SB94: Bill Text

SB94,58,15 239.25 Certified jobs now fund reporting requirements. (1) Report upon receipt of designated capital. As soon as practicable after it receives designated capital, a certified jobs now fund shall submit a report to the authority that includes:

SB94,58,17 (a) The name of the participating investor from whom the designated capital was received.

SB94,58,18 (b) The amount of designated capital.

SB94,58,19 (c) The date on which the fund received the designated capital.

SB94,58,21 (2) Annual report. By January 31 of each year, a certified jobs now fund shall submit a report to the authority that includes:

SB94,58,25 (a) For each qualified investment made during the preceding year, the amount of designated capital invested, the allocation date of the designated capital, the date of the qualified investment, and the name and address of the business in which the qualified investment was made.

SB94,59,5 (b) For each qualified business in which the fund held an investment during the preceding year, a description of the business, including the number of employees the business employed when the first qualified investment in the business was made by the fund and the number of employees the business employed on December 31 of the preceding year.

SB94,59,7 (c) A statement whether the certified jobs now fund has invested more than 15 percent of its total designated capital in any one business.

SB94,59,9 (d) A detailed accounting of the certified jobs now fund's investment progress according to the schedule of investments required under s. 239.23 (4).

SB94,59,11 (e) An accounting of all distributions the certified jobs now fund made during the year.

SB94,59,12 (f) Any other information the authority requires.

SB94,59,16 (3) Financial statement. Within 90 days after the end of a certified jobs now fund's fiscal year, the fund shall file with the authority a copy of its annual audited financial statement, including the opinion of an independent certified public accountant.

SB94,59,20 (4) Renewal fee. By January 31 of each year, a certified jobs now fund shall pay to the authority a certification renewal fee of $5,000, unless January 31 falls within 6 months after the date on which the certified jobs now fund was first certified under s. 239.21.

SB94,60,2 239.26 Compliance reviews; decertification. (1) Annual compliance review. The authority shall review annually each certified jobs now fund to ensure that the fund continues to satisfy the requirements of this subchapter, to ensure that the fund has not made any investment in violation of this subchapter, and to determine the status of the fund's qualified investments with respect to the schedule of investments required under s. 239.23 (4).

SB94,60,7 (2) Decertification. (a) If the authority determines that a certified jobs now fund is not in compliance with any provision of this subchapter, or any requirement of the authority, the authority shall notify the officers of the fund in writing that the fund may be subject to decertification or a monetary penalty, or both, if the fund is not brought into compliance within 120 days after the fund's receipt of the notice.

SB94,60,12 (b) The authority may decertify a certified jobs now fund if, after opportunity for hearing, the authority determines that the fund is in violation of this subchapter and that the fund's violation has not been corrected to the authority's satisfaction within the period under par. (a). The authority shall notify any appropriate state agency of the decertification.

SB94,60,17 (3) Effect of decertification. Decertification of a certified jobs now fund has the effects specified under s. 76.634 (4) with respect to a participating investor. A certified jobs now fund may agree to indemnify, or purchase insurance for the benefit of, a participating investor for the participating investor's losses under s. 76.634 (4) due to the fund's decertification.

SB94,60,21 (4) Notice of recapture. The authority shall give written notice to each qualified investor whose premium tax credit becomes subject to recapture or forfeiture under s. 76.634 (4), or when a premium tax credit is no longer subject to recapture.

SB94,60,24 (5) Penalties. The authority may fine a person who violates this subchapter in an amount determined by the authority not to exceed $25,000. In determining the amount of a fine under this subsection, the authority shall consider:

SB94,61,2 (a) The seriousness of the violation, including the nature, circumstances, extent, and gravity of the violation.

SB94,61,3 (b) The economic harm caused by the violation.

SB94,61,4 (c) The person's history of previous violations.

SB94,61,5 (d) The amount necessary to deter future violations.

SB94,61,6 (e) The person's efforts to mitigate or correct the violation.

SB94, s. 67 Section 67. 281.75 (4) (b) 3. of the statutes, as affected by 2011 Wisconsin Act 10, is amended to read:

SB94,61,10 281.75 (4) (b) 3. An authority created under subch. II of ch. 114 or ch. 231, 233, 234, 237, or 238, or 239.

SB94, s. 68 Section 68. 285.59 (1) (b) of the statutes, as affected by 2011 Wisconsin Act 10, is amended to read:

SB94,61,22 285.59 (1) (b) "State agency" means any office, department, agency, institution of higher education, association, society, or other body in state government created or authorized to be created by the constitution or any law which is entitled to expend moneys appropriated by law, including the legislature and the courts, the Wisconsin Housing and Economic Development Authority, the Bradley Center Sports and Entertainment Corporation, the University of Wisconsin Hospitals and Clinics Authority, the Fox River Navigational System Authority, the Wisconsin Aerospace Authority, the Wisconsin Economic Development Corporation, the Wisconsin Venture Capital Authority, and the Wisconsin Health and Educational Facilities Authority.

SB94, s. 69 Section 69 . Nonstatutory provisions.

SB94,61,24 (1) Definitions. In this section:

SB94,62,2 (a) "Authority" means the Wisconsin Venture Capital Authority, as created by this act.

SB94,62,3 (b) "Corporation" means the Wisconsin Economic Development Corporation.

SB94,62,4 (2) Initial appointments.

SB94,62,14 (a) Notwithstanding the requirement of advice and consent of the senate under section 239.02 (1) (b) of the statutes, as created by this act, the initial members of the board of directors of the authority nominated by the governor under that section may be provisionally appointed by the governor, subject to later senate confirmation. Any provisional appointment shall be in full force until withdrawn by the governor or acted upon by the senate, and if confirmed by the senate shall continue for the remainder of the unexpired term of the member and until a successor is chosen and qualifies. A provisional appointee may exercise all the powers and duties of board membership to which the person is appointed during the time in which the appointee qualifies.

SB94,62,21 (b) A provisional appointment made under paragraph (a) that is withdrawn by the governor shall, upon withdrawal, lapse and create a vacancy for provisional appointment of another initial member of the board of directors or chairperson of the board of the authority. Any provisional appointment made under paragraph (a) that is rejected by the senate shall upon rejection lapse and create a vacancy for nomination and appointment of another initial board member or chairperson of the board under paragraph (a).

SB94,62,24 (c) Notwithstanding the lengths of terms specified in section 239.02 (2) of the statutes, as created by this act, the initial members of the board of directors of the authority shall be appointed for the following terms:

SB94,63,2 1. One member appointed by the governor under section 239.02 (1) (b) of the statutes, as created by this act, for a term expiring on June 30, 2014.

SB94,63,4 2. One member appointed by the governor under section 239.02 (1) (b) of the statutes, as created by this act, for a term expiring on June 30, 2015.

SB94,63,7 3. One member appointed by the governor under section 239.02 (1) (b) of the statutes, as created by this act, and the member appointed by the speaker of the assembly, for terms expiring on June 30, 2016.

SB94,63,10 4. One member appointed by the governor under section 239.02 (1) (b) of the statutes, as created by this act, and the member appointed by the majority leader of the senate, for terms expiring on July 1, 2017.

SB94,64,4 (3) Temporary administration by the department of commerce. The department of commerce, in coordination with the authority and the secretary of the department of administration, shall administer chapter 239 of the statutes, as created by this act, until the initial appointments by the governor, including any provisional appointments under subsection (2 ) (a), the speaker of the assembly, and the senate majority leader have been made to the authority and the authority has adequate personnel to carry out its powers and duties, or until the effective date of the 2011-13 biennial budget act, whichever is later. During that period, the department of commerce may collect fees under sections 239.12 (3) and 239.21 (3), as created by this act, and may use those fees as appropriate only for administration of subchapters II and III of chapter 239 of the statutes, as created by this act. The department shall credit any fees collected under this subsection to the appropriation account under section 20.143 (1) (a) of the statutes. When the department of commerce ceases to administer the authority's programs under this subsection, the department shall transfer to the authority, or to the Corporation for administration of the authority's programs under subsection (4) if the authority is not prepared to assume administration of its programs on or before the effective date of the 2011-13 biennial budget act, any unused portion of the fees the department collected under this subsection.

SB94,64,20 (4) Temporary administration by the Wisconsin Economic Development Corporation. If the authority is not prepared to assume administration of its programs on or before the effective date of the 2011-13 biennial budget act, then, commencing on that date, the corporation, in coordination with the authority and the secretary of the department of administration, shall administer chapter 239 of the statutes, as created by this act, until the initial appointments by the governor, including any provisional appointments under subsection (2) (a), the speaker of the assembly, and the senate majority leader have been made to the authority and the authority has adequate personnel to carry out its powers and duties. During that interim period, the corporation may collect fees under sections 239.12 (3) and 239.21 (3) of the statutes, as created by this act, and may use those fees as appropriate only for administration of subchapters II and III of chapter 239 of the statutes, as created by this act. When the corporation ceases to administer the authority's programs under this subsection, the corporation shall transfer to the authority any unused portion of fees the department of commerce transferred to the corporation under subsection (3) or that the corporation collected under this subsection.

SB94, s. 70 Section 70. Effective dates. This act takes effect on the day after publication, except as follows:

SB94,64,24 (1) The treatment of section 16.417 (1) (b) (by Section 18) of the statutes takes effect on January 1, 2012.

SB94,65,2 (2) Section 69 (4 ) of this act takes effect on July 1, 2011, or on the day after publication of the 2011-13 biennial budget act, whichever is later.

SB94,65,3 (End)