Assembly Bill 676 proposes the creation of a tax credit for insurers who make qualified equity investments in community development entities. Under this bill, insurers can receive a credit against state taxes, contingent upon the community development entity utilizing the investment to support qualified active low-income community businesses within Wisconsin. The credit structure is designed to provide zero percent for the first two years following the investment and 10 percent for the subsequent five years. The bill outlines specific definitions for qualified community development entities and qualified active low-income community businesses, emphasizing their roles in serving low-income communities.

Additionally, the bill establishes a framework for the Department of Revenue (DOR) to manage the allocation of up to $250 million in qualified equity investment authority, split between rural and metro counties. It includes provisions for recapturing credits if the community development entity fails to meet investment requirements or if the investment is redeemed prematurely. Each authorized entity must submit an annual report to DOR detailing the investments made and their impact, including employment data for the businesses supported.