WI SB178

Requires WHEDA to allocate at least 35% of low-income housing tax credits annually to qualified developments in rural areas (cities, villages, or towns with populations under 10,000 that are at least 10 miles from communities of 50,000+), if sufficient qualifying applications are received

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

Allows insurers who are shareholders in tax-option corporations, partners in partnerships, or members of LLCs to claim the low-income housing tax credit based on their ownership interest

Applies to taxable years beginning after December 31, 2024