LRBa1304/1
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1997 - 1998 LEGISLATURE
ASSEMBLY AMENDMENT 1,
TO 1997 ASSEMBLY BILL 579
December 17, 1997 - Offered by Committee on Financial Institutions.
AB579-AA1,1,11 At the locations indicated, amend the bill as follows:
AB579-AA1,1,3 21. Page 4, line 7: on lines 7 and 22, delete "department of revenue" and
3substitute "commissioner of insurance".
AB579-AA1,1,4 42. Page 4, line 23: after that line insert:
AB579-AA1,1,6 5"(6) Nullification of credit precluded. This state may not impose a new tax
6or change an existing tax in order to nullify the credit created under this section.".
AB579-AA1,1,7 73. Page 5, line 20: delete lines 20 to 21 and substitute:
AB579-AA1,1,10 8"(2) "Certified capital company" means a person that has been certified by the
9department under s. 560.31 and that has not been decertified under s. 560.37 (3) or
10(3m).".
AB579-AA1,1,12 114. Page 9, line 21: delete the material beginning with that line and ending with
12page 10, line 3, and substitute:
AB579-AA1,2,5
1"(c) Prior to the first day of the 13th month beginning after the effective date
2of this paragraph .... [revisor inserts date], the department may not certify an
3investment under this subsection if, after the certification, the investor, together
4with all affiliates of the investor, would have more than $10,000,000 in certified
5capital investments.".
AB579-AA1,2,146 (d) If, as a result of the limitations under par. (b) or (c), the department may
7not certify the full amount requested in applications for certified capital investments
8submitted under par. (a), the department shall allocate the amounts available for
9certification in order of priority based on the date on which the application was filed.
10If the amounts available for certification are insufficient to certify the full amount
11of all applications for certified capital investments that are submitted on the same
12day, the department shall prorate the available amount on the basis of the amount
13that the investor has committed to invest in the certified capital company under par.
14(a).".
AB579-AA1,2,18 155. Page 12, line 13: after "(b)" insert "The proceeds of all capital of a qualified
16investment returned to a certified capital company by a qualified business may be
17placed in new qualified investments, which shall count toward the percentage
18requirements under par. (a) and s. 560.36 (3).".
AB579-AA1,2,19 196. Page 12, line 14: after "from" insert "the sale of".
AB579-AA1,2,21 207. Page 12, line 15: delete "s. 560.36 (3)." and substitute "ss. 560.36 (3) and
21560.37 (3m) (a) 2.".
AB579-AA1,2,22 228. Page 12, line 16: after "from" insert "the sale of".
AB579-AA1,2,23 239. Page 12, line 17: delete "and s." and substitute "and ss.".
AB579-AA1,2,24 2410. Page 12, line 18: after "from" insert "the sale of".
AB579-AA1,3,2
111. Page 12, line 18: delete "560.36 (3)." and substitute "560.36 (3) and 560.37
2(3m) (a) 2.".
AB579-AA1,3,4 312. Page 12, line 21: delete "s. 560.36 (3)." and substitute "ss. 560.36 (3) and
4560.37 (3m) (a) 2.".
AB579-AA1,3,5 513. Page 15, line 22: delete "of commerce".
AB579-AA1,3,7 614. Page 15, line 24: delete "department of revenue" and substitute
7"commissioner of insurance".
AB579-AA1,3,8 815. Page 16, line 11: delete "of commerce".
AB579-AA1,3,10 916. Page 16, line 12: delete "department of revenue" and substitute
10"commissioner of insurance".
AB579-AA1,3,11 1117. Page 16, line 13: after that line insert:
AB579-AA1,3,14 12"(3m) Voluntary decertification. (a) A certified capital company may
13voluntary decertify itself as a certified capital company if any of the following
14conditions are met:
AB579-AA1,3,1615 1. It has been at least 10 years since the last certified capital investment was
16made in the certified capital company.
AB579-AA1,3,1817 2. The certified capital company has placed in qualified investments an amount
18equal to 100% of the certified capital investment in the certified capital company.
AB579-AA1,3,2219 (b) A certified capital company wishing to decertify itself under this subsection
20shall send a notice to the department certifying that it is eligible for decertification
21under par. (a). The decertification is effective on the date that the notice under this
22paragraph is received by the department.".
AB579-AA1,3,23 2318. Page 16, line 18: after that line insert:
AB579-AA1,4,4
1"560.38 Department evaluation of program. Beginning on March 31,
22000, and on March 31 of each even-numbered year thereafter, the department shall
3submit a report to the legislature under s. 13.172 (2) regarding the program under
4this subchapter. The report shall include all of the following:
AB579-AA1,4,7 5(1) The total amount of certified capital investments made during the previous
62 calendar years, as well as the total amount of certified capital investments made
7since the effective date of this subsection .... [revisor inserts date].
AB579-AA1,4,9 8(2) Statistical information on the qualified investments made by certified
9capital companies during the previous 2 calendar years.
AB579-AA1,4,12 10(3) The department's assessment of the number of jobs created in this state
11during the previous 2 calendar years as a result of the certified capital company
12program under this subchapter.".
AB579-AA1,4,13 1319. Page 16, line 23: after that line insert:
AB579-AA1,4,17 14"(2) Position authorizations. The authorized FTE positions for the
15department of commerce are increased by 2.0 PR positions to be funded from the
16appropriation under section 20.143 (1) (hm) of the statutes, for the purpose of
17administering the program under subchapter II of chapter 560.".
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