Wisconsin § 71.28 - Credits.

§ 71.28. Credits.

71.28(1) (1) Community development finance credit. 71.28(1)(a) (a) Any corporation which contributes an amount to the community development finance authority under s. 233.03 , 1985 stats., or to the housing and economic development authority under s. 234.03 (32) and, in the same year, purchases common stock or partnership interests of the community development finance company issued under s. 233.05 (2) , 1985 stats., or s. 234.95 (2) in an amount no greater than the contribution to the authority may credit against taxes otherwise due an amount equal to 75 percent of the purchase price of the stock or partnership interests. The credit received under this paragraph may not exceed 75 percent of the contribution to the community development finance authority. Effective date note NOTE: Sub. (1) is repealed eff. 1-1-35 by 2025 Wis. Act 118 . 71.28(1)(b) (b) Any corporation receiving a credit under this subsection may carry forward to the next succeeding 15 taxable years the amount of the credit not offset against taxes for the year of purchase to the extent not offset by those taxes otherwise due in all intervening years between the year for which the credit was computed and the year for which the carry-forward is claimed. 71.28(1)(c) (c) A claimant who has filed a timely claim under this subsection may file an amended claim with the department of revenue within 4 years of the last day prescribed by law for filing the original claim. 71.28(1)(d) (d) No credit may be claimed under this subsection for taxable years beginning after December 31, 2013. Credits under this subsection for taxable years that begin before January 1, 2014, may be carried forward to taxable years that begin after December 31, 2013. 71.28(1dm) (1dm) Development zone capital investment credit. 71.28(1dm)(a) (a) In this subsection: 71.28(1dm)(a)1. 1. “Certified” means entitled under s. 238.395 (3) (a) 4. or s. 560.795 (3) (a) 4. , 2009 stats., [s. 560.795 (3) (a) 4. , 2009 stats., or s. 238.395 (3) (a) 4. , 2023 stats.,] to claim tax benefits or certified under s. 238.395 (5) or 238.398 (3) or s. 560.795 (5) , 2009 stats., or s. 560.798 (3) , 2009 stats. [s. 560.795 (5) , 2009 stats., s. 560.798 (3) , 2009 stats., s. 238.395 (5) , 2023 stats., or s. 238.398 (3) , 2023 stats.]. 71.28 Note NOTE: The correct cross-references are shown in brackets. Sections 238.395 and 238.398 were repealed by 2025 Wis. Act 118 . Corrective legislation is pending. 71.28(1dm)(a)2. 2. “Claimant” means a person who files a claim under this subsection. 71.28(1dm)(a)3. 3. “Development zone” means a development opportunity zone under s. 238.395 (1) (e) and (f) or 238.398 or s. 560.795 (1) (e) and (f) , 2009 stats., or s. 560.798 , 2009 stats. [s. 560.795 (1) (e) and (f) , 2009 stats., s. 560.798 , 2009 stats., s. 238.395 (1) (e) and (f) , 2023 stats., or s. 238.398 , 2023 stats.]. 71.28 Note NOTE: The correct cross-references are shown in brackets. Sections 238.395 and 238.398 were repealed by 2025 Wis. Act 118 . Corrective legislation is pending. 71.28(1dm)(a)4. 4. “Previously owned property” means real property that the claimant or a related person owned during the 2 years prior to the department of commerce or the Wisconsin Economic Development Corporation designating the place where the property is located as a development zone and for which the claimant may not deduct a loss from the sale of the property to, or an exchange of the property with, the related person under section 267 of the Internal Revenue Code, except that section 267 (b) of the Internal Revenue Code is modified so that if the claimant owns any part of the property, rather than 50 percent ownership, the claimant is subject to section 267 (a) (1) of the Internal Revenue Code for purposes of this subsection. 71.28(1dm)(b) (b) Subject to the limitations provided in this subsection and in s. 73.03 (35) , for any taxable year for which the claimant is certified, a claimant may claim as a credit against the taxes imposed under s.