560.735 (6) (a) 2. Each area meets at least 2 3 of the criteria listed in s. 560.71 (1) (e) 1. to 6
4.
209,80
Section 80
. 560.735 (6) (a) 3. of the statutes is amended to read:
560.735 (6) (a) 3. Considered together, the areas meet the requirements of subs. sub. (1) and (3).
209,81
Section 81
. 560.735 (6) (b) of the statutes is amended to read:
560.735 (6) (b) In Except as provided in par. (c), in a 1st class city, not more than 4 up to 8 separate areas may be nominated or designated as one development zone, if par. (a) 1. to 3. applies.
209,82
Section 82
. 560.735 (6) (c) of the statutes is created to read:
560.735 (6) (c) If an application is submitted by the governing body of a county under s. 560.72 (2) or (3), up to 4 separate areas may be nominated or designated as one development zone, if par. (a) 1. to 3. applies.
209,83
Section 83
. 560.735 (6m) of the statutes is created to read:
560.735 (6m) An area that is comprised of entire counties may be nominated or designated as one development zone
if the area is comprised of no more than 2 entire counties. An area that is comprised of 2 entire counties may be nominated or designated as a development zone only if the population of the entire area does not exceed 75,000.
209,84
Section 84
. 560.74 (2) of the statutes is amended to read:
560.74 (2) The department may approve an application for a boundary change if the development zone, as affected by the boundary changes, meets the applicable requirements of s. 560.735 and 2 3 of the criteria under s. 560.71 (1) (e) 1. to 6 4.
209,85
Section 85
. 560.745 (2) (a) of the statutes is amended to read:
560.745 (2) (a) When the department designates a development zone under s. 560.71, it shall establish a limit for tax benefits for the development zone determined by allocating to the development zone, under rules promulgated by the department, a portion of $21,155,000 $28,155,000.
209,86
Section 86
. 560.745 (2) (am) of the statutes is created to read:
560.745 (2) (am) Notwithstanding par. (a), the department may increase the established limit for tax benefits for a development zone that was designated before the effective date of this paragraph .... [revisor inserts date], by no more than $500,000.
209,87
Section 87
. 560.75 (3) of the statutes is repealed.
209,88
Section 88
. 560.763 (title) of the statutes is amended to read:
560.763 (title) Duties of local governing bodies; advisory boards.
209,89
Section 89
. 560.763 (1) (a) of the statutes is repealed.
209,90
Section 90
. 560.763 (2) of the statutes is repealed.
209,91
Section 91
. 560.763 (3) of the statutes is repealed.
209,92
Section 92
. 560.79 of the statutes is repealed.
209,93
Section 93
. 560.797 (1) (c) of the statutes, as created by 1995 Wisconsin Act 27, is amended to read:
560.797 (1) (c) “Target population" means persons who are members of targeted groups for the purpose of the credit under ss. 71.07 (2dj), 71.28 (1dj) and 71.47 (1dj) has the meaning given in s. 560.70 (6).
209,94
Section 94
.
Initial applicability.
(1) Tax credits. (a) The treatment of sections 20.835 (2) (cm) and (cn), 71.05 (6) (a) 15., 71.07 (2dd) (a) 2., (2dj) (am) 4h., 4i. and 8m., (d) and (h), (2dr) and (2ds) (c) and (h), 71.10 (4) (gd), (ge), (gm) and (i), 71.28 (1dd) (a) 2., (1dj) (am) 4h., 4i. and 8m., (d) and (h) and (1ds) (c) and (h), 71.30 (3) (eb), (ec) and (f), 71.47 (1dd) (a) 2., (1dj) (am) 4h., 4i. and 8m., (d) and (h) and (1ds) (c) and (h), 71.49 (1) (eb), (ec) and (f), 73.03 (35), 77.92 (4) and 560.70 (7) of the statutes first applies to taxable years beginning on January 1, 1997.
(b) The treatment of sections 71.07 (2dd) (a) 1., 71.28 (1dd) (a) 1. and 71.47 (1dd) (a) 1. of the statutes applies retroactively to taxable years beginning on January 1, 1995.
(c) The treatment of sections 71.07 (2dj) (am) 1., 71.28 (1dj) (am) 1. and 71.47 (1dj) (am) 1. of the statutes first applies to taxable years beginning on January 1, 1996.
(2) Development zone program changes. The treatment of sections 560.70 (4) and (6), 560.71 (1) (cm) and (e) and (1m), 560.72 (2) (c), (3) and (4), 560.723, 560.725 (1) (intro.) and (a) to (h), (2) and (3), 560.73 (1) (f) and (g) and (3), 560.735 (6) (a) (intro.) and 2. and (c) and (6m) and 560.74 (2) of the statutes first applies to areas nominated for designation as development zones for which applications are submitted on the effective date of this subsection.
209,95
Section 95
.
Effective dates. This act takes effect on the day after publication, except as follows:
(1) Research credit. The treatment of section 71.07 (2dr) of the statutes takes effect on July 1, 1996, or on the day after publication, whichever is later.
