Senate Bill 286 proposes amendments to the business development tax credit related to workforce housing and childcare investments. The bill allows individuals to claim tax benefits of up to 15 percent for investments in workforce housing and childcare programs, expanding the definition of eligible investments. Previously, only capital expenditures made directly by the individual were eligible; however, the bill now includes contributions made to third parties for building or rehabilitating workforce housing or establishing childcare programs, including contributions to local revolving loan funds. Additionally, the requirement that these investments be specifically for employees has been removed.

The amendments apply to taxable years beginning after December 31, 2023, and are intended to encourage broader participation in workforce housing and childcare initiatives by allowing more flexible investment options. The changes aim to support the development of these essential services, which can benefit both employers and employees in the state of Wisconsin.

Statutes affected:
Bill Text: 71.07(3y)(b)6, 71.07, 71.28(3y)(b)6, 71.28, 71.47(3y)(b)6, 71.47, 238.308(4)(a)6, 238.308