AB579-ASA1,7,75
560.34
(1) (d) (intro.) As a condition of the investment, the qualified business
6agrees, as long as the certified capital corporation continues to hold the investment,
7to
maintain do any of the following:
AB579-ASA1,7,8
81. Maintain at least 75% of its employees in this state.
AB579-ASA1,7,1110
560.34
(1) (d) 2. Pay at least 75% of its total payroll to employees who are
11employed in this state.
AB579-ASA1, s. 21
12Section
21. 560.34 (1m) (a) 3. of the statutes is created to read:
AB579-ASA1,7,1513
560.34
(1m) (a) 3. Within 7 years after the investment date for a particular
14investment pool, at least 70% of the investment pool shall be placed in qualified
15investments.
AB579-ASA1, s. 22
16Section
22. 560.34 (1m) (a) 4. of the statutes is created to read:
AB579-ASA1,7,1917
560.34
(1m) (a) 4. Within 10 years after the investment date for a particular
18investment pool, 100% of the investment pool shall be placed in qualified
19investments.
AB579-ASA1,7,2421
560.35
(1c) Investment in qualified business. Within 15 days after entering
22into an agreement with a qualified business to make a qualified investment in the
23business, a certified capital company shall report all of the following to the
24department:
AB579-ASA1,7,2525
(a) The name of the qualified business.
AB579-ASA1,8,1
1(b) The agreed upon amount of the qualified investment.
AB579-ASA1,8,22
(c) The type of investment, as specified in s. 560.34 (1) (a) 1. or 2. a. or b.
AB579-ASA1, s. 24
3Section
24. 560.35 (1m) of the statutes is renumbered 560.35 (1m) (a).
AB579-ASA1,8,105
560.35
(1m) (b) If a qualified business violates an agreement made under s.
6560.34 (1) (b) to (e), for purposes of the requirements under subs. (2) (b) and (c) and
7(3) and ss. 560.34 (1m) (a), 560.36 (3), and 560.37 (2), (3), and (3m) (a) 2. and the
8certified capital company tax credit, the certified capital company's qualified
9investments with respect to that qualified business shall be valued at one-half of the
10actual amount invested by the certified capital company.
AB579-ASA1,8,1712
560.35
(1r) Qualified investment schedule report. Within 30 days after the
13conclusion of each time period specified in s. 560.34 (1m) (a), a certified capital
14company shall report to the department, in the format and substance prescribed by
15the department, information required by the department for determining whether
16the certified capital company is in compliance with the percentage requirements
17under s. 560.34 (1m) (a).
AB579-ASA1, s. 27
18Section
27. 560.35 (2) (intro.) of the statutes is amended to read:
AB579-ASA1,8,2319
560.35
(2) Annual Semiannual reports. (intro.)
On
Each year, on or before
20January 31
annually, for the preceding 6-month period ending on December 31, and
21on or before July 31, for the preceding 6-month period ending on June 30, a certified
22capital company shall report
, in format and substance prescribed by the department, 23all of the following to the department:
AB579-ASA1,9,2
1560.35
(2) (a) The amount of the certified capital company's certified capital at
2the end of the preceding
year 6-month period.
AB579-ASA1,9,64
560.35
(2) (c) All qualified investments that the certified capital company has
5made during the
previous calendar year preceding 6-month period and the
6investment pool from which each qualified investment was made.
AB579-ASA1,9,108
560.37
(4) Effect of decertification. Decertification of a certified capital
9company or an investment pool has the effects specified in
s. ss. 71.47 (7) (e) and 1076.635 (4).
AB579-ASA1,9,1512
560.37
(5) Notices to certified investors. The department shall notify a
13certified investor when the certified capital company tax credit arising from a
14certified investment is no longer subject to recapture and forfeiture under
s. ss. 71.47
15(7) (e) and 76.635 (4).
AB579-ASA1,9,23
17(1) Performance evaluation audit. The joint legislative audit committee is
18requested to, and may, direct the legislative audit bureau to perform a performance
19evaluation audit of the program under subchapter II of chapter 560 of the statutes,
20which shall include evaluating the overall effectiveness of the program. If the
21committee directs the legislative audit bureau to perform an audit under this
22subsection, the bureau shall file its report as described in section 13.94 (1) (b) of the
23statutes by January 1, 2003.
AB579-ASA1,10,2
1(1
) The treatment of sections 71.47 (7) and 560.37 (4) and (5) of the statutes first
2applies to taxable years beginning on January 1, 2002.
AB579-ASA1,10,4
3(2) The treatment of section 560.34 (1m) (a) 3. and 4. of the statutes first applies
4to investment pools for which December 31, 1999, is the investment date.
AB579-ASA1,10,7
5(3) The treatment of sections 560.30 (10) (a), (c), (d), and (e), 560.31 (2) (g), and
6560.32 (2) (b) 2. and (c) 2. and (4) of the statutes first applies to credits claimed on
7July 1, 2003.