WI AB676

Insurers making qualified equity investments in qualified community development entities may claim a tax credit equal to 0% for years 1-2 and 10% for years 3-7 of the investment's purchase price

Department of Revenue allocates $125,000,000 in qualified equity investment authority for rural counties and $125,000,000 for metro counties (Dane, Milwaukee, Waukesha, and 5 others), with annual credit caps of $12,500,000 per allocation

Qualified community development entities must use 100% of investment proceeds for loans or investments in qualified active low-income community businesses with principal operations in Wisconsin

Credits may be recaptured if the entity fails to invest funds within 12 months, redeems investments before year 7, or if associated federal new markets tax credits are rescinded

No single qualified active low-income community business may receive more than $10,000,000 in qualifying investments, and businesses deriving 15% or more of income from real estate rental/sales are excluded