Assembly Bill 976 proposes significant changes to Wisconsin's low-income housing tax credit program, which is administered by the Wisconsin Housing and Economic Development Authority (WHEDA). The bill increases the annual cap on tax credits from $42 million to $100 million, allowing for greater financial support for qualified low-income housing projects. Additionally, it mandates that at least 35 percent of the tax credits allocated each year be designated for projects in rural areas, while also removing the previous requirement that such projects be financed with tax-exempt bonds.

The bill also introduces technical amendments regarding the eligibility of partnerships, limited liability companies, and tax-option corporations to claim tax credits. It clarifies that these entities cannot claim the credit directly, but their partners, members, or shareholders can do so based on eligible costs incurred. Furthermore, it specifies that insurers who are partners or shareholders may claim credits based on their ownership interests. The bill aims to enhance the accessibility and distribution of low-income housing tax credits, particularly in underserved rural communities.

Statutes affected:
Bill Text: 71.07(8b)(a)7, 71.07, 71.07(8b)(c)2, 71.28(8b)(a)7, 71.28, 71.28(8b)(c)2, 71.47(8b)(a)7, 71.47, 71.47(8b)(c)2, 76.639(1)(g), 76.639, 76.67(2), 76.67, 234.45(1)(e), 234.45, 234.45(4)