WI AB976

Increases the annual cap on low-income housing tax credits that WHEDA can certify from $42,000,000 to $100,000,000

Removes the requirement that qualified low-income housing projects be financed with tax-exempt bonds to be eligible for the credit

Requires WHEDA to allocate at least 35% of tax credits annually to projects in rural areas (cities, villages, or towns with populations under 10,000 that are at least 10 miles from municipalities with 50,000+ population), if sufficient qualifying applications are received

Allows insurers who are shareholders, partners, or members of pass-through entities (tax-option corporations, partnerships, or LLCs) to claim the credit based on eligible costs incurred by those entities

Applies to taxable years beginning after December 31, 2024