WI SB658

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

Department of Revenue allocates $125 million in qualified equity investment authority for rural counties and $125 million for metro counties (Columbia, Dane, Green, Iowa, Milwaukee, Ozaukee, Washington, and Waukesha), with annual credit caps of $12.5 million per allocation

Investment proceeds must fund qualified active low-income community businesses with principal operations in Wisconsin that derive less than 15% of revenue from real estate sales/rentals and have less than 5% of property in debt collection

Credits may be recaptured if the community development entity fails to invest 100% of proceeds in qualified low-income community investments within 12 months, redeems investments before the 7th anniversary, or if federal new markets tax credits are rescinded

Qualified community development entities must submit annual reports including investment details, employment data for funded businesses, and compliance certifications