238.133(2) (2)Duties of the corporation.
238.133(2)(a)(a) The corporation shall administer a program to award brownfield site assessment grants from the appropriation under s. 20.192 (1) (s) to local governmental units for the purposes of conducting any of the eligible activities under sub. (3).
238.133(2)(b) (b) The corporation may not award a grant to a local governmental unit under this section if that local governmental unit caused the environmental contamination that is the basis for the grant request.
238.133(2)(c) (c) The corporation may only award grants under this section if the person that caused the environmental contamination that is the basis for the grant request is unknown, cannot be located or is financially unable to pay the cost of the eligible activities.
238.133(2)(d) (d) The corporation shall establish criteria as necessary to administer the program. The corporation may limit the total amount of funds that may be used to cover the costs of each category of eligible activity described in sub. (3).
238.133(3) (3)Eligible activities. The corporation may award grants to local governmental units to cover the costs of the following activities:
238.133(3)(a) (a) The investigation of environmental contamination on an eligible site or facility for the purposes of reducing or eliminating environmental contamination.
238.133(3)(b) (b) The demolition of any structures, buildings or other improvements located on an eligible site or facility.
238.133(3)(c) (c) The removal of abandoned containers, as defined in s. 292.41 (1), from an eligible site or facility.
238.133(3)(d) (d) Asbestos abatement activities, as defined in s. 254.11 (2), conducted as part of activities described in par. (b) on an eligible site or facility.
238.133(3)(e) (e) The removal of underground hazardous substance storage tank systems.
238.133(3)(f) (f) The removal of underground petroleum product storage tank systems.
238.133(4) (4)Application for grant. The applicant shall submit an application on a form prescribed by the corporation and shall include any information that the corporation finds necessary to calculate the amount of a grant.
238.133(5) (5)Grant criteria. The corporation shall consider the following criteria when determining whether to award a grant:
238.133(5)(a) (a) The local governmental unit's demonstrated commitment to performing and completing necessary environmental remediation activities on the eligible site, including the local governmental unit's financial commitment.
238.133(5)(b) (b) The degree to which the project will have a positive impact on public health and the environment.
238.133(5)(c) (c) Other criteria that the corporation finds necessary to calculate the amount of a grant.
238.133(6) (6)Limitation of grant. The total amount of all grants awarded to a local governmental unit in a fiscal year under this section shall be limited to an amount equal to 15% of the available funds appropriated under s. 20.192 (1) (s) for the fiscal year.
238.133(7) (7)Matching funds. The corporation may not distribute a grant unless the applicant contributes matching funds equal to 20% of the grant. Matching funds may be in the form of cash or in-kind contribution or both.
238.133 History History: 1999 a. 9; 2001 a. 16, 30; 2011 a. 32 s. 2990r; Stats. 2011 s. 238.133; 2013 a. 20.
238.135 238.135 Grants to regional economic development organizations. The corporation shall award annual grants to regional economic development organizations to fund marketing activities. The amount of each grant may not exceed $100,000 or the amount of matching funds the organization obtains from sources other than the corporation or the state, whichever is less.
238.135 History History: 2011 a. 32.
238.14 238.14 St. Croix Valley Business Incubator. From the appropriation under s. 20.192 (1) (a), the corporation shall make a grant of $250,000 to the River Falls Economic Development Corporation to construct the St. Croix Valley Business Incubator. The corporation may award the grant under this section only if federal moneys are secured for the same purpose.
238.14 History History: 2015 a. 55.
238.145 238.145 Grants for fabrication laboratories.
238.145(1) (1) In this section:
238.145(1)(a) (a) "Eligible recipient" means a person the corporation certifies under sub. (2) (b) as eligible to receive grants under this section.
238.145(1)(b) (b) "Fabrication laboratory" means a medium-scale, high-technology workshop equipped with computer-controlled additive and subtractive manufacturing components, including 3-dimensional printers, laser engravers, computer numerical control routers, or plasma cutters.
238.145(2) (2)
238.145(2)(a)(a) The corporation shall implement an economic development program to award grants under this section.
238.145(2)(b) (b) The corporation may certify a person as eligible to receive grants under this section as provided in policies and procedures adopted by the corporation under sub. (6).
238.145(2)(c) (c) The corporation may not certify a person under par. (b) after June 30, 2017.
238.145(3) (3)
238.145(3)(a)(a) From the appropriation under s. 20.192 (1) (a), the corporation may award up to a total of $500,000 in grants to eligible recipients.
238.145(3)(b) (b) The corporation may not award grants totaling more than $75,000 to each eligible recipient, and the corporation may not award a grant of more than $25,000 to an eligible recipient in any year.
238.145(4) (4) An eligible recipient of a grant under this section shall use all grant moneys for the purchase of equipment used for instructional and educational purposes in one or more fabrication laboratories by elementary, middle, junior, or senior high school students.
238.145(5) (5)
238.145(5)(a)(a) The corporation shall award grants under this section annually, on a competitive basis, based on an eligible recipient's financial need; and, subject to the limitations under par. (b), the corporation may not take into account whether an eligible recipient was previously awarded a grant under this section in determining whether to award a grant to the eligible recipient.
238.145(5)(b) (b) The corporation may award no more than 3 annual grants to each eligible recipient, as follows:
238.145(5)(b)1. 1. In the first grant year, the corporation may contribute up to 75 percent of the eligible recipient's equipment expenditures under sub. (4).
238.145(5)(b)2. 2. In the 2nd grant year, the corporation may contribute up to 50 percent of the eligible recipient's equipment expenditures under sub. (4).
238.145(5)(b)3. 3. In the 3rd grant year, the corporation may contribute up to 25 percent of the eligible recipient's equipment expenditures under sub. (4).
238.145(6) (6) The corporation shall adopt policies and procedures to implement the grant program under this section.
238.145 History History: 2015 a. 55.
238.15 238.15 Early stage business investment program.
238.15(1)(1) Angel investment tax credits. The corporation shall implement a program to certify businesses for purposes of s. 71.07 (5d). A business desiring certification shall submit an application to the corporation in each taxable year for which the business desires certification. The business shall specify in its application the investment amount it wishes to raise and the corporation may certify the business and determine the amount that qualifies for purposes of s. 71.07 (5d). The corporation may certify or recertify a business for purposes of s. 71.07 (5d) only if the business satisfies all of the following conditions:
238.15(1)(a) (a) It has its headquarters in this state.
238.15(1)(b) (b) At least 51 percent of the employees employed by the business are employed in this state.
238.15(1)(f) (f) It has the potential for increasing jobs in this state, increasing capital investment in this state, or both, and any of the following apply:
238.15(1)(f)1. 1. It is engaged in, or has committed to engage in, innovation in any of the following:
238.15(1)(f)1.a. a. Manufacturing, biotechnology, nanotechnology, communications, agriculture, or clean energy creation or storage technology.
238.15(1)(f)1.b. b. Processing or assembling products, including medical devices, pharmaceuticals, computer software, computer hardware, semiconductors, any other innovative technology products, or other products that are produced using manufacturing methods that are enabled by applying differentiating technology.
238.15(1)(f)1.c. c. Services that are enabled by applying differentiating technology.
238.15(1)(f)2. 2. It is undertaking pre-commercialization activity related to differentiating technology that includes conducting research, developing a new product or business process, or developing a service that is principally reliant on applying differentiating technology.
238.15(1)(g) (g) It is not primarily engaged in real estate development, insurance, banking, lending, lobbying, political consulting, professional services provided by attorneys, accountants, business consultants, physicians, or health care consultants, wholesale or retail trade, leisure, hospitality, transportation, or construction, except construction of power production plants that derive energy from a renewable resource, as defined in s. 196.378 (1) (h).
238.15(1)(h) (h) At the time it is initially certified under this subsection, it has less than 100 employees.
238.15(1)(j) (j) At the time it is initially certified under this subsection, it has been in operation in this state for not more than 10 consecutive years.
238.15(1)(k) (k) For taxable years beginning before January 1, 2008, it has not received more than $1,000,000 in investments that have qualified for tax credits under s. 71.07 (5d).
238.15(1)(km) (km) It has not received aggregate private equity investment in cash of more than $10,000,000 before it is initially certified under this subsection.
238.15(1)(kn) (kn) For taxable years beginning after December 31, 2007 and before January 1, 2011, it has not received more than $4,000,000 in investments that have qualified for tax credits under ss. 71.07 (5b) and (5d), 71.28 (5b), 71.47 (5b), and 76.638.
238.15(1)(L) (L) For taxable years beginning after December 31, 2010, it has not received more than $8,000,000 in investments that have qualified for tax credits under ss. 71.07 (5b) and (5d), 71.28 (5b), 71.47 (5b), and 76.638.
238.15(1)(m)1.1. It agrees that it will not relocate outside of this state during the 3 years after it receives an investment for which a person may claim a tax credit under s. 71.07 (5d) and agrees to pay the corporation a penalty, in an amount determined under subd. 2., if the business relocates outside of this state during that 3-year period. For the purposes of this paragraph, except as provided in policies and procedures under sub. (3) (dm), a business relocates outside of this state when the business locates more than 51 percent of any of the following outside of this state:
238.15(1)(m)1.a. a. The business's employees.
238.15(1)(m)1.b. b. The business's total payroll.
238.15(1)(m)1.c. c. The activities of the business's headquarters, as determined by the corporation.
238.15(1)(m)2. 2. The amount of a penalty payment under subd. 1. is any of the following:
238.15(1)(m)2.a. a. If the relocation occurs less than 12 months after the investment, 100 percent of the tax credit that was claimed under s. 71.07 (5d) as the result of the investment.
238.15(1)(m)2.b. b. If the relocation occurs 12 months or more after the investment but less than 24 months after the investment, 80 percent of the tax credit that was claimed under s. 71.07 (5d) as the result of the investment.
238.15(1)(m)2.c. c. If the relocation occurs occurs 24 months or more after the investment but less than 36 months after the investment, 60 percent of the tax credit that was claimed under s. 71.07 (5d) as the result of the investment.
238.15(1)(m)3. 3. Subdivision 1. does not apply to a business that the corporation certified for purposes of s. 71.07 (5d) before April 20, 2012, and that, in reliance on that certification, executed a note or bond that is convertible to an equity interest.
238.15(2) (2)Early stage seed investment tax credits. The corporation shall implement a program to certify investment fund managers for purposes of ss. 71.07 (5b), 71.28 (5b), 71.47 (5b), and 76.638. An investment fund manager desiring certification shall submit an application to the corporation. The investment fund manager shall specify in the application the investment amount that the manager wishes to raise and the corporation may certify the manager and determine the amount that qualifies for purposes of ss. 71.07 (5b), 71.28 (5b), 71.47 (5b), and 76.638. In determining whether to certify an investment fund manager, the corporation shall consider the investment fund manager's experience in managing venture capital funds, the past performance of investment funds managed by the applicant, the expected level of investment in the investment fund to be managed by the applicant, and any other relevant factors. The corporation may certify only investment fund managers that commit to consider placing investments in businesses certified under sub. (1).
238.15(3) (3)Administration.
238.15(3)(a)(a) List of certified businesses and investment fund managers. The corporation shall maintain a list of businesses certified under sub. (1) and investment fund managers certified under sub. (2) and shall permit public access to the lists through the corporation's Internet Web site.
238.15(3)(d) (d) Administration. The corporation, in consultation with the department of revenue, shall establish policies and procedures to administer this section and shall further define "bona fide angel investment" for purposes of s. 71.07 (5d) (a) 1. The aggregate amount of tax credits under s. 71.07 (5d) that may be claimed for investments in businesses certified under sub. (1) and of 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) is $30,000,000 per calendar year. The policies and procedures shall provide that a person who receives a credit under s. 71.07 (5b) or (5d), 71.28 (5b), 71.47 (5b), or 76.638 must keep the investment in a certified business, or with a certified fund manager, for no less than 3 years, unless the person's investment becomes worthless, as determined by the corporation, during the 3-year period or the person has kept the investment for no less than 12 months and a bona fide liquidity event, as determined by the corporation, occurs during the 3-year period. The policies and procedures shall permit the corporation to reallocate credits under this section in any calendar year that are unused in that calendar year to a person eligible for tax benefits, as defined under s. 238.30 (7) (e), if all of the following apply:
Effective date note NOTE: Par. (d) (intro.) is shown as amended eff. 1-1-16 by 2015 Wis. Act 55. Prior to 1-1-16 it reads:
Effective date text (d) Administration. The corporation, in consultation with the department of revenue, shall establish policies and procedures to administer this section and shall further define "bona fide angel investment" for purposes of s. 71.07 (5d) (a) 1. The aggregate amount of tax credits under s. 71.07 (5d) that may be claimed for investments in businesses certified under sub. (1) and of 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) is $30,000,000 per calendar year. The policies and procedures shall provide that a person who receives a credit under s. 71.07 (5b) or (5d), 71.28 (5b), 71.47 (5b), or 76.638 must keep the investment in a certified business, or with a certified fund manager, for no less than 3 years, unless the person's investment becomes worthless, as determined by the corporation, during the 3-year period or the person has kept the investment for no less than 12 months and a bona fide liquidity event, as determined by the corporation, occurs during the 3-year period. The policies and procedures shall permit the corporation to reallocate credits under this section in any calendar year that are unused in that calendar year to a person eligible for tax benefits, as defined under s. 238.16 (1) (d), if all of the following apply:
238.15(3)(d)1. 1. The corporation notifies the joint committee on finance in writing of its proposed reallocation.
238.15(3)(d)2. 2. One of the following is true:
238.15(3)(d)2.a. a. The cochairpersons of the joint committee on finance fail to notify the corporation, within 14 working days after the date of the corporation's notification under subd. 1., that the committee has scheduled a meeting for the purpose of reviewing the proposed reallocation.
238.15(3)(d)2.b. b. The cochairpersons of the joint committee on finance notify the corporation that the committee has approved the proposed reallocation.
238.15(3)(dm) (dm) The corporation's policies and procedures under this subsection shall provide that a business is considered to have not relocated outside of this state under sub. (1) (m) 1., regardless of whether the business satisfies sub. (1) (m) 1. a. and b., if the corporation determines that the business's investment and employment levels in this state have not diminished.
238.15(3)(e) (e) Transfer. A person who is eligible to claim a credit under s. 71.07 (5b), 71.28 (5b), 71.47 (5b), or 76.638 may sell or otherwise transfer the credit to another person who is subject to the taxes or fees imposed under s. 71.02, 71.23, 71.47, or subch. III of ch. 76, if the person receives prior authorization from the investment fund manager and the manager then notifies the corporation and the department of revenue of the transfer and submits with the notification a copy of the transfer documents. No person may sell or otherwise transfer a credit as provided in this paragraph more than once in a 12-month period. The corporation may charge any person selling or otherwise transferring a credit under this paragraph a fee of up to 5 percent of the credit amount sold or transferred.
238.15(3)(f) (f) Limit on future allocations.
238.15(3)(f)1.1. Beginning with December 31, 2014, tax credits that the corporation has not allocated under this section on or before December 31 of each year may not be allocated after that date.
238.15(3)(f)2. 2. Subdivision 1. does not apply to an allocation of tax credits occurring after December 31, 2014, and before July 14, 2015.
238.15 History History: 2003 a. 255; 2005 a. 49, 97; 2007 a. 20, 125; 2009 a. 2, 265, 276; 2011 a. 32 s. 3356; Stats. 2011 s. 238.15; 2011 a. 213; 2015 a. 55.
238.16 238.16 Jobs tax credit.
238.16(1)(1) Definitions. In this section:
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2013-14 Wisconsin Statutes updated through 2015 Wis. Act 60 and all Supreme Court Orders entered before August 26, 2015. Published and certified under s. 35.18. Changes effective after August 26, 2015 are designated by NOTES. (Published 8-26-15)