Amendment ASA1-SB463

SB463-ASA1,4,24 71.07 (5b) (d) 1. Section For taxable years beginning before January 1, 2012, s. 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.

SB463-ASA1, s. 8 Section 8. 71.07 (5b) (d) 1m. of the statutes is created to read:

SB463-ASA1,5,3 71.07 (5b) (d) 1m. For taxable years beginning after December 31, 2011, s. 71.28 (4) (e), (g), and (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.

SB463-ASA1, s. 9 Section 9. 71.07 (5b) (d) 3. of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

SB463-ASA1,5,10 71.07 (5b) (d) 3. For Except as provided under s. 238.15 (3) (d) (intro.), for investments made after December 31, 2007, if an investment for which a claimant claims a credit under par. (b) is held by the claimant for less than 3 years, the claimant shall pay to the department, in the manner prescribed by the department, the amount of the credit that the claimant received related to the investment.

SB463-ASA1, s. 10 Section 10. 71.07 (5b) (d) 4. of the statutes is created to read:

SB463-ASA1,5,17 71.07 (5b) (d) 4. For taxable years beginning after December 31, 2011, if the allowable amount of the claim under par. (b) exceeds the tax otherwise due under s. 71.02 or 71.08, the amount of the claim not used to offset the tax due shall be certified by the department of revenue to the department of administration for payment by check, share draft, or other draft drawn from the appropriation account under s. 20.835 (2) (ba).

SB463-ASA1, s. 11 Section 11. 71.07 (5d) (c) 1. of the statutes is repealed.

SB463-ASA1, s. 12 Section 12. 71.07 (5d) (d) 1. of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

SB463-ASA1,5,25 71.07 (5d) (d) 1. For Except as provided under s. 238.15 (3) (d) (intro.), for investments made after December 31, 2007, if an investment for which a claimant claims a credit under par. (b) is held by the claimant for less than 3 years, the claimant shall pay to the department, in the manner prescribed by the department, the amount of the credit that the claimant received related to the investment.

SB463-ASA1, s. 13 Section 13. 71.07 (5d) (d) 2. of the statutes is amended to read:

SB463-ASA1,6,4 71.07 (5d) (d) 2. Section For taxable years beginning before January 1, 2012, s. 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.

SB463-ASA1, s. 14 Section 14. 71.07 (5d) (d) 2m. of the statutes is created to read:

SB463-ASA1,6,8 71.07 (5d) (d) 2m. For taxable years beginning after December 31, 2011, s. 71.28 (4) (e), (g), and (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.

SB463-ASA1, s. 15 Section 15. 71.07 (5d) (d) 5. of the statutes is created to read:

SB463-ASA1,6,15 71.07 (5d) (d) 5. For taxable years beginning after December 31, 2011, if the allowable amount of the claim under par. (b) exceeds the tax otherwise due under s. 71.02 or 71.08, the amount of the claim not used to offset the tax due shall be certified by the department of revenue to the department of administration for payment by check, share draft, or other draft drawn from the appropriation account under s. 20.835 (2) (ba).

SB463-ASA1, s. 16 Section 16. 71.10 (4) (gwb) of the statutes is amended to read:

SB463-ASA1,6,18 71.10 (4) (gwb) Early stage seed investment credit under s. 71.07 (5b), except as provided under par. (i).

SB463-ASA1, s. 17 Section 17. 71.10 (4) (gx) of the statutes is amended to read:

SB463-ASA1,6,21 71.10 (4) (gx) Angel investment credit under s. 71.07 (5d), except as provided under par. (i).

SB463-ASA1, s. 18 Section 18. 71.10 (4) (i) of the statutes is amended to read:

SB463-ASA1,7,11 71.10 (4) (i) The total of claim of right credit under s. 71.07 (1), farmland preservation credit under ss. 71.57 to 71.61, farmland preservation credit, 2010 and beyond under s. 71.613, homestead credit under subch. VIII, farmland tax relief credit under s. 71.07 (3m), dairy manufacturing facility investment credit under s. 71.07 (3p), jobs tax credit under s. 71.07 (3q), meat processing facility investment credit under s. 71.07 (3r), woody biomass harvesting and processing credit under s. 71.07 (3rm), food processing plant and food warehouse investment credit under s. 71.07 (3rn), early stage seed investment credit under s. 71.07 (5b) (d) 4., angel investment credit under s. 71.07 (5d) (d) 5., film production services credit under s. 71.07 (5f), film production company investment credit under s. 71.07 (5h), veterans and surviving spouses property tax credit under s. 71.07 (6e), enterprise zone jobs credit under s. 71.07 (3w), beginning farmer and farm asset owner tax credit under s. 71.07 (8r), earned income tax credit under s. 71.07 (9e), estimated tax payments under s. 71.09, and taxes withheld under subch. X.

SB463-ASA1, s. 19 Section 19. 71.28 (5b) (d) 1. of the statutes is amended to read:

SB463-ASA1,7,15 71.28 (5b) (d) 1. Subsection For taxable years beginning before January 1, 2012, sub. (4) (e) to (h), as it applies to the credit under sub. (4), applies to the credit under this subsection.

SB463-ASA1, s. 20 Section 20. 71.28 (5b) (d) 1m. of the statutes is created to read:

SB463-ASA1,7,19 71.28 (5b) (d) 1m. For taxable years beginning after December 31, 2011, sub. (4) (e), (g), and (h), as it applies to the credit under sub. (4), applies to the credit under this subsection.

SB463-ASA1, s. 21 Section 21. 71.28 (5b) (d) 3. of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

SB463-ASA1,8,2 71.28 (5b) (d) 3. For Except as provided under s. 238.15 (3) (d) (intro.), for investments made after December 31, 2007, if an investment for which a claimant claims a credit under par. (b) is held by the claimant for less than 3 years, the claimant shall pay to the department, in the manner prescribed by the department, the amount of the credit that the claimant received related to the investment.

SB463-ASA1, s. 22 Section 22. 71.28 (5b) (d) 4. of the statutes is created to read:

SB463-ASA1,8,9 71.28 (5b) (d) 4. For taxable years beginning after December 31, 2011, if the allowable amount of the claim under par. (b) exceeds the tax otherwise due under s. 71.23, the amount of the claim not used to offset the tax due shall be certified by the department of revenue to the department of administration for payment by check, share draft, or other draft drawn from the appropriation account under s. 20.835 (2) (ba).

SB463-ASA1, s. 23 Section 23. 71.30 (3) (eop) of the statutes is amended to read:

SB463-ASA1,8,12 71.30 (3) (eop) Early stage seed investment credit under s. 71.28 (5b), except as provided under par. (f).

SB463-ASA1, s. 24 Section 24. 71.30 (3) (f) of the statutes is amended to read:

SB463-ASA1,8,23 71.30 (3) (f) The total of farmland preservation credit under subch. IX, farmland tax relief credit under s. 71.28 (2m), dairy manufacturing facility investment credit under s. 71.28 (3p), jobs credit under s. 71.28 (3q), meat processing facility investment credit under s. 71.28 (3r), woody biomass harvesting and processing credit under s. 71.28 (3rm), food processing plant and food warehouse investment credit under s. 71.28 (3rn), enterprise zone jobs credit under s. 71.28 (3w), early stage seed investment credit under s. 71.28 (5b) (d) 4., film production services credit under s. 71.28 (5f), film production company investment credit under s. 71.28 (5h), beginning farmer and farm asset owner tax credit under s. 71.28 (8r), and estimated tax payments under s. 71.29.

SB463-ASA1, s. 25 Section 25. 71.47 (5b) (d) 1. of the statutes is amended to read:

SB463-ASA1,9,3 71.47 (5b) (d) 1. Section For taxable years beginning before January 1, 2012, s. 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.

SB463-ASA1, s. 26 Section 26. 71.47 (5b) (d) 1m. of the statutes is created to read:

SB463-ASA1,9,7 71.47 (5b) (d) 1m. For taxable years beginning after December 31, 2011, s. 71.28 (4) (e), (g), and (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.

SB463-ASA1, s. 27 Section 27. 71.47 (5b) (d) 3. of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

SB463-ASA1,9,14 71.47 (5b) (d) 3. For Except as provided under s. 238.15 (3) (d) (intro.), for investments made after December 31, 2007, if an investment for which a claimant claims a credit under par. (b) is held by the claimant for less than 3 years, the claimant shall pay to the department, in the manner prescribed by the department, the amount of the credit that the claimant received related to the investment.

SB463-ASA1, s. 28 Section 28. 71.47 (5b) (d) 4. of the statutes is created to read:

SB463-ASA1,9,21 71.47 (5b) (d) 4. For taxable years beginning after December 31, 2011, if the allowable amount of the claim under par. (b) exceeds the tax otherwise due under s. 71.43, the amount of the claim not used to offset the tax due shall be certified by the department of revenue to the department of administration for payment by check, share draft, or other draft drawn from the appropriation account under s. 20.835 (2) (ba).

SB463-ASA1, s. 29 Section 29. 71.49 (1) (eop) of the statutes is amended to read:

SB463-ASA1,9,24 71.49 (1) (eop) Early stage seed investment credit under s. 71.47 (5b), except as provided under par. (f).

SB463-ASA1, s. 30 Section 30. 71.49 (1) (f) of the statutes is amended to read:

SB463-ASA1,10,10 71.49 (1) (f) The total of farmland preservation credit under subch. IX, farmland tax relief credit under s. 71.47 (2m), dairy manufacturing facility investment credit under s. 71.47 (3p), jobs credit under s. 71.47 (3q), meat processing facility investment credit under s. 71.47 (3r), woody biomass harvesting and processing credit under s. 71.47 (3rm), food processing plant and food warehouse investment credit under s. 71.47 (3rn), enterprise zone jobs credit under s. 71.47 (3w), early stage seed investment credit under s. 71.47 (5b) (d) 4., film production services credit under s. 71.47 (5f), film production company investment credit under s. 71.47 (5h), beginning farmer and farm asset owner tax credit under s. 71.47 (8r), and estimated tax payments under s. 71.48.

SB463-ASA1, s. 31 Section 31. 73.03 (63) of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

SB463-ASA1,10,21 73.03 (63) Notwithstanding the amount limitations specified under s. 71.07 (5d) (c) 1. and s. 238.15 (3) (d) or s. 560.205 (3) (d), 2009 stats., in consultation with the department of commerce or the Wisconsin Economic Development Corporation, to carry forward to subsequent taxable years unclaimed credit amounts of the early stage seed investment credits under ss. 71.07 (5b), 71.28 (5b), 71.47 (5b), and 76.638 and the angel investment credit under s. 71.07 (5d). Annually, no later than July 1, the department of commerce or the Wisconsin Economic Development Corporation shall submit to the department of revenue its recommendations for the carry forward of credit amounts as provided under this subsection.

SB463-ASA1, s. 32 Section 32. 238.15 (1) (intro.) of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

SB463-ASA1,11,7 238.15 (1) Angel investment tax credits. (intro.) 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). A business may be certified under this subsection, and may maintain such certification, 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:

SB463-ASA1, s. 33 Section 33. 238.15 (1) (h) of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

SB463-ASA1,11,11 238.15 (1) (h) It At the time it is initially certified under this subsection, it has less than 100 employees.

SB463-ASA1, s. 34 Section 34. 238.15 (1) (j) of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

SB463-ASA1,11,15 238.15 (1) (j) It 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.

SB463-ASA1, s. 35 Section 35. 238.15 (1) (km) of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

SB463-ASA1,11,20 238.15 (1) (km) It has not received aggregate private equity investment in cash of more than $10,000,000 prior to being before it is initially certified under this subsection.

SB463-ASA1, s. 36 Section 36. 238.15 (1) (m) of the statutes is created to read:

SB463-ASA1,12,3 238.15 (1) (m) 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, a business relocates outside of this state when the business locates more than 51 percent of any of the following outside of this state:

SB463-ASA1,12,4 a. The business's employees.

SB463-ASA1,12,5 b. The business's total payroll.

SB463-ASA1,12,7 c. The activities of the business's headquarters, as determined by the corporation.

SB463-ASA1,12,8 2. The amount of a penalty payment under subd. 1. is any of the following:

SB463-ASA1,12,10 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.

SB463-ASA1,12,13 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.

SB463-ASA1,12,16 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.

SB463-ASA1, s. 37 Section 37. 238.15 (3) (d) (intro.) of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

SB463-ASA1,13,24 238.15 (3) (d) Rules. (intro.) The corporation, in consultation with the department of revenue, shall adopt 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, and before January 1, 2008, $5,500,000 per calendar year for calendar years beginning after December 31, 2007, and before January 1, 2010, $6,500,000 for calendar year 2010, and $20,000,000 per calendar year for calendar years beginning after December 31, 2010, plus, for taxable years beginning after December 31, 2010, an additional $250,000 for tax credits that may be claimed for investments in nanotechnology businesses certified under sub. (1). The rules shall also limit the aggregate amount of the 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) at $3,500,000 per calendar year for calendar years beginning after December 31, 2004, and before January 1, 2008, $6,000,000 per calendar year for calendar years beginning after December 31, 2007, and before January 1, 2010, $8,000,000 for calendar year 2010, and $20,500,000 per calendar year for calendar years beginning after December 31, 2010, plus, for taxable years beginning after December 31, 2010, an additional $250,000 for tax credits that may be claimed for investments in nanotechnology businesses certified under sub. (1). The rules shall also provide that, for calendar years beginning after December 31, 2007, no a person may receive who receives a credit under ss. 71.07 (5b) and (5d), 71.28 (5b), 71.47 (5b), or 76.638 unless the person's must keep the investment is kept 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 rules shall permit the corporation to reallocate credits under this section that are unused in any calendar year to a person eligible for tax benefits, as defined under s. 238.16 (1) (d), if all of the following apply:

SB463-ASA1,13,25 (End)