Economic development tax credit.

Subject to the limitations under this subsection and ss. 238.301 to 238.306 or s. 560.701 to 560.706, 2009 stats., [ss. 560.701 to 560.706, 2009 stats., or s. 238.301, 2023 stats., s. 238.302, 2023 stats., s. 238.303, 2023 stats., s. 238.304, 2023 stats., s. 238.3045, 2023 stats., s. 238.305, 2023 stats., and s. 238.306, 2023 stats.,] for taxable years beginning after December 31, 2008, a claimant may claim as a credit against the tax imposed under s. 71.23, up to the amount of the tax, the amount authorized for the claimant under s. 238.303 or s. 560.703, 2009 stats. [s. 560.703, 2009 stats., or s. 238.303, 2023 stats.].

1. No credit may be allowed under this subsection unless the claimant includes with the claimant’s return a copy of the claimant’s certification under s. 238.301 (2) or s. 560.701 (2), 2009 stats., [s. 560.701 (2), 2009 stats., or s. 238.301 (2), 2023 stats.,] and a copy of the claimant’s notice of eligibility to receive tax benefits under s. 238.303 (3) or s. 560.703 (3), 2009 stats. [s. 560.703 (3), 2009 stats., or s. 238.303 (3), 2023 stats.]. 2. 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 authorization to claim tax benefits under s. 238.303 or s. 560.703, 2009 stats. [s. 560.703, 2009 stats., or s. 238.303, 2023 stats.]. A partnership, limited liability company, or tax-option corporation shall compute the amount of 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.

1. Except as provided in subd. 2., sub. (5b) (e) and (f), as it applies to the credit under sub. (5b), applies to the credit under this subsection. 2. If a claimant’s certification is revoked under s. 238.305 or s. 560.705, 2009 stats., [s. 560.705, 2009 stats., or s. 238.305, 2023 stats.,] or if a claimant becomes ineligible for tax benefits under s. 238.302 or s. 560.702, 2009 stats., [s. 560.702, 2009 stats., or s. 238.302, 2023 stats.,] the claimant may not claim credits under this subsection for the taxable year that includes the day on which the certification is revoked; the taxable year that includes the day on which the claimant becomes ineligible for tax benefits; or succeeding taxable years and the claimant may not carry over unused credits from previous years to offset the tax imposed under s. 71.23 for the taxable year that includes the day on which certification is revoked; the taxable year that includes the day on which the claimant becomes ineligible for tax benefits; or succeeding taxable years. 3. Subsection (4) (g) and (h), as it applies to the credit under sub. (4), applies to the credit under this subsection.