Wisconsin Statutes Economic Development (Ch. 238) § 238.17. Historic rehabilitation tax credit

(3)(a) Except as provided in par. (b), the corporation may not certify a person for a tax credit under sub. (1) if the person is not subject to the taxes imposed under s. 71.02, 71.08, 71.23, or 71.43, except that the corporation may certify a nonprofit entity described under section 501(c)(3) of the Internal Revenue Code for a tax credit under sub. (1) if the entity intends to sell or otherwise transfer the credit, as provided under s. 71.07(9m), 71.28(6)(h), or 71.47(6)(h).

(b) The corporation may certify a nonprofit entity not described under section 501(c)(3) of the Internal Revenue Code for a tax credit under sub. (1) by submitting the proposal for the certification to the joint committee on finance for approval. If the cochairpersons of the joint committee on finance do not notify the corporation within 14 working days after the date of the corporation's submittal that the committee has scheduled a meeting for the purpose of reviewing the proposal, the proposal may be implemented as proposed by the corporation. If, within 14 working days after the corporation's submittal, the cochairpersons of the joint committee on finance notify the corporation that the committee has scheduled a meeting for the purpose of reviewing the proposal, the proposal may be implemented only upon approval of the committee.