WI SB942

Increases the annual cap on low-income housing tax credits administered by WHEDA from $42,000,000 to $100,000,000

Requires WHEDA to allocate at least 35% of tax credits each year to qualified low-income housing projects in rural areas, defined as communities with fewer than 10,000 residents located at least 10 miles from any city, village, or town with 50,000+ population

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

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

Applies to taxable years beginning after December 31, 2024