SB 830

Under current law, the Wisconsin Housing and Economic Development

Authority administers a low-income housing tax credit program. Under that

program, a person may claim as a credit against the person's income or franchise tax

liability, or against the person's liability for fees imposed on an insurer, the amount

allocated by WHEDA in an “allocation certificate” for a qualified low-income housing

project. The person may claim the credit for six years, beginning with the year in

which the project is placed in service. This bill extends the credit period from six

years to 10 years.

Also, under current law, the annual amount of tax credits WHEDA certifies

under the program may not exceed $42,000,000. The bill increases that annual cap

to $70,000,000. The bill also requires that WHEDA, if possible, ensure that at least

35 percent of the tax credits it allocates each year under the program are for qualified

low-income housing projects in rural areas in Wisconsin.

Finally, the bill makes a technical change to the credit for insurers so that an

insurer who is a shareholder of a tax-option corporation, a partner of a partnership,

or a member of a limited liability company may claim the credit.