76.64 a copy of its certification for tax benefits and a copy of its verification of expenses from the department of commerce or the Wisconsin Economic Development Corporation. NOTE: This section is repealed eff. 1-1-43 by 2025 Wis. Act 118. History: 2005 a. 259; 2007 a. 20, 97; 2009 a. 180; 2011 a. 32; 2013 a. 20; 2015 a. 55.; 2025 a. 118.
76.637 Economic development credit. (1) DEFINITION. In this section, “claimant” means an insurer who files a claim under this section and is certified under s. 238.301 (2), 2023 stats., or s. 560.701 (2), 2009 stats., and authorized to claim tax benefits under s. 238.303, 2023 stats., or s. 560.703, 2009 stats. (2) FILING CLAIMS. Subject to the limitations under this section, ss. 238.301 to 238.306, 2023 stats., and ss. 560.701 to 560.706, 2009 stats., for taxable years beginning after December 31, 2008, a claimant may claim as a credit against the fees due under s. 76.60, 76.63, 76.65, 76.66, or 76.67 the amount authorized for the claimant under s. 238.303, 2023 stats., or s. 560.703, 2009 stats. (3) LIMITATIONS. No credit may be allowed under this section unless the insurer includes with the insurer’s annual return under s. 76.64 a copy of the claimant’s certification under s. 238.301 (2), 2023 stats., or s. 560.701 (2), 2009 stats., and a copy of the claimant’s notice of eligibility to receive tax benefits under s. 238.303 (3), 2023 stats., or s. 560.703 (3), 2009 stats. (4) ADMINISTRATION. If an insurer’s certification is revoked under s. 238.305, 2023 stats., or s. 560.705, 2009 stats., or if an insurer becomes ineligible for tax benefits under s. 238.302, 2023 stats., or s. 560.702, 2009 stats., the insurer may not claim credits under this section for the taxable year that includes the day on which the certification is revoked; the taxable year that includes the day on which the insurer becomes ineligible for tax benefits; or succeeding taxable years and the insurer may not carry over unused credits from previous years to offset the fees imposed under s. 76.60, 76.63, 76.65, 76.66, or 76.67 for the taxable year that includes the day on which certification is revoked; the taxable year that includes the day on which the insurer becomes ineligible for tax benefits; or succeeding taxable years. NOTE: This section is repealed eff. 1-1-37 by 2025 Wis. Act 118, section 518. History: 2009 a. 2; 2011 a. 32; 2025 a. 118.
76.638 Early stage seed investment credit. (1) DEFINITIONS. In this section, “fund manager” means an investment fund manager certified under s. 238.15 (2) or s. 560.205 (2), 2009 stats. (2) FILING CLAIMS. (a) For taxable years beginning after December 31, 2008, subject to the limitations provided under this section and s. 238.15 or s. 560.205, 2009 stats., and except as provided in par. (b), an insurer may claim as a credit against the fees imposed under s. 76.60, 76.63, 76.65, 76.66, or 76.67, 25 percent of the insurer’s investment paid to a fund manager that the fund manager invests in a business certified under s. 238.15 or s. 560.205 (1), 2009 stats. (b) In the case of a partnership, limited liability company, or tax-option corporation, the computation of the 25 percent limitation under par. (a) shall be determined at the entity level rather than the claimant level and may be allocated among the claimants who make investments in the manner set forth in the entity’s organizational documents. The entity shall provide to the department of revenue and to the department of commerce or the Wis-
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consin Economic Development Corporation the names and tax identification numbers of the claimants, the amounts of the credits allocated to the claimants, and the computation of the allocations. (2m) LIMITATIONS. Partnerships, limited liability companies, and tax-option corporations may not claim the credit under this section, but the eligibility for, and the amount of, the credit are based on their payment of amounts under sub. (2). A partnership, limited liability company, or tax-option corporation shall compute the amount of credit that each of its partners, members, or shareholders may claim and shall provide that information to each of them. Partners, members of limited liability companies, and shareholders of tax-option corporations may claim the credit in proportion to their ownership interest or as specially allocated in their organizational documents. (3) INVESTMENT BASIS. The Wisconsin adjusted basis of any investment for which a credit is claimed under sub. (2) shall be reduced by the amount of the credit that is offset against the fees imposed under s. 76.60, 76.63, 76.65, 76.66, or 76.67. (4) CARRY-FORWARD. If the credit under sub. (2) is not entirely offset against the fees under s. 76.60, 76.63, 76.65, 76.66, or 76.67 otherwise due, the unused balance may be carried forward and credited against those fees for the following 15 years to the extent that it is not offset by those fees otherwise due in all the years between the year in which the expense was made and the year in which the carry-forward credit is claimed. History: 2009 a. 2; 2011 a. 32; 2019 a. 61.
76.639 Low-income housing credit. (1) DEFINITIONS. In this section: (a) “Allocation certificate” means a statement issued by the authority certifying that a qualified development is eligible for a credit under this subsection and specifying the amount of the credit that the owners of the qualified development may claim. (b) “Authority” means the Wisconsin Housing and Economic Development Authority. (c) “Claimant” means an insurer who has an ownership interest in a qualified development and who files a claim under this section. (d) “Compliance period” means the 15-year period beginning with the first taxable year of the credit period. (e) “Credit period” means the period of 6 taxable years beginning with the taxable year in which a qualified development is placed in service. For purposes of this paragraph, if a qualified development consists of more than one building, the qualified development is placed in service in the taxable year in which the last building of the qualified development is placed in service. (f) “Qualified basis” means the qualified basis determined under section 42 (c) (1) of the Internal Revenue Code. (g) “Qualified development” means a qualified low-income housing project under section 42 (g) of the Internal Revenue Code that is financed with tax-exempt bonds, pursuant to section 42 (i) (2) of the Internal Revenue Code, and located in this state. (2) FILING CLAIMS. Subject to the limitations provided in this section and in s. 234.45, for taxable years beginning after December 31, 2017, a claimant may claim as a credit against the fees imposed under s. 76.60, 76.63, 76.65, 76.66, or 76.67 the amount allocated to the claimant by the authority under s. 234.45 for each taxable year within the credit period. (3) LIMITATIONS. No insurer may claim the credit under sub. (2) unless the claimant includes with the claimant’s return a copy of the allocation certificate issued to the qualified development. (4) RECAPTURE. (a) As of the last day of any taxable year during the compliance period, if the amount of the qualified basis of a qualified development with respect to a claimant is less than
May 22, 2026, are designated by NOTES. (Published 5-22-26)
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the amount of the qualified basis as of the last day of the immediately preceding taxable year, the amount of the claimant’s tax liability under s. 76.60, 76.63, 76.65, 76.66, or 76.67 shall be increased by the recapture amount determined by using the method under section 42 (j) of the Internal Revenue Code. (b) In the event that the recapture of any credit is required in any taxable year, the taxpayer shall include the recaptured proportion of the credit on the return submitted for the taxable year in which the recapture event is identified. (5) CARRY-FORWARD. If the credit under sub. (2) is not entirely offset against the fees under s. 76.60, 76.63, 76.65, 76.66, or 76.67 otherwise due, the unused balance may be carried forward and credited against those fees for the following 15 years to the extent that it is not offset by those fees otherwise due in all the years between the year in which the expense was made and the year in which the carry-forward credit is claimed. History: 2017 a. 176.
76.64 Quarterly installments. Insurers shall pay installments of the total estimated payment under ss. 76.60, 76.63,