LRB-1184/P2
AJM:ahe
2017 - 2018 LEGISLATURE
DOA:......Quinn, BB0157 - Redesignating enterprise development zones
For 2017-2019 Budget -- Not Ready For Introduction
An Act ...; relating to: the budget.
Analysis by the Legislative Reference Bureau
commerce and economic development
Economic development
This bill provides that WEDC may cancel the designation of an enterprise zone if WEDC revokes all of the certifications for tax benefits within that zone. After WEDC cancels a designation, WEDC may designate a new enterprise zone. The bill also provides that if a current enterprise zone expires after 12 years, as required under current law, WEDC may designate a new enterprise zone.
For further information see the state and local fiscal estimate, which will be printed as an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
Section
1. 238.399 (3) (e) of the statutes is created to read:
238.399 (3) (e) If the corporation revokes all certifications for tax benefits within a designated enterprise zone, the corporation may cancel the designation of that enterprise zone. After canceling the designation of an enterprise zone, the corporation may designate a new enterprise zone subject to the limits of this subsection.
Section
2. 238.399 (4) of the statutes is renumbered 238.399 (4) (a).
Section
3. 238.399 (4) (b) of the statutes is created to read:
238.399 (4) (b) If an enterprise zone designation expires under par. (a), the corporation may designate a new enterprise zone subject to the limits of sub. (3).
Section
4. 238.399 (5m) of the statutes is amended to read:
238.399 (5m) Additional tax benefits for significant capital expenditures. If the corporation determines that a business certified under sub. (5) makes a significant capital expenditure in the enterprise zone, the corporation may certify the business to receive additional tax benefits in an amount to be determined by the corporation, but not exceeding 10 percent of the business' capital expenditures. The corporation shall, in a manner determined by the corporation, allocate the tax benefits a business is certified to receive under this subsection over the remainder of the time limit of the enterprise zone under sub. (4) (a).
(End)
