Wisconsin § 234.45 - Low-income housing tax credits.

§ 234.45. Low-income housing tax credits.

234.45(1) (1) Definitions. In this section: 234.45(1)(a) (a) “Allocation certificate” means a statement issued by the authority certifying that a qualified development is eligible for a state tax credit and specifying the amount of the credit that the owners of the qualified development may claim. 234.45(1)(b) (b) “Compliance period” means the 15-year period beginning with the first taxable year of the credit period. 234.45(1)(c) (c) “Credit period” means the period of 6 taxable years beginning with the taxable year in which a qualified development is placed in service. For purposes of this paragraph, if a qualified development consists of more than one building, the qualified development is placed in service in the taxable year in which the last building of the qualified development is placed in service. 234.45(1)(d) (d) “Qualified allocation plan” means the qualified allocation plan adopted by the authority pursuant to section 42 (m) of the Internal Revenue Code. 234.45(1)(e) (e) “Qualified development” means a qualified low-income housing project under section 42 (g) of the Internal Revenue Code that is located in this state. 234.45(1)(em) (em) “Rural area” means a city, village, or town in this state that has a population of fewer than 10,000 and that is at least 10 miles from any city, village, or town that has a population of at least 50,000. 234.45(1)(f) (f) “State tax credit” means a tax credit under s. 71.07 (8b) , 71.28 (8b) , 71.47 (8b) , or