New Form WQOF, Wisconsin Qualified Opportunity Fund Certificate

2019 Wisconsin Act 136 created a capital gain exclusion for certain taxpayers that invest in a Wisconsin qualified opportunity fund. "Wisconsin qualified opportunity fund" means a qualified opportunity fund, as defined in section 1400Z−2(d)(1) of the Internal Revenue Code, that holds at least 90 percent of its assets in Wisconsin qualified opportunity zone property, as measured on the last day of the first 6−month period of the fund's taxable year and the last day of the fund's taxable year.

The Act requires a fund to annually certify to the department and each investor that it qualifies as a Wisconsin qualified opportunity fund for the fund's taxable year. In order to meet the certification requirements, Form WQOF, Wisconsin Qualified Opportunity Fund Certificate, must be filed with the department and a copy provided to each investor no later than January 31 of the year following the close of the fund's taxable year.

Form WQOF must be filed electronically using DocuSign. To begin filing, use this link: 2020 Form WQOF. After you complete Form WQOF, you will receive a confirmation email which means the department has received your certificate. You may view, download, print, and save the completed Form WQOF by clicking on the link in your email. Provide a copy to each of your investors.

For more information, see the 2020 Form WQOF Instructions and Wisconsin Fact Sheet 1121, Capital Gain Exclusion – Investment in a Wisconsin Qualified Opportunity Fund.

Applicable Laws and Rules

This document provides statements or interpretations of the following laws and regulations enacted as of December 3, 2020: Sections 71.05(25m), 71.26(3)(vm), 71.34(1k)(p), and 71.45(2)(a)21., Wis. Stats.

Laws enacted and in effect after December 3, 2020, new administrative rules, and court decisions may change the interpretations in this document. Guidance issued prior to December 3, 2020, that is contrary to the information in this document is superseded by this document, pursuant to sec. 73.16(2)(a), Wis. Stats.

FOR QUESTIONS OR COMMENTS CONTACT:

MS 5-77
WISCONSIN DEPARTMENT OF REVENUE
Customer Service Bureau
PO Box 8949
Madison, WI 53708-8949
Phone: (608) 266-2486
Fax: (608) 267-1030
Email additional questions to DORIncome@wisconsin.gov

The department welcomes your input on our guidance. Submit comments on this guidance document.

Guidance Document Number: 100275

December 3, 2020