AB513: Bill Text

AB513, s. 10 Section 10. 71.06 (2) (g) 6. of the statutes is created to read:

AB513,8,16 71.06 (2) (g) 6. On all taxable income exceeding $1,000,000, 8.75 percent.

AB513, s. 11 Section 11. 71.06 (2) (h) 5. of the statutes, as created by 2009 Wisconsin Act 28, is amended to read:

AB513,8,20 71.06 (2) (h) 5. On all taxable income exceeding $150,000 but not exceeding $500,000, 7.75 percent.

AB513, s. 12 Section 12. 71.06 (2) (h) 6. of the statutes is created to read:

AB513,8,22 71.06 (2) (h) 6. On all taxable income exceeding $500,000, 8.75 percent.

AB513, s. 13 Section 13. 71.06 (2e) (b) of the statutes, as created by 2009 Wisconsin Act 28, is amended to read:

AB513,9,17 71.06 (2e) (b) For taxable years beginning after December 31, 2009, the maximum dollar amount in each tax bracket, and the corresponding minimum dollar amount in the next bracket, under subs. (1p) (d) and (e) and (2) (g) 4. and 5. and (h) 4. and 5., and the dollar amount in the top bracket under subs. (1p) (e) (f) and (2) (g) 5. 6. and (h) 5. 6., shall be increased each year by a percentage equal to the percentage change between the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August of the previous year and the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August 2008, as determined by the federal department of labor, except that for taxable years beginning after December 31, 2011, the adjustment may occur only if the resulting amount is greater than the corresponding amount that was calculated for the previous year. Each amount that is revised under this paragraph shall be rounded to the nearest multiple of $10 if the revised amount is not a multiple of $10 or, if the revised amount is a multiple of $5, such an amount shall be increased to the next higher multiple of $10. The department of revenue shall annually adjust the changes in dollar amounts required under this paragraph and incorporate the changes into the income tax forms and instructions.

AB513, s. 14 Section 14. 71.09 (11) (f) of the statutes, as created by 2009 Wisconsin Act 28, is amended to read:

AB513,9,23 71.09 (11) (f) The taxpayer has underpaid the taxpayer's estimated taxes due to the change in brackets under s. 71.06 (1p) (e) or (f) and (2) (g) 5. or 6. and (h) 5. or 6. This paragraph applies only in the first taxable year to which these bracket changes apply.

AB513, s. 15 Section 15. 560.147 of the statutes is created to read:

AB513,9,25 560.147 Grants for business retooling and retention. (1) In this section:

AB513,10,1 (a) "Economically distressed area" means any of the following:

AB513,10,4 1. A county, city, or micropolitan statistical area with an unemployment rate of at least 6 percent in 2 or more months during the 12 months preceding the date of the grant application.

AB513,10,8 2. A county, city, or micropolitan statistical area with an average unemployment rate equal to at least 120 percent of the statewide average unemployment rate during the 12 months preceding the date of the grant application.

AB513,10,11 3. A county, city, or micropolitan statistical area with an unemployment rate that has increased by at least 2 percent during the 12 months preceding the date of the grant application.

AB513,10,14 (b) "Micropolitan statistical area" means a geographic area defined by the federal office of management and budget for use by federal agencies in collecting, tabulating, and publishing federal statistics.

AB513,10,18 (2) (a) From the appropriation under s. 20.143 (1) (cr), the department may award a grant to a business that applies to the department under this section for capital investments to upgrade or modernize the operations, facilities, or equipment of the business if all of the following are satisfied:

AB513,10,20 1. The operations, facilities, or equipment of the business are located in an economically distressed area of this state.

AB513,10,22 2. The business demonstrates to the satisfaction of the department that the capital investments will result in the retention or creation of jobs.

AB513,11,2 (b) The department shall award grants on a competitive basis and shall give priority to a business that has established or that proposes to establish a partnership with a technical college district board for the purpose of providing skill training or retraining to meet the specific workforce needs of that business.

AB513,11,7 (3) The department shall promulgate rules to implement and administer this section. The rules under this subsection shall include limits on the amount of a grant to be awarded under this section to ensure that grant moneys are distributed to as many eligible businesses as possible and will result in the retention or creation of as many jobs as possible.

AB513, s. 16 Section 16. 560.205 (3) (d) of the statutes, as affected by 2009 Wisconsin Act 2, is amended to read:

AB513,12,9 560.205 (3) (d) Rules. The department of commerce, in consultation with the department of revenue, shall promulgate rules to administer this section. The rules shall further define "bona fide angel investment" for purposes of s. 71.07 (5d) (a) 1. The rules shall limit the aggregate amount of tax credits under s. 71.07 (5d) that may be claimed for investments in businesses certified under sub. (1) at $3,000,000 per calendar year for calendar years beginning after December 31, 2004, and before January 1, 2008, $5,500,000 per calendar year for calendar years beginning after December 31, 2007, and before January 1, 2010, $7,500,000 per calendar year for calendar years beginning after December 31, 2009, and before January 1, 2011, and $18,000,000 $20,000,000 per calendar year for calendar years beginning after December 31, 2010, plus, for taxable years beginning after December 31, 2010, an additional $250,000 for tax credits that may be claimed for investments in nanotechnology businesses certified under sub. (1). The rules shall also limit the aggregate amount of the tax credits under ss. 71.07 (5b), 71.28 (5b), 71.47 (5b), and 76.638 that may be claimed for investments paid to fund managers certified under sub. (2) at $3,500,000 per calendar year for calendar years beginning after December 31, 2004, and before January 1, 2008, $6,000,000 per calendar year for calendar years beginning after December 31, 2007, and before January 1, 2011, and $18,500,000 per calendar year for calendar years beginning after December 31, 2010, plus, for taxable years beginning after December 31, 2010, an additional $250,000 for tax credits that may be claimed for investments in nanotechnology businesses certified under sub. (1). The rules shall also provide that, for calendar years beginning after December 31, 2007, no person may receive a credit under ss. 71.07 (5b) and (5d), 71.28 (5b), 71.47 (5b), or 76.638 unless the person's investment is kept in a certified business, or with a certified fund manager, for no less than 3 years.

AB513, s. 9110 Section 9110. Nonstatutory provisions; Commerce.

AB513,12,11 (1) Rule making.

AB513,12,14 (a) The department of commerce shall submit in proposed form the rules required under section 560.147 (3) of the statutes, as created by this act, no later than the first day of the 4th month beginning after the effective date of this paragraph.

AB513,13,4 (b) Using the emergency rules procedure under section 227.24 of the statutes, the department of commerce shall promulgate the rules required under section 560.147 (3) of the statutes, as created by this act, for purposes of implementing the grant program under section 560.147 of the statutes, as created by this act, for the period before the effective date of the rules submitted under paragraph (a). The department of commerce shall promulgate these emergency rules no later than the first day of the 4th month beginning after the effective date of this paragraph. Notwithstanding section 227.24 (1) (c) and (2) of the statutes, emergency rules promulgated under this subsection remain in effect until July 1, 2010, or until the date on which permanent rules take effect, whichever is sooner. Notwithstanding section 227.24 (1) (a) and (3) of the statutes, the department is not required to provide evidence that promulgating a rule under this subsection as an emergency rule is necessary for the preservation of the public peace, health, safety, or welfare and is not required to provide a finding of emergency for a rule promulgated under this subsection.

AB513,13,11 (c) Notwithstanding sections 227.137 (2) and 227.138 (2) of the statutes, if the secretary of administration requires the department of commerce to prepare an economic impact report for the rules required under section 560.147 (3) of the statutes, as created by this act, the department may submit the proposed rules to the legislature for review under section 227.19 (2) of the statutes before the department completes the economic impact report and before the department receives a copy of the report and approval under section 227.138 (2) of the statutes.

AB513, s. 9148 Section 9148. Nonstatutory provisions; Technical College System

AB513,13,22 (1) Rules. Using the procedure under section 227.24 of the statutes, the technical college system board shall promulgate rules required under section 38.31 (8) of the statutes, as created by this act, for the period before the effective date of the permanent rules promulgated under that section, but not to exceed the period authorized under section 227.24 (1) (c) and (2) of the statutes. Notwithstanding section 227.24 (1) (a), (2) (b), and (3) of the statutes, the technical college system board is not required to provide evidence that promulgating a rule under this subsection as an emergency rule is necessary for the preservation of public peace, health, safety, or welfare and is not required to provide a finding of an emergency for a rule promulgated under this subsection.

AB513, s. 9223 Section 9223. Fiscal changes; Higher Educational Aids Board.

AB513,14,9 (1) Wisconsin higher education grants; University of Wisconsin System students. In the schedule under section 20.005 (3) of the statutes for the appropriation to the higher educational aids board under section 20.235 (1) (fe) of the statutes, as affected by the acts of 2009, the dollar amount is increased by $5,563,900 for the first fiscal year of the fiscal biennium in which this subsection takes effect for the purpose for which the appropriation is made. In the schedule under section 20.005 (3) of the statutes for the appropriation to the higher educational aids board under section 20.235 (1) (fe) of the statutes, as affected by the acts of 2009, the dollar amount is increased by $11,504,800 for the second fiscal year of the fiscal biennium in which this subsection takes effect for the purpose for which the appropriation is made.

AB513,14,19 (2) Wisconsin higher education grants; technical college students. In the schedule under section 20.005 (3) of the statutes for the appropriation to the higher educational aids board under section 20.235 (1) (ff) of the statutes, as affected by the acts of 2009, the dollar amount is increased by $7,993,000 for the first fiscal year of the fiscal biennium in which this subsection takes effect for the purpose for which the appropriation is made. In the schedule under section 20.005 (3) of the statutes for the appropriation to the higher educational aids board under section 20.235 (1) (ff) of the statutes, as affected by the acts of 2009, the dollar amount is increased by $16,123,800 for the second fiscal year of the fiscal biennium in which this subsection takes effect for the purpose for which the appropriation is made.

AB513,15,4 (3) Wisconsin higher education grants; tribal college students. In the schedule under section 20.005 (3) of the statutes for the appropriation to the higher educational aids board under section 20.235 (1) (km) of the statutes, as affected by the acts of 2009, the dollar amount is increased by $108,300 for the first fiscal year of the fiscal biennium in which this subsection takes effect for the purpose for which the appropriation is made. In the schedule under section 20.005 (3) of the statutes for the appropriation to the higher educational aids board under section 20.235 (1) (km) of the statutes, as affected by the acts of 2009, the dollar amount is increased by $263,700 for the second fiscal year of the fiscal biennium in which this subsection takes effect for the purpose for which the appropriation is made.

AB513,15,14 (4) Tuition grants. In the schedule under section 20.005 (3) of the statutes for the appropriation to the higher educational aids board under section 20.235 (1) (b) of the statutes, as affected by the acts of 2009, the dollar amount is increased by $1,867,500 for the first fiscal year of the fiscal biennium in which this subsection takes effect for the purpose for which the appropriation is made. In the schedule under section 20.005 (3) of the statutes for the appropriation to the higher educational aids board under section 20.235 (1) (b) of the statutes, as affected by the acts of 2009, the dollar amount is increased by $3,179,200 for the second fiscal year of the fiscal biennium in which this subsection takes effect for the purpose for which the appropriation is made.

AB513, s. 9343 Section 9343. Initial applicability; Revenue.

AB513,15,18 (1) Individual income tax brackets. The treatment of sections 71.06 (1p) (e) and (f) and (2) (g) 5. and 6. and (h) 5. and 6. and 71.09 (11) (f) of the statutes first applies to taxable years beginning on January 1, 2009.

AB513,15,19 (End)