriate standing committees of the legislature under s. 13.172 (3) a
20comprehensive report assessing economic development programs administered by
21the department. The department shall make readily accessible to the public on an
22Internet-based system the information required under this paragraph. The report
23shall include all of the following information for each program:
AB794,16,2424 1. A description of the program.
AB794,17,2
12. Quantifiable performance measures directly related to the purpose of the
2program including, when applicable, all of the following information:
AB794,17,43 a. An accounting of the location, by municipality, of each job created or retained
4in the state in the previous fiscal year as a result of the program.
AB794,17,65 b. An accounting of the industry classification, by municipality, of each job
6created or retained in the state in the previous fiscal year as a result of the program.
AB794,17,77 3. A comparison of expected and actual program outcomes.
AB794,17,88 4. The number of grants made under the program in the previous fiscal year.
AB794,17,99 5. The number of loans made under the program in the previous fiscal year.
AB794,17,1110 6. The amount of tax benefits allocated and verified under the program in the
11previous fiscal year.
AB794,17,1312 7. The amount of each grant and loan made under the program in the previous
13fiscal year.
AB794,17,1514 8. The recipient of each grant or loan made under the program in the previous
15fiscal year.
AB794,17,1716 9. The recipients of tax benefits allocated and verified under the program in the
17previous fiscal year.
AB794,17,1918 10. The sum total of all grants and loans awarded to and received by each
19recipient under the program in the previous fiscal year.
AB794,17,2020 11. Any recommended changes to the program.
AB794, s. 40 21Section 40. 560.605 (2m) (g) of the statutes is repealed.
AB794, s. 41 22Section 41. 560.605 (7) (b) 5. of the statutes is repealed.
AB794, s. 42 23Section 42. Subchapter VI (title) of chapter 560 [precedes s. 560.70] of the
24statutes is repealed and recreated to read:
AB794,17,2525 CHAPTER 560
AB794,18,3
1SUBCHAPTER VI
2 Tax incentives for business
3 development in Wisconsin
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