“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.].

“Claimant” means a person who files a claim under this subsection.

“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.].

“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.