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2023 - 2024 LEGISLATURE
2023 ASSEMBLY BILL 888
January 2, 2024 - Introduced by Representatives HAYWOOD, BARE, EMERSON,
OHNSTAD, MOORE OMOKUNDE, STUBBS, JOERS, PALMERI, SINICKI, C. ANDERSON,
ANDRACA, HONG, BALDEH, MADISON, DRAKE, CLANCY, JACOBSON and GOYKE,
cosponsored by Senators L. JOHNSON, CARPENTER, TAYLOR, ROYS, SPREITZER and
AGARD. Referred to Committee on Ways and Means.
***AUTHORS SUBJECT TO CHANGE***
AN ACT to amend 71.05 (6) (a) 15., 71.21 (4) (a), 71.26 (2) (a) 4., 71.34 (1k) (g) and
71.45 (2) (a) 10.; and to create 71.07 (8g), 71.10 (4) (em), 71.28 (8g), 71.30 (3)
(am), 71.47 (8g) and 71.49 (1) (am) of the statutes; relating to: creating a
nonrefundable individual and corporate income and franchise tax credit for
costs paid to eliminate exposure to a lead hazard in a dwelling.
Analysis by the Legislative Reference Bureau
This bill creates a nonrefundable individual income tax credit and a corporate
income and franchise tax credit for costs paid to eliminate a lead hazard in a dwelling
or residential condominium unit in this state (residence).
Under the bill, an owner of a residence may claim a credit for all costs paid, up
to $1,500 per dwelling unit, to permanently eliminate a lead hazard in a residence.
A dwelling may contain more than one dwelling unit. To claim the credit, a claimant
must meet all of the following conditions:
1. A certified professional must investigate the residence and determine that
a lead hazard exists.
2. The lead hazard abatement activities in the residence must be conducted in
accordance with rules promulgated by the Department of Health Services.
3. A certified professional must do one or both of the following: 1) issue a
certificate confirming that the residence is free from lead-bearing paint on the date
of the inspection or 2) execute a document certifying that the lead hazard abatement
activities permanently eliminated all lead hazards in the residence.
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At the option of the owner, the owner may, at the same time the owner
remediates lead hazards in a residence, also remediate any lead hazards present in
the residence's utility service connections and claim a credit for those costs.
The credit is nonrefundable, meaning that it may be claimed only up to the
amount of a taxpayer's income or franchise tax liability. If the amount of the credit
for which a claimant is eligible exceeds the claimant's tax liability, the claimant may
carry forward the excess credit amount for up to the following seven taxable years.
For further information see the state and local fiscal estimate, which will be
printed as an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SECTION 1. 71.05 (6) (a) 15. of the statutes is amended to read:
71.05 (6) (a) 15. The amount of the credits computed under s. 71.07 (2dm),
(2dx), (2dy), (3g), (3h), (3n), (3q), (3s), (3t), (3w), (3wm), (3y), (4k), (4n), (5e), (5i), (5j),
(5k), (5r), (5rm), (6n), (8g), and (10) and not passed through by a partnership, limited
liability company, or tax-option corporation that has added that amount to the
partnership's, company's, or tax-option corporation's income under s. 71.21 (4) or
71.34 (1k) (g).
SECTION 2. 71.07 (8g) of the statutes is created to read:
71.07 (8g) LEAD HAZARD ABATEMENT TAX CREDIT. (a) Definitions. In this
subsection:
1. “Certificate of lead-free status" means a certificate of lead-free status, as
defined in s. 254.11 (4g), that is issued in accordance with the rules promulgated by
the department of health services under s. 254.179 (1) and has not been revoked by
the department of health services.
2. “Claimant" means a person who files a claim under this subsection.
3. “Condominium unit" means a unit, as defined in s. 703.02 (15), that is a
dwelling unit.
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4. “Dwelling" means any structure, all or part of which is designed or used for
human habitation and includes a structure owned and occupied by members of a
housing cooperative incorporated under ch. 185 or organized under ch. 193. A
“dwelling" may contain one or more dwelling units.
5. “Dwelling unit" means a structure or that part of a structure that is designed,
used, or intended to be used as a home or residence by one person or by 2 or more
persons maintaining a common household, to the exclusion of all others.
6. “Extended dwelling" means a dwelling and the dwelling's utility service
connections.
7. “First effective" means:
a. With respect to a certificate of lead-free status, the date listed on the
certificate as the certificate's effective date.
b. With respect to proof of successful abatement, the date on which the
document is executed.
8. “Lead-bearing paint hazard" has the meaning given in s. 254.11 (8d).
9. “Lead hazard" has the meaning given in s. 254.11 (8g).
10. “Lead hazard abatement" means lead hazard abatement, as defined in s.
254.11 (8j), that is conducted in accordance with the rules promulgated by the
department of health services under s. 254.172 (1) by a person certified by the
department of health services under s. 254.176 (1).
11. “Lead investigation" means a lead investigation, as defined in s. 254.11 (8s),
that is conducted in accordance with the rules promulgated by the department of
health services under s. 254.167.
12. “Lead risk assessor" has the meaning given in s. 254.11 (9g).
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13. “Proof of successful abatement" means a document executed by a certified
lead risk assessor or other person certified under s. 254.176 that certifies a finding
by the assessor that lead hazard abatement in or on a dwelling, extended dwelling,
or condominium unit permanently eliminated all lead hazards in the dwelling,
extended dwelling, or condominium unit.
14. “Utility service connections" means improvements to real property
necessary to connect a dwelling or a structure of a condominium, as defined in s.
703.02 (4), to utility services, including heat, light, water , power,
telecommunications services, and sewer services.
(b) Filing claims. Subject to the limitations and conditions provided in this
subsection, for a taxable year in which a certificate of lead-free status or proof of
successful abatement described under par. (c) 2. is first effective, a claimant may
claim as a credit against the tax imposed under s. 71.02, up to the amount of those
taxes, an amount equal to the amount the claimant paid in the year to which the
claim relates and the prior taxable year for lead hazard abatement in or on a
dwelling, extended dwelling, or condominium unit in this state owned by the
claimant to which the certificate of lead-free status or proof of successful abatement
relates.
(c) Limitations and conditions. 1. Before commencing lead hazard abatement
for which a credit may be claimed under this subsection, a claimant shall have a
certified lead risk assessor or other person certified by the department of health
services under s. 254.176 conduct a lead investigation of the dwelling, extended
dwelling, or condominium unit to which the credit relates and determine that a
lead-bearing paint hazard or lead hazard exists in or on the dwelling, extended
dwelling, or condominium unit. In calculating the amount of the credit under this
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subsection, a claimant may not use any amounts paid for lead hazard abatement
before the lead investigation and determination is completed.
2. A claimant shall submit with the claimant's tax return all of the following
that are applicable to the claimant's claim:
a. If the lead investigation described under subd. 1. identified the presence of
a lead-bearing paint hazard in or on the dwelling or condominium unit, a copy of a
certificate of lead-free status issued with respect to the dwelling or condominium
unit that is first effective in the taxable year to which the claim relates.
b. If the lead investigation described under subd. 1. identified the presence of
a lead hazard other than a lead-bearing paint hazard in or on the dwelling, extended
dwelling, or condominium unit, proof of successful abatement issued with respect to
the dwelling, extended dwelling, or condominium unit that is first effective in the
taxable year to which the claim relates.
3. A certificate of lead-free status described under subd. 2. a. that is issued with
respect to a dwelling shall cover the entire dwelling.
4. Proof of successful abatement described under subd. 2. b. that is issued with
respect to a dwelling or extended dwelling shall cover the entire dwelling or extended
dwelling.
5. To claim a credit under this subsection with respect to a condominium unit,
in addition to a copy of the certificate of lead-free status and the proof of successful
abatement described under subd. 2., a claimant shall submit with the claimant's tax
return a copy of a certificate of lead-free status issued with respect to the
condominium's common elements, as defined in s. 703.02 (2), except that the
certificate need not cover any utility service connections that are common elements.
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6. Notwithstanding par. (b), if a residential condominium's association, as
defined in s. 703.02 (1m), paid for lead hazard abatement in or on the condominium's
common elements, as defined in s. 703.02 (2), the association may claim a credit
under this subsection even if the association does not own the common elements and
even if the common elements do not constitute a dwelling or extended dwelling, or,
at the option of the association, the condominium's unit owners, as defined in s.
703.02 (17), may claim the credit in proportion to their percentage interests in the
common elements, as determined under s. 703.13. If the association elects to allow
the unit owners to claim the credit, the association shall compute the amount of the
credit that each of the unit owners may claim and shall provide that information to
each of them.
7. A claimant may only claim a credit under this subsection within the time
period specified under s. 71.75 (2).
8. The maximum aggregate amount that one or more claimants may claim
under this subsection and ss. 71.28 (8g) and 71.47 (8g) with respect to a particular
dwelling, extended dwelling, or condominium unit is $1,500 per dwelling, extended
dwelling, or condominium unit, except that, if the dwelling or extended dwelling
contains more than one dwelling unit, the maximum aggregate amount is $1,500 per
dwelling unit.
9. Part-year residents and nonresidents of this state are not eligible for the
credit under this subsection.
10. Partnerships, limited liability companies, and tax-option corporations may
not claim the credit under this subsection, but the eligibility for, and the amount of,
the credit are based on their payment of amounts described under par. (b), except
that for each dwelling, extended dwelling, or condominium unit owned by the entity
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the aggregate amount of credits that the entity may compute may not exceed the
limitation under subd. 8. A partnership, limited liability company, or tax-option
corporation shall compute the amount of the credit that each of its partners,
members, or shareholders may claim and shall provide that information to each of
them. Partners, members of limited liability companies, and shareholders of
tax-option corporations may claim the credit in proportion to their ownership
interests.
11. Housing cooperatives incorporated under ch. 185 or organized under ch. 193
may not claim the credit under this subsection, but the eligibility for, and the amount
of, the credit are based on their payment of amounts described under par. (b), except
that for each dwelling, extended dwelling, or condominium unit owned by the entity
the aggregate amount of credits that the entity may compute may not exceed the
limitation under subd. 8. A housing cooperative shall compute the amount of the
credit that each of its members may claim and shall provide that information to each
of them. Members may claim the credit in proportion to their ownership interests.
12. If 2 or more persons own a dwelling, extended dwelling, or condominium
unit, each person may claim a credit under par. (b) in proportion to the person's
ownership interest, except that the aggregate amount of the credits claimed by all
persons who own the dwelling, extended dwelling, or condominium unit may not
exceed the limitation under subd. 8.
(d) Administration. 1. Section 71.28 (4) (e), (g), and (h), as it applies to the
credit under s. 71.28 (4), applies to the credit under this subsection.
2. If a credit computed under this subsection is not entirely offset against taxes
otherwise due, the unused balance may be carried forward and credited against
taxes otherwise due for the following 7 taxable years to the extent not offset by taxes
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otherwise due in all intervening years between the year in which the expense was
incurred and the year in which the carry-forward credit is claimed.
SECTION 3. 71.10 (4) (em) of the statutes is created to read:
71.10 (4) (em) Lead hazard abatement tax credit under s. 71.07 (8g).
SECTION 4. 71.21 (4) (a) of the statutes is amended to read:
71.21 (4) (a) The amount of the credits computed by a partnership under s.
71.07 (2dm), (2dx), (2dy), (3g), (3h), (3n), (3q), (3s), (3t), (3w), (3wm), (3y), (4k), (4n),
(5e), (5g), (5i), (5j), (5k), (5r), (5rm), (6n), (8g), and (10) and passed through to
partners shall be added to the partnership's income.
SECTION 5. 71.26 (2) (a) 4. of the statutes is amended to read:
71.26 (2) (a) 4. Plus the amount of the credit computed under s. 71.28 (1dm),
(1dx), (1dy), (3g), (3h), (3n), (3q), (3t), (3w), (3wm), (3y), (5e), (5g), (5i), (5j), (5k), (5r),
(5rm), (6n), (8g), and (10) and not passed through by a partnership, limited liability
company, or tax-option corporation that has added that amount to the partnership's,
limited liability company's, or tax-option corporation's income under s. 71.21 (4) or
71.34 (1k) (g).
SECTION 6. 71.28 (8g) of the statutes is created to read:
71.28 (8g) LEAD HAZARD ABATEMENT TAX CREDIT. (a) Definitions. In this
subsection:
1. “Certificate of lead-free status" means a certificate of lead-free status, as
defined in s. 254.11 (4g), that is issued in accordance with the rules promulgated by
the department of health services under s. 254.179 (1) and has not been revoked by
the department of health services.
2. “Claimant" means a person who files a claim under this subsection.
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3. “Condominium unit" means a unit, as defined in s. 703.02 (15), that is a
dwelling unit.
4. “Dwelling" means any structure, all or part of which is designed or used for
human habitation and includes a structure owned and occupied by members of a
housing cooperative incorporated under ch. 185 or organized under ch. 193. A
“dwelling" may contain one or more dwelling units.
5. “Dwelling unit" means a structure or that part of a structure that is designed,
used, or intended to be used as a home or residence by one person or by 2 or more
persons maintaining a common household, to the exclusion of all others.
6. “Extended dwelling" means a dwelling and the dwelling's utility service
connections.
7. “First effective" means:
a. With respect to a certificate of lead-free status, the date listed on the
certificate as the certificate's effective date.
b. With respect to proof of successful abatement, the date on which the
document is executed.
8. “Lead-bearing paint hazard" has the meaning given in s. 254.11 (8d).
9. “Lead hazard" has the meaning given in s. 254.11 (8g).
10. “Lead hazard abatement" means lead hazard abatement, as defined in s.
254.11 (8j), that is conducted in accordance with the rules promulgated by the
department of health services under s. 254.172 (1) by a person certified by the
department of health services under s. 254.176 (1).
11. “Lead investigation" means a lead investigation, as defined in s. 254.11 (8s),
that is conducted in accordance with the rules promulgated by the department of
health services under s. 254.167.
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12. “Lead risk assessor" has the meaning given in s. 254.11 (9g).
13. “Proof of successful abatement" means a document executed by a certified
lead risk assessor or other person certified under s. 254.176 that certifies a finding
by the assessor that lead hazard abatement in or on a dwelling, extended dwelling,
or condominium unit permanently eliminated all lead hazards in the dwelling,
extended dwelling, or condominium unit.
14. “Utility service connections" means improvements to real property
necessary to connect a dwelling or a structure of a condominium, as defined in s.
703.02 (4), to utility services, including heat, light, water , power,
telecommunications services, and sewer services.
(b) Filing claims. Subject to the limitations and conditions provided in this
subsection, for a taxable year in which a certificate of lead-free status or proof of
successful abatement described under par. (c) 2. is first effective, a claimant may
claim as a credit against the tax imposed under s. 71.23, up to the amount of those
taxes, an amount equal to the amount the claimant paid in the year to which the
claim relates and the prior taxable year for lead hazard abatement in or on a
dwelling, extended dwelling, or condominium unit in this state owned by the
claimant to which the certificate of lead-free status or proof of successful abatement
relates.
(c) Limitations and conditions. 1. Before commencing lead hazard abatement
for which a credit may be claimed under this subsection, a claimant shall have a
certified lead risk assessor or other person certified by the department of health
services under s. 254.176 conduct a lead investigation of the dwelling, extended
dwelling, or condominium unit to which the credit relates and determine that a
lead-bearing paint hazard or lead hazard exists in or on the dwelling, extended
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dwelling, or condominium unit. In calculating the amount of the credit under this
subsection, a claimant may not use any amounts paid for lead hazard abatement
before the lead investigation and determination is completed.
2. A claimant shall submit with the claimant's tax return all of the following
that are applicable to the claimant's claim:
a. If the lead investigation described under subd. 1. identified the presence of
a lead-bearing paint hazard in or on the dwelling or condominium unit, a copy of a
certificate of lead-free status issued with respect to the dwelling or condominium
unit that is first effective in the taxable year to which the claim relates.
b. If the lead investigation described under subd. 1. identified the presence of
a lead hazard other than a lead-bearing paint hazard in or on the dwelling, extended
dwelling, or condominium unit, proof of successful abatement issued with respect to
the dwelling, extended dwelling, or condominium unit that is first effective in the
taxable year to which the claim relates.
3. A certificate of lead-free status described under subd. 2. a. that is issued with
respect to a dwelling shall cover the entire dwelling.
4. Proof of successful abatement described under subd. 2. b. that is issued with
respect to a dwelling or extended dwelling shall cover the entire dwelling or extended
dwelling.
5. To claim a credit under this subsection with respect to a condominium unit,
in addition to a copy of the certificate of lead-free status and the proof of successful
abatement described under subd. 2., a claimant shall submit with the claimant's tax
return a copy of a certificate of lead-free status issued with respect to the
condominium's common elements, as defined in s. 703.02 (2), except that the
certificate need not cover any utility service connections that are common elements.
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6. A claimant may only claim a credit under this subsection within the time
period specified under s. 71.75 (2).
7. The maximum aggregate amount that one or more claimants may claim
under this subsection and ss. 71.07 (8g) and 71.47 (8g) with respect to a particular
dwelling, extended dwelling, or condominium unit is $1,500 per dwelling, extended
dwelling, or condominium unit, except that, if the dwelling or extended dwelling
contains more than one dwelling unit, the maximum aggregate amount is $1,500 per
dwelling unit.
8. Partnerships, limited liability companies, and tax-option corporations may
not claim the credit under this subsection, but the eligibility for, and the amount of,
the credit are based on their payment of amounts described under par. (b), except
that for each dwelling, extended dwelling, or condominium unit owned by the entity
the aggregate amount of credits that the entity may compute may not exceed the
limitation under subd. 7. A partnership, limited liability company, or tax-option
corporation shall compute the amount of the credit that each of its partners,
members, or shareholders may claim and shall provide that information to each of
them. Partners, members of limited liability companies, and shareholders of
tax-option corporations may claim the credit in proportion to their ownership
interests.
9. If 2 or more persons own a dwelling, extended dwelling, or condominium
unit, each person may claim a credit under par. (b) in proportion to the person's
ownership interest, except that the aggregate amount of the credits claimed by all
persons who own the dwelling, extended dwelling, or condominium unit may not
exceed the limitation under subd. 7.
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(d) Administration. 1. Subsection (4) (e), (g), and (h), as it applies to the credit
under sub. (4), applies to the credit under this subsection.
2. If a credit computed under this subsection is not entirely offset against taxes
otherwise due, the unused balance may be carried forward and credited against
taxes otherwise due for the following 7 taxable years to the extent not offset by taxes
otherwise due in all intervening years between the year in which the expense was
incurred and the year in which the carry-forward credit is claimed.
SECTION 7. 71.30 (3) (am) of the statutes is created to read:
71.30 (3) (am) Lead hazard abatement tax credit under s. 71.28 (8g).
SECTION 8. 71.34 (1k) (g) of the statutes is amended to read:
71.34 (1k) (g) An addition shall be made for credits computed by a tax-option
corporation under s. 71.28 (1dm), (1dx), (1dy), (3), (3g), (3h), (3n), (3q), (3t), (3w),
(3wm), (3y), (4), (5), (5e), (5g), (5i), (5j), (5k), (5r), (5rm), (6n), (8g), and (10) and passed
through to shareholders.
SECTION 9. 71.45 (2) (a) 10. of the statutes is amended to read:
71.45 (2) (a) 10. By adding to federal taxable income the amount of credit
computed under s. 71.47 (1dm) to (1dy), (3g), (3h), (3n), (3q), (3w), (3y), (5e), (5g), (5i),
(5j), (5k), (5r), (5rm), (6n), (8g), and (10) and not passed through by a partnership,
limited liability company, or tax-option corporation that has added that amount to
the partnership's, limited liability company's, or tax-option corporation's income
under s. 71.21 (4) or 71.34 (1k) (g) and the amount of credit computed under s. 71.47
(3), (3t), (4), (4m), and (5).
SECTION 10. 71.47 (8g) of the statutes is created to read:
71.47 (8g) LEAD HAZARD ABATEMENT TAX CREDIT. (a) Definitions. In this
subsection:
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1. “Certificate of lead-free status" means a certificate of lead-free status, as
defined in s. 254.11 (4g), that is issued in accordance with the rules promulgated by
the department of health services under s. 254.179 (1) and has not been revoked by
the department of health services.
2. “Claimant" means a person who files a claim under this subsection.
3. “Condominium unit" means a unit, as defined in s. 703.02 (15), that is a
dwelling unit.
4. “Dwelling" means any structure, all or part of which is designed or used for
human habitation and includes a structure owned and occupied by members of a
housing cooperative incorporated under ch. 185 or organized under ch. 193. A
“dwelling" may contain one or more dwelling units.
5. “Dwelling unit" means a structure or that part of a structure that is designed,
used, or intended to be used as a home or residence by one person or by 2 or more
persons maintaining a common household, to the exclusion of all others.
6. “Extended dwelling" means a dwelling and the dwelling's utility service
connections.
7. “First effective" means:
a. With respect to a certificate of lead-free status, the date listed on the
certificate as the certificate's effective date.
b. With respect to proof of successful abatement, the date on which the
document is executed.
8. “Lead-bearing paint hazard" has the meaning given in s. 254.11 (8d).
9. “Lead hazard" has the meaning given in s. 254.11 (8g).
10. “Lead hazard abatement" means lead hazard abatement, as defined in s.
254.11 (8j), that is conducted in accordance with the rules promulgated by the
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SECTION 10
ASSEMBLY BILL 888
department of health services under s. 254.172 (1) by a person certified by the
department of health services under s. 254.176 (1).
11. “Lead investigation" means a lead investigation, as defined in s. 254.11 (8s),
that is conducted in accordance with the rules promulgated by the department of
health services under s. 254.167.
12. “Lead risk assessor" has the meaning given in s. 254.11 (9g).
13. “Proof of successful abatement" means a document executed by a certified
lead risk assessor or other person certified under s. 254.176 that certifies a finding
by the assessor that lead hazard abatement in or on a dwelling, extended dwelling,
or condominium unit permanently eliminated all lead hazards in the dwelling,
extended dwelling, or condominium unit.
14. “Utility service connections" means improvements to real property
necessary to connect a dwelling or a structure of a condominium, as defined in s.
703.02 (4), to utility services, including heat, light, water , power,
telecommunications services, and sewer services.
(b) Filing claims. Subject to the limitations and conditions provided in this
subsection, for a taxable year in which a certificate of lead-free status or proof of
successful abatement described under par. (c) 2. is first effective, a claimant may
claim as a credit against the tax imposed under s. 71.43, up to the amount of those
taxes, an amount equal to the amount the claimant paid in the year to which the
claim relates and the prior taxable year for lead hazard abatement in or on a
dwelling, extended dwelling, or condominium unit in this state owned by the
claimant to which the certificate of lead-free status or proof of successful abatement
relates.
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SECTION 10 ASSEMBLY BILL 888
(c) Limitations and conditions. 1. Before commencing lead hazard abatement
for which a credit may be claimed under this subsection, a claimant shall have a
certified lead risk assessor or other person certified by the department of health
services under s. 254.176 conduct a lead investigation of the dwelling, extended
dwelling, or condominium unit to which the credit relates and determine that a
lead-bearing paint hazard or lead hazard exists in or on the dwelling, extended
dwelling, or condominium unit. In calculating the amount of the credit under this
subsection, a claimant may not use any amounts paid for lead hazard abatement
before the lead investigation and determination is completed.
2. A claimant shall submit with the claimant's tax return all of the following
that are applicable to the claimant's claim:
a. If the lead investigation described under subd. 1. identified the presence of
a lead-bearing paint hazard in or on the dwelling or condominium unit, a copy of a
certificate of lead-free status issued with respect to the dwelling or condominium
unit that is first effective in the taxable year to which the claim relates.
b. If the lead investigation described under subd. 1. identified the presence of
a lead hazard other than a lead-bearing paint hazard in or on the dwelling, extended
dwelling, or condominium unit, proof of successful abatement issued with respect to
the dwelling, extended dwelling, or condominium unit that is first effective in the
taxable year to which the claim relates.
3. A certificate of lead-free status described under subd. 2. a. that is issued with
respect to a dwelling shall cover the entire dwelling.
4. Proof of successful abatement described under subd. 2. b. that is issued with
respect to a dwelling or extended dwelling shall cover the entire dwelling or extended
dwelling.
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5. To claim a credit under this subsection with respect to a condominium unit,
in addition to a copy of the certificate of lead-free status and the proof of successful
abatement described under subd. 2., a claimant shall submit with the claimant's tax
return a copy of a certificate of lead-free status issued with respect to the
condominium's common elements, as defined in s. 703.02 (2), except that the
certificate need not cover any utility service connections that are common elements.
6. A claimant may only claim a credit under this subsection within the time
period specified under s. 71.75 (2).
7. The maximum aggregate amount that one or more claimants may claim
under this subsection and ss. 71.07 (8g) and 71.28 (8g) with respect to a particular
dwelling, extended dwelling, or condominium unit is $1,500 per dwelling, extended
dwelling, or condominium unit, except that, if the dwelling or extended dwelling
contains more than one dwelling unit, the maximum aggregate amount is $1,500 per
dwelling unit.
8. Partnerships, limited liability companies, and tax-option corporations may
not claim the credit under this subsection, but the eligibility for, and the amount of,
the credit are based on their payment of amounts described under par. (b), except
that for each dwelling, extended dwelling, or condominium unit owned by the entity
the aggregate amount of credits that the entity may compute may not exceed the
limitation under subd. 7. A partnership, limited liability company, or tax-option
corporation shall compute the amount of the credit that each of its partners,
members, or shareholders may claim and shall provide that information to each of
them. Partners, members of limited liability companies, and shareholders of
tax-option corporations may claim the credit in proportion to their ownership
interests.
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9. If 2 or more persons own a dwelling, extended dwelling, or condominium
unit, each person may claim a credit under par. (b) in proportion to the person's
ownership interest, except that the aggregate amount of the credits claimed by all
persons who own the dwelling, extended dwelling, or condominium unit may not
exceed the limitation under subd. 7.
(d) Administration. 1. Section 71.28 (4) (e), (g), and (h), as it applies to the
credit under s. 71.28 (4), applies to the credit under this subsection.
2. If a credit computed under this subsection is not entirely offset against taxes
otherwise due, the unused balance may be carried forward and credited against
taxes otherwise due for the following 7 taxable years to the extent not offset by taxes
otherwise due in all intervening years between the year in which the expense was
incurred and the year in which the carry-forward credit is claimed.
SECTION 11. 71.49 (1) (am) of the statutes is created to read:
71.49 (1) (am) Lead hazard abatement tax credit under s. 71.47 (8g).
SECTION 12.0Initial applicability.
(1) This act first applies to taxable years beginning on January 1 of the year
in which this subsection takes effect, except that if this subsection takes effect after
July 31, this act first applies to taxable years beginning on January 1 of the year
following the year in which this subsection takes effect.
(END)
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