Relating to: creating a tax credit for insurers for certain investments in community development entities. (FE)

SB 658 creates a tax credit for insurance companies that invest in community development entities (CDEs) focused on low-income communities. Insurers can claim a credit equal to 0% of their investment for the first two years and 10% for the next five years, based on the investment amount, against certain insurance fees. The credit applies only to investments where CDEs use at least 100% of funds to support qualified low-income businesses with operations in Wisconsin's rural counties ($125 million allocation) or metro counties ($125 million allocation). This policy directly affects insurers, CDEs, and qualifying businesses in targeted communities, aiming to incentivize private investment in economic development.