Wisconsin Statutes 238.17 – Historic rehabilitation tax credit
Current as of: 2023 | Check for updates
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Terms Used In Wisconsin Statutes 238.17
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
(1) For taxable years beginning after December 31, 2013, the corporation may certify a person to claim a tax credit under s. 71.07 (9m), 71.28 (6), or 71.47 (6), if the corporation determines that the person is conducting an eligible activity under s. 71.07 (9m), 71.28 (6), or 71.47 (6). No person may claim a tax credit under s. 71.07 (9m), 71.28 (6), or 71.47 (6) without first being certified under this subsection.
(2) Beginning July 1, 2018, the corporation may not certify persons to claim more than a total of $3,500,000 in tax credits for all projects undertaken on the same parcel.
(3)
(a) Except as provided in par. (b), the corporation may not certify a person for a tax credit under sub. (1) if the person is not subject to the taxes imposed under s. 71.02, 71.08, 71.23, or 71.43, except that the corporation may certify a nonprofit entity described under section 501 (c) (3) of the Internal Revenue Code for a tax credit under sub. (1) if the entity intends to sell or otherwise transfer the credit, as provided under s. 71.07 (9m), 71.28 (6) (h), or 71.47 (6) (h).
(b) The corporation may certify a nonprofit entity not described under section 501 (c) (3) of the Internal Revenue Code for a tax credit under sub. (1) by submitting the proposal for the certification to the joint committee on finance for approval. If the cochairpersons of the joint committee on finance do not notify the corporation within 14 working days after the date of the corporation’s submittal that the committee has scheduled a meeting for the purpose of reviewing the proposal, the proposal may be implemented as proposed by the corporation. If, within 14 working days after the corporation’s submittal, the cochairpersons of the joint committee on finance notify the corporation that the committee has scheduled a meeting for the purpose of reviewing the proposal, the proposal may be implemented only upon approval of the committee.