AB817: Bill Text

AB817,9,15 2. Operating costs incurred directly or indirectly by a sponsor in connection with a participating employer's employer-assisted housing program.

AB817,9,17 3. Costs incurred by a sponsor to provide technical assistance to an employer establishing an employer-assisted housing program.

AB817,9,19 4. Costs incurred by a sponsor to provide homebuyer education and homeownership counseling to eligible employees.

AB817,9,22 (h) "Rental assistance" means payment of deposits, including a security deposit or a deposit that is to be applied as rent for one or more future periods, towards eligible property and rent on eligible property.

AB817,9,23 (i) "Sponsor" means an organization that satisfies all of the following:

AB817,9,25 1. The organization is a nonprofit corporation, as defined in s. 181.0103 (17), organized under the laws of this state.

AB817,10,3 2. The organization is an organization described in section 501 (c) (3) of the Internal Revenue Code that is exempt from federal income tax under section 501 (a) of the Internal Revenue Code.

AB817,10,5 3. The organization has as one of its stated purposes homeownership education.

AB817,10,7 (j) "Tax benefits" mean the credits under ss. 71.07 (5n), 71.28 (5n), and 71.47 (5n).

AB817,10,11 (2) Powers and duties of the authority. The authority shall establish and administer a program to award tax benefits to a participating employer that implements an employer-assisted housing program that satisfies the requirements of this section. To implement the program the authority shall do all of the following:

AB817,10,13 (a) Establish criteria, policies, and requirements to be met by employer-assisted housing programs.

AB817,10,15 (b) Establish criteria, policies, and requirements to be met by a participating employer seeking certification under this section.

AB817,10,18 (c) Establish criteria, policies, and requirements to be met by a participating employer seeking to claim tax benefits under this section for qualified housing expenses incurred by the employer.

AB817,10,20 (d) Establish criteria, policies, and requirements for the transferability of tax credits available under this section.

AB817,10,22 (e) 1. Provide a participating employer certified under this section and the department of revenue with a copy of the certification.

AB817,10,25 2. Provide to the participating employer certified under subd. 1. and to the department of revenue a notice of eligibility to receive tax benefits that reports the amount of tax benefits for which the participating employer is eligible.

AB817,11,2 (f) Provide technical assistance to participating employers seeking to apply for certification under sub. (3) (b).

AB817,11,5 (3) Certification, limits on tax benefits, and claiming tax benefits. (a) 1. A sponsor may apply, on a form prepared by the authority, on behalf of one or more participating employers for certification under this section.

AB817,11,11 2. The authority may certify a participating employer on whose behalf a sponsor submits an application under subd. 1. if, after conducting an investigation, the authority determines that the participating employer has established an employer-assisted housing program that meets the requirements established as provided in sub. (2) (a) and if the participating employer has paid any administrative fee required under sub. (4).

AB817,11,16 3. The authority shall annually renew the certification of any participating employer on whose behalf a sponsor submits a renewal application, together with any administrative fee required under sub. (4), if the participating employer maintains an employer-assisted housing program that meets the requirements established as provided in sub. (2) (a).

AB817,11,22 (b) 1. The authority may certify a participating employer who seeks technical assistance from the authority and who submits, together with any administrative fee required under sub. (4), an application, on a form prepared by the authority, for certification under this section if, after conducting an investigation, the authority determines that the participating employer has established an employer-assisted housing program that meets the requirements established as provided in sub. (2) (a).

AB817,12,2 2. The authority shall annually renew the certification of any participating employer who submits, together with any administrative fee required under sub. (4), an application for renewal and who maintains an employer-assisted housing program that meets the requirements established as provided in sub. (2) (a).

AB817,12,6 (c) Subject to par. (d), a participating employer certified under par. (a) or (b) may claim tax benefits if, in each year for which the participating employer claims tax benefits, the participating employer maintains certification under this subsection and incurs at least $10,000 in qualified housing expenses.

AB817,12,9 (d) On behalf of each eligible employee for whom the participating employer pays at least $10,000 in qualified housing expenses, the participating employer may claim tax benefits under the program of no more than the following:

AB817,12,10 1. Except as provided in subd. 2., $10,000.

AB817,12,12 2. If the eligible employee has purchased or is purchasing eligible property, 6 percent of the purchase price or $10,000, whichever is less.

AB817,12,16 (4) Administrative fees. The authority may charge an administrative fee to every participating employer who applies for certification or for renewal of certification under this section. All administrative fees received under this subsection shall be used to administer the program under this section.

AB817, s. 14 Section 14. Effective date.

AB817,12,19 (1) This act takes effect on the day after publication of the 2011-13 biennial budget bill.

AB817,12,20 (End)