SB40: Bill Text

SB40,1576,20 1. Establish and implement programs to prepare entrepreneurs of emerging industries for angel and venture capital investments.

SB40,1576,22 2. Strategically match entrepreneurs of emerging industries with sources of capital or management expertise or both.

SB40,1576,25 3. Work with technology transfer offices of universities and colleges to facilitate a match between entrepreneurs of emerging industries and sources of capital or management expertise or both.

SB40,1577,2 4. Provide research and analysis services regarding emerging industries in this state to prospective angel investors and venture capitalists.

SB40,1577,4 5. Provide a venue for bringing together prospective angel investors and venture capitalists with entrepreneurs of emerging industries.

SB40,1577,6 (b) From the appropriation under s. 20.143 (1) (fi), the department shall make the following grants:

SB40,1577,10 1. In fiscal year 2007-08, a one-time grant of $700,000 to the emerging industries development corporation. No matching funds are required for the grant under this subdivision, provided the grant is used by the corporation for start-up capital and reasonable administrative expenses.

SB40,1577,14 2. In fiscal year 2008-09 and each fiscal year thereafter, a grant of $500,000 to the emerging industries development corporation. No matching funds are required for the grants under this subdivision, provided the grants are used by the corporation for operating expenses.

SB40,1577,18 (2) (a) The emerging industries development corporation shall be governed by a board of directors, consisting of the secretary or his or her designee, the secretary of the department of financial institutions or his or her designee, and no more than 12 other members, one or more of whom represents each of the following categories:

SB40,1577,19 1. Entrepreneurs in the state.

SB40,1577,20 2. High-technology businesses in the state.

SB40,1577,21 3. Research institutions in the state.

SB40,1577,22 4. The state's venture capital industry.

SB40,1577,23 5. The state's investment banking industry.

SB40,1577,24 6. The state's business development community.

SB40,1578,2 7. Professionals in the state who are experienced in providing services to persons specified in subds. 1. to 6.

SB40,1578,8 (b) The members who are representatives of the categories under par. (a) 1. to 7. shall serve 5-year terms. The initial members who are representatives of the categories under par. (a) 1. to 7. shall be appointed by the governor. The emerging industries development corporation, in its bylaws, shall specify the method for electing new members who are representatives of the categories under par. (a) 1. to 7. and for filling vacancies.

SB40,1578,11 (3) (a) The department may make a grant to the emerging industries development corporation, from the appropriation under s. 20.143 (1) (fi), if all of the following apply:

SB40,1578,13 1. The corporation submits an expenditure plan to the department detailing the proposed use of the grant proceeds and the secretary approves the plan.

SB40,1578,16 2. The corporation enters into a written agreement with the department that specifies the conditions for the use of the grant proceeds, including reporting and auditing requirements.

SB40,1578,18 3. The corporation provides matching funds equal to 50 percent of the grant proceeds.

SB40,1578,21 4. The corporation provides to the department information requested by the department about private funding the corporation has received or will receive for the purposes detailed in the expenditure plan under subd. 1.

SB40,1578,23 5. The corporation agrees in writing to submit to the department the report required under par. (b) by the time the report is required under par. (b).

SB40,1579,3 (b) If the corporation receives a grant under this subsection, the corporation shall submit to the department, within 6 months after spending the full amount of the grant, a report detailing how the grant proceeds were used.

SB40,1579,5 (4) Annually, the emerging industries development corporation shall provide a report on its activities to the governor.

SB40,1579,13 (5) The assets transferred to, and the assets and liabilities of, the emerging industries development corporation shall be separate from all other assets and liabilities of the state, of all political subdivisions of the state, and of the department. Neither the state, any political subdivision of the state, nor the department guarantees any obligation of or has any obligation to the emerging industries development corporation. Neither the state, any political subdivision of the state, nor the department is liable for any debt or liability of the emerging industries development corporation.

SB40, s. 3577 Section 3577. 560.204 of the statutes is created to read:

SB40,1579,18 560.204 Hardware and software used to maintain medical records. (1) The department shall implement a program to certify health care providers as eligible for the electronic medical records credit under ss. 71.07 (5i), 71.28 (5i), and 71.47 (5i).

SB40,1579,22 (2) If the department certifies a health care provider under sub. (1), the department shall determine the amount of credits to allocate to the health care provider. The total amount of electronic medical records credits allocated to health care providers in any year may not exceed $10,000,000.

SB40,1579,25 (3) The department shall inform the department of revenue of every health care provider certified under sub. (1) and the amount of credits allocated to the health care provider.

SB40,1580,2 (4) The department, in consultation with the department of revenue, shall promulgate rules to administer this section.

SB40, s. 3578 Section 3578. 560.205 (3) (d) of the statutes is amended to read:

SB40,1580,18 560.205 (3) (d) Rules. The department of commerce, in consultation with the department of revenue, shall promulgate rules to administer this section. The rules shall further define "bona fide angel investment" for purposes of s. 71.07 (5d) (a) 1. The rules shall limit the aggregate amount of tax credits under s. 71.07 (5d) that may be claimed for investments in businesses certified under sub. (1) at $3,000,000 per calendar year for calendar years beginning after December 31, 2004 . The, and $5,500,000 per calendar year for calendar years beginning after December 31, 2007. The rules shall also limit the aggregate amount of the tax credits under ss. 71.07 (5b), 71.28 (5b), and 71.47 (5b) that may be claimed for investments paid to fund managers certified under sub. (2) at $3,500,000 per calendar year for calendar years beginning after December 31, 2004, and $6,000,000 per calendar year for calendar years beginning after December 31, 2007. The rules shall also provide that, for calendar years beginning after December 31, 2007, no person may receive a credit under ss. 71.07 (5b) and (5d), 71.28 (5b), or 71.47 (5b) unless the person's investment is kept in a certified business, or with a certified fund manager, for no less than 3 years.

SB40, s. 3579 Section 3579. 560.251 of the statutes is created to read:

SB40,1580,25 560.251 Manufacturing technology grants. (1) The department may make a grant from the appropriation under s. 20.143 (1) (c) or (ie) to a technology-based nonprofit organization, as defined in s. 560.25 (1) (d), to provide funding to assist manufacturers in this state in the adoption of manufacturing process improvements that result in the production of more goods of higher quality with less effort if all of the following apply:

SB40,1581,3 (a) The technology-based nonprofit organization submits to the department a plan detailing its proposed expenditures and performance measures related to the project.

SB40,1581,4 (b) The secretary approves the plan submitted under par. (a).

SB40,1581,6 (2) The department may not award in a fiscal biennium more than $1,500,000 in grants under this section.

SB40, s. 3580 Section 3580. 560.26 of the statutes is repealed.

SB40, s. 3581 Section 3581. 560.275 (4) (e) of the statutes is amended to read:

SB40,1581,11 560.275 (4) (e) Entrepreneurial and technology transfer grants. The total amount of grants under sub. (2) (e) may not exceed $500,000 $600,000 in any fiscal year.

SB40, s. 3582 Section 3582. 560.60 (1m) of the statutes is repealed.

SB40, s. 3583 Section 3583. 560.60 (1v) of the statutes is repealed.

SB40, s. 3584 Section 3584. 560.60 (3) of the statutes is repealed.

SB40, s. 3585 Section 3585. 560.60 (3m) of the statutes is created to read:

SB40,1581,16 560.60 (3m) "Eligible activities" means any of the following:

SB40,1581,17 (a) Capital financing.

SB40,1581,18 (b) Worker training.

SB40,1581,19 (c) Entrepreneurial development.

SB40,1581,21 (d) Providing assistance to technology-based businesses or to businesses at a foreign trade show or event.

SB40,1581,22 (e) Promoting urban or regional economic development.

SB40,1581,23 (f) Establishing revolving loan funds.

SB40,1581,24 (g) Providing working capital.

SB40,1581,25 (h) Promoting employee ownership through all of the following:

SB40,1582,2 1. Conducting feasibility studies to investigate the reorganization or new incorporation of existing businesses as employee-owned businesses.

SB40,1582,3 2. Implementing feasibility studies under subd. 1.

SB40, s. 3586 Section 3586. 560.60 (4) of the statutes is amended to read:

SB40,1582,7 560.60 (4) "Eligible recipient" means a governing body or a person who is eligible to receive a grant or loan under s. 560.62, a grant or loan under s. 560.63 or a grant or loan under s. 560.65 560.61.

SB40, s. 3587 Section 3587. 560.60 (8) of the statutes is repealed.

SB40, s. 3588 Section 3588. 560.60 (10) of the statutes is repealed.

SB40, s. 3589 Section 3589. 560.60 (11) of the statutes is repealed.

SB40, s. 3590 Section 3590. 560.60 (13) of the statutes is repealed.

SB40, s. 3591 Section 3591. 560.60 (15) of the statutes is amended to read:

SB40,1582,15 560.60 (15) "Small business" means a business operating for profit, with 250 or fewer than 100 employees, including employees of any subsidiary or affiliated organization.

SB40, s. 3592 Section 3592. 560.60 (17) of the statutes is repealed.

SB40, s. 3593 Section 3593. 560.60 (18m) of the statutes is repealed.

SB40, s. 3594 Section 3594. 560.605 (1) (intro.) of the statutes is amended to read:

SB40,1582,23 560.605 (1) (intro.) The Upon receipt of an application by an eligible recipient, the board may consider any of the following in determining whether to award a grant or loan under s. 560.61 upon the receipt and consideration of an application by an eligible recipient for a project under ss. 560.62 to 560.66, if the board determines all of the following:

SB40, s. 3595 Section 3595. 560.605 (1) (a) of the statutes is amended to read:

SB40,1582,25 560.605 (1) (a) The Whether the project serves a public purpose.

SB40, s. 3596 Section 3596. 560.605 (1) (b) of the statutes is amended to read:

SB40,1583,3 560.605 (1) (b) The Whether the project will retain or increase employment in this state.

SB40, s. 3597 Section 3597. 560.605 (1) (c) of the statutes is amended to read:

SB40,1583,6 560.605 (1) (c) The Whether the project is not likely to might not occur without the grant or loan.

SB40, s. 3598 Section 3598. 560.605 (1) (d) of the statutes is amended to read:

SB40,1583,9 560.605 (1) (d) Financing Whether financing is unavailable available from any other another source on reasonably equivalent terms.

SB40, s. 3599 Section 3599. 560.605 (1) (e) of the statutes is amended to read:

SB40,1583,14 560.605 (1) (e) Except as provided in s. 560.68 (6), the eligible recipient receiving the grant or loan will contribute, from The extent to which the project will be financed with funds not provided by this state, not less than 25% of the cost of the project.

SB40, s. 3600 Section 3600. 560.605 (1) (f) of the statutes is repealed.

SB40, s. 3601 Section 3601. 560.605 (1) (g) of the statutes is amended to read:

SB40,1583,19 560.605 (1) (g) Funds Whether funds from the grant or loan under s. 560.62, 560.63, 560.65 or 560.66 will not be used to pay overhead costs, except as provided in s. 560.65 (1m) (b), or to replace funds from any other another source.

SB40, s. 3602 Section 3602. 560.605 (1) (h) of the statutes is amended to read:

SB40,1583,22 560.605 (1) (h) The Whether the project will not displace any workers in this state.

SB40, s. 3603 Section 3603. 560.605 (1) (i) of the statutes is repealed.

SB40, s. 3604 Section 3604. 560.605 (1) (p) of the statutes is amended to read:

SB40,1584,3 560.605 (1) (p) For an ethanol production facility on which construction begins after July 27, 2005, whether a competitive bidding process is used for the construction of the ethanol production facility.

SB40, s. 3605 Section 3605. 560.605 (2) (intro.) of the statutes is repealed.

SB40, s. 3606 Section 3606. 560.605 (2) (a) of the statutes is renumbered 560.605 (1) (j).

SB40, s. 3607 Section 3607. 560.605 (2) (b) of the statutes is renumbered 560.605 (1) (k).