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560.277(2)(c) (c) Creates an activity, event, or strategy to connect Wisconsin business ventures and entrepreneurs with available capital.
560.277(3) (3)Venture seed grants.
560.277(3)(a)(a) From the appropriation under s. 20.143 (1) (bk), the department may award a grant to an eligible institution to match funds raised by the institution for funding a new business or determining proof of concept and feasibility of a new business idea, if the department determines the award of a grant will increase the amount of funding for new businesses or will leverage private investment and facilitate the creation of jobs in this state.
560.277(3)(b) (b) The proceeds of a grant awarded under this subsection shall be used to provide funding as proposed by the institution in the institution's application.
560.277(4) (4)Rule making. The department shall promulgate rules for the administration of this section.
560.277(5) (5) The department shall establish by rule a Wisconsin venture fund advisory council, which shall make recommendations to the department regarding all of the following:
560.277(5)(a) (a) A process by which the department, the department of financial institutions, and other qualified persons may review proposals.
560.277(5)(b) (b) The maximum amount of a grant awarded under sub. (2) or (3).
560.277(5)(c) (c) Requirements that applicants for grants under subs. (2) and (3) secure funding from sources other than the state to match a portion of the amount of a grant awarded under sub. (2) or (3).
560.277(5)(d) (d) Monitoring of projects funded by grants under sub. (2) or (3), including monitoring of job creation.
560.277 History History: 2009 a. 28.
560.28 560.28 Manufacturing investment credit.
560.28(1) (1)Definition. In this section, "full-time job" means a regular, nonseasonal full-time position in which an individual, as a condition of employment, is required to work at least 35 hours in a week.
560.28(2) (2)Certification. The department shall promulgate rules for the certification of businesses as eligible to claim tax credits under s. 71.07 (3t), 71.28 (3t), or 71.47 (3t). The rules shall permit a business to obtain a certification only if the person satisfies one of the following conditions:
560.28(2)(a) (a) The business has retained from December 23, 2003, 100 percent of the business's full-time jobs in this state.
560.28(2)(b) (b) The business's average annual investment in this state since January 1, 2003, is equal to no less than 2 percent of the total book value of the business's depreciable assets in facilities that are based in this state.
560.28(2)(c) (c) The business's average annual investment in this state since January 1, 2003, is no less than $5,000,000.
560.28(2)(d) (d) Any other criteria that is specific to an industry, as promulgated by rule by the department of commerce, in consultation with the department of revenue.
560.28 History History: 2003 a. 99.
560.28 Cross-reference Cross-reference: See also ch. Comm 130, Wis. adm. code.
560.285 560.285 Manufactured housing rehabilitation and recycling.
560.285(1)(1)Definition. In this section, "manufactured home" has the meaning given in s. 101.91 (2).
560.285(2) (2)Grant program.
560.285(2)(a)(a) The department may make grants under this section to provide financial assistance to persons engaged in the disposal of abandoned manufactured homes and to municipalities, for the purpose of supporting environmentally sound disposal practices.
560.285(2)(b) (b) The department may make grants under this section to provide financial assistance to individuals who reside in manufactured homes that are in need of critical repairs. An individual is eligible for a grant under this paragraph only if the individual is otherwise unable to finance the critical repairs.
560.285(3) (3)Administration. The department shall contract with one or more entities that are exempt from taxation under section 501 (a) of the Internal Revenue Code and that employ individuals with technical expertise concerning manufactured housing for the administration of the grant program under this section. The department shall promulgate rules to establish the grant program under this section. To the extent feasible, the department shall coordinate the program under this section with the state housing strategy plan under s. 560.9802.
560.285 History History: 2005 a. 45.
560.285 Cross-reference Cross-reference: See also ch. Comm 156, Wis. adm. code.
560.29 560.29 Certified capital companies.
560.29(1) (1) Definitions. In this section:
560.29(1)(a) (a) "Certified capital company" means a person that has been certified by the department under s. 560.31, 2005 stats., and that has not been decertified under s. 560.37 (3) or (3m), 2005 stats.
560.29(1)(b) (b) "Certified capital investment" means an investment in a certified capital company that is certified under s. 560.32 (2), 2005 stats., and that fully funds either the investor's equity interest in a certified capital company, a qualified debt instrument that a certified capital company issues, or both.
560.29(1)(c) (c) "Certified investor" means a person who makes a certified capital investment.
560.29(1)(d) (d) "Investment date" means, with respect to each investment pool, the date on which the last certified capital that is part of that investment pool was invested in the certified capital company.
560.29(1)(e) (e) "Investment pool" means the aggregate of all investments of certified capital in a certified capital company that are made as part of the same transaction, except that investments received more than 30 days apart may not be considered part of the same investment pool.
560.29(1)(f) (f) "Qualified business" means a business which is a qualified business under s. 560.33, 2005 stats.
560.29(1)(g) (g) "Qualified investment" means an investment in a qualified business by a certified capital company that meets the requirements under s. 560.34 (1), 2005 stats.
560.29(2) (2)Reporting requirements and fees.
560.29(2)(a)(a) Receipts of certified capital. As soon as practicable after the receipt of a certified capital investment, a certified capital company shall report all of the following to the department:
560.29(2)(a)1. 1. The name of the certified investor from which the certified capital was received, including the certified investor's tax identification number.
560.29(2)(a)2. 2. The amount of the certified capital investment.
560.29(2)(a)3. 3. The date on which the certified capital investment was received by the certified capital company.
560.29(2)(a)4. 4. The investment date for the investment pool of which the certified capital will be a part.
560.29(2)(b) (b) Violation of agreements by qualified businesses. As soon as practicable after the receipt of information by the certified capital company that a qualified business has violated an agreement made under s. 560.34 (1) (b) to (e), 2005 stats., the certified capital company shall notify the department of the violation and the facts giving rise to the violation.
560.29(2)(c) (c) Annual reports. On or before January 31 annually, a certified capital company shall report all of the following to the department:
560.29(2)(c)1. 1. The amount of the certified capital company's certified capital at the end of the preceding year.
560.29(2)(c)2. 2. Whether the certified capital company has invested more than 15% of its total certified capital in any one person.
560.29(2)(c)3. 3. All qualified investments that the certified capital company has made during the previous calendar year and the investment pool from which each qualified investment was made.
560.29(2)(d) (d) Financial statements. Within 90 days of the end of the certified capital company's fiscal year, the certified capital company shall provide to the department a copy of its annual audited financial statements, including the opinion of an independent certified public accountant. The audit shall address the methods of operation and conduct of the business of the certified capital company to determine whether the certified capital company is complying with this section and the rules promulgated under subchapter II of ch. 560, 2005 stats., including whether certified capital has been invested in the manner required under s. 560.34, 2005 stats. The financial statements provided under this subsection shall be segregated by investment pool and shall be separately audited on that basis to allow the department to determine whether the certified capital company is in compliance with s. 560.34 (1m), 2005 stats.
560.29(2)(e) (e) Fees. On or before January 31 annually, a certified capital company shall pay a nonrefundable certification fee of $5,000 to the department, unless January 31 falls within 6 months of the date on which the certified capital company was certified under s. 560.31, 2005 stats.
560.29(2)(f) (f) Exemption from rights of inspection and copying. If the department determines that a document submitted by a certified capital company under this section contains a trade secret, as defined in s. 134.90 (1) (c) or a business secret, that document is not subject to the right of inspection and copying under s. 19.35.
560.29(3) (3)Department reporting requirements. The department shall include in the report required under s. 560.01 (2) (am) all of the following:
560.29(3)(a) (a) The total amount of certified capital investments made, by calendar year, since July 1, 1999.
560.29(3)(b) (b) Statistical information on the qualified investments made by certified capital companies during the previous 2 calendar years.
560.29(3)(c) (c) The department's assessment of the number of jobs created in this state during the previous 2 calendar years as a result of qualified investments made by certified capital companies under this section.
560.29 History History: 1997 a. 215; 2007 a. 20 ss. 3581a, 3581b, 3581d, 3581f to 3581j, 3581m, 3581r to 3581x; Stats. 2007 s. 560.29; 2007 a. 125; 2009 a. 180.
560.29 Cross-reference Cross-reference: See also s. Comm 111.01, Wis. adm. code.
subch. II of ch. 560 SUBCHAPTER II
FORWARD INNOVATION FUND
560.30 560.30 Definitions. In this subchapter:
560.30(2) (2) "Business" means a company located in this state, a company that has made a firm commitment to locate a facility in this state, or a group of companies at least 80 percent of which are located in this state.
560.30(3) (3) "Cluster" means a geographic, categorical, horizontal, or vertical concentration of interconnected, interdependent, or synergistic businesses, industries, research centers, or venues for the performance, creation, or display of the arts.
560.30(4) (4) "Community-based organization" means an organization that is involved in economic development and helps businesses that are likely to employ persons.
560.30(5) (5) "Economically distressed area" means an area designated by the department using the methodology established by rule under s. 560.301 (2).
560.30(6) (6) "Eligible activity" means any of the following:
560.30(6)(a) (a) The start-up, expansion, or retention of minority businesses.
560.30(6)(b) (b) The start-up, expansion, or retention of businesses in economically distressed areas.
560.30(6)(c) (c) Innovative proposals to strengthen inner cities.
560.30(6)(d) (d) Innovative proposals to strengthen communities in rural municipalities.
560.30(6)(e) (e) Innovative programs to strengthen clusters.
560.30(6)(f) (f) Innovative proposals to strengthen entrepreneurship.
560.30(7) (7) "Eligible recipient" means any of the following:
560.30(7)(a) (a) A business or small business.
560.30(7)(b) (b) The governing body of a municipality.
560.30(7)(c) (c) A community-based organization.
560.30(7)(d) (d) A cooperative or association incorporated under ch. 185 or organized under ch. 193.
560.30(7)(e) (e) A local development corporation.
560.30(7)(f) (f) A nonprofit organization whose primary purpose is to promote the economic development of or community development in a particular area or region in the state.
560.30(8) (8) "Governing body" means a county board, city council, village board, or town board.
560.30(9) (9) "Local development corporation" means any of the following:
560.30(9)(a) (a) The elected governing body of a federally recognized American Indian tribe or band in this state or any business created by the elected governing body.
560.30(9)(b) (b) A corporation organized under ch. 181 that is a nonprofit corporation, as defined in s. 181.0103 (17), that is at least 51 percent controlled and actively managed by minority group members, and that does all of the following:
560.30(9)(b)1. 1. Operates primarily within specific geographic boundaries.
560.30(9)(b)2. 2. Promotes economic development and employment opportunities for minority group members or minority businesses within the specific geographic area.
560.30(9)(b)3. 3. Demonstrates a commitment to or experience in promoting economic development and employment opportunities for minority group members or minority businesses.
560.30(10) (10) "Minority business" has the meaning given in s. 560.036 (1) (e).
560.30(11) (11) "Minority group member" has the meaning given in s. 560.036 (1) (f).
560.30(12) (12) "Municipality" means a county, city, village, or town.
560.30(13) (13) "Rural municipality" means any of the following:
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This is an archival version of the Wis. Stats. database for 2009. See Are the Statutes on this Website Official?