Feed for /2011/related/proposals/se1_sb21 PDF
SB21, s. 10 11Section 10. 25.17 (72) of the statutes is created to read:
SB21,8,2512 25.17 (72) Have authority to provide advice and services requested by a state
13agency, as defined in s. 20.001 (1), or authority, as defined in s. 16.417 (1) (b), or
14business entity owned or controlled by a state agency or authority, relating to
15managing or administering money and property controlled by the agency, authority,
16or business entity for any purpose, including economic development in this state.
17The scope of any advice or services provided to a state agency, authority, or business
18entity under this subsection shall be defined by agreement between the board and
19the agency, authority, or business entity. This agreement shall require the cost of any
20advice or services provided by the board to be paid by the agency, authority, or
21business entity and the agreement may authorize the board to make assessments
22against the money and property controlled by the agency, authority, or business
23entity or to charge the agency, authority, or business entity for the cost of any advice
24or services provided. All moneys received by the board under this subsection shall
25be credited to the appropriation account under s. 20.536 (1) (k).
SB21, s. 11
1Section 11. 25.17 (73) of the statutes is created to read:
SB21,9,82 25.17 (73) Have authority to provide facilities to any state agency, as defined
3in s. 20.001 (1), or authority, as defined in s. 16.417 (1) (b), or business entity owned
4or controlled by a state agency or authority, in accordance with any agreement
5between the board and the agency, authority, or business entity. This agreement
6shall require the cost of facilities provided by the board to be paid by the agency,
7authority, or business entity. All moneys received by the board under this subsection
8shall be credited to the appropriation account under s. 20.536 (1) (k).
SB21, s. 12 9Section 12. 25.90 of the statutes is created to read:
SB21,9,15 1025.90 Wisconsin next generation reserve fund. There is established a
11separate nonlapsible trust fund designated as the Wisconsin next generation reserve
12fund. The fund shall consist of all moneys deposited in the fund under ss. 73.16,
13555.02 (2) (c) and 555.03 (3), together with all donations, gifts, or bequests made to
14the fund, all moneys transferred to the fund from other funds, and all income or
15interest earned by the fund.
SB21, s. 13 16Section 13. 73.16 of the statutes is created to read:
SB21,9,23 1773.16 Wisconsin next generation reserve fund. (1) In this section,
18"qualifying company" means a person whose principal business activity code in the
19North American Industry Classification System, 2007 edition, published by the
20federal office of management and budget, is one of the following: 311221, 311222,
21311223, 325193, 325199, 325221, 325311, 325312, 325314, 325320, 325411, 325412,
22325413, 325414, 334510, 334516, 334517, 339112, 339113, 339114, 339115, 339116,
23541380, 541711, 541712, 621491, 621493, 621511, 621512, or 622110.
SB21,9,25 24(2) (a) In July 2012, the department of revenue shall determine the total
25amount of withholding taxes due and payable under subch. X of ch. 71 from

1qualifying companies during the period beginning on July 1, 2011, and ending on
2June 30, 2012.
SB21,10,93 (b) Subject to par. (d), in each fiscal year, beginning with the fiscal year that
4begins on July 1, 2012, the department of revenue shall deposit into the Wisconsin
5next generation reserve fund an amount equal to 95 percent of the amount of
6withholding taxes due and payable under subch. X of ch. 71 from qualifying
7companies in that fiscal year that exceeds the amount determined under par. (a). The
8department may make such deposits on a quarterly basis based on the department's
9estimate of the withholding taxes due and payable by qualifying companies.
SB21,10,1210 (c) A person who is subject to withholding taxes under subch. X of ch. 71 shall
11indicate to the department of revenue whether it is a qualifying company for
12purposes of this section in the manner determined by the department.
SB21,10,1613 (d) The department of revenue shall not deposit into the Wisconsin next
14generation reserve fund more than $50,000,000 in any fiscal year, and the total
15amount deposited may not exceed $500,000,000. The department shall not make
16deposits under this section on or after December 31, 2026.
SB21, s. 14 17Section 14. 230.08 (2) (yo) of the statutes is created to read:
SB21,10,1918 230.08 (2) (yo) The executive director and administrative assistant of the
19Wisconsin next generation reserve board.
SB21, s. 15 20Section 15. Chapter 555 of the statutes is created to read:
SB21,10,2121 CHAPTER 555
SB21,10,2322 Wisconsin next generation
23 RESERVE board
SB21,10,24 24555.01Definitions. In this chapter:
SB21,10,25 25(1) "Board" means the Wisconsin next generation reserve board.
SB21,11,2
1(2) "Certified bioscience company" means a person certified by the board under
2s. 555.03 (2).
SB21,11,5 3(3) "Qualifying company" has the meaning given in s. 73.16, except that
4"qualifying company" does not include a business that has as its principal business
5activity the operation of a hospital as defined in s. 50.33 (2).
SB21,11,7 6(4) "Fund" means the Wisconsin next generation reserve fund established
7under s. 25.90.
SB21,11,11 8555.02 Wisconsin next generation reserve fund. (1) Executive director.
9The board shall employ an executive director who has expertise in private equity
10investment. In reviewing candidates for executive director, the board shall consider
11all of the following:
SB21,11,1312 (a) The extent of the candidate's experience and expertise in private equity
13investment.
SB21,11,1514 (b) The candidate's investment experience related to start-up bioscience
15companies.
SB21,11,1716 (c) The candidate's experience related to seed or early stage business
17investments.
SB21,11,1818 (d) Any other criteria the board considers relevant.
SB21,11,21 19(2) Grants, loans, and investments. (a) From the appropriation under s.
2020.195 (1) (q), the board may make a grant or loan to a certified bioscience company,
21or the board may make an investment directly in a certified bioscience company.
SB21,11,2522 (b) Before the board makes a grant, loan, or investment under par. (a), the
23board shall contract with the certified bioscience company. In addition to any other
24terms required or negotiated by the board, that contract shall include all of the
25following conditions:
SB21,12,3
11. The certified bioscience company shall use a grant, loan, or investment
2provided by the board for research and development related to biotechnology or
3bioscience or bioscience research methods, as determined by the board by rule.
SB21,12,54 2. The certified bioscience company shall match the amount of the board's,
5grant, loan, or investment with moneys the company has raised from other sources.
SB21,12,86 3. Unless approved by the board, the certified bioscience company may not
7relocate its headquarters outside of this state during the term of the contract under
8this paragraph.
SB21,12,109 (c) Any moneys paid to the board by a certified bioscience company shall be
10deposited in the fund.
SB21,12,13 11555.03 Certified bioscience companies. (1) Application. Any person may
12apply to the board on a form prescribed by the board for certification under this
13section. The application shall include all of the following:
SB21,12,1414 (a) The name, address, and tax identification number of the person.
SB21,12,1615 (b) A description of the principal business activities of the person and the
16locations at which those activities are conducted.
SB21,12,1917 (c) The person's principal business activity code under the North American
18Industry Classification System, 2007 edition, published by the federal office of
19management and budget.
SB21,12,2020 (d) Any other information the board requires.
SB21,12,24 21(2) Certification. The board may certify a person that submits an application
22under sub. (1) to be eligible to receive a grant, loan, or investment under s. 555.02
23if the board determines after conducting an investigation that the person meets all
24of the following conditions:
SB21,12,2525 (a) The person is a qualifying company.
SB21,13,2
1(b) The person is headquartered in, and has its principal business operations
2located in, this state.
SB21,13,43 (c) The person, including any affiliate, employs at least 75 percent of its
4employees in this state.
SB21,13,55 (d) The person is in need of capital.
SB21,13,96 (e) The person is developing biotechnology or bioscience or bioscience research
7methods, as determined by the board by rule and the person demonstrates to the
8board's satisfaction that the person has the potential to generate high levels of
9successful investment performance and to increase employment in this state.
SB21,13,1010 (h) The person meets any other conditions established by the board.
SB21,13,12 11(3) Application fee. The board may charge a fee to an applicant for certification
12under this section. The fee shall be deposited in the fund.
SB21,13,18 13555.04 Contracting authority. Notwithstanding ss. 16.70 to 16.78, the
14board may enter into any contract with the investment board as provided in s. 25.17
15(72) and (73), including any contract relating to the furnishing of personnel or office
16space, to be paid as provided in s. 25.17 (72) and (73), may procure insurance, and
17may execute any other contract necessary or convenient to the performance of the
18board's powers and duties under this chapter.
SB21, s. 16 19Section 16 . Nonstatutory provisions.
SB21,13,2120 (1) Definition. In subsections (2) and (3), "board" means the Wisconsin next
21generation reserve board.
SB21,13,2222 (2) Initial appointments.
SB21,14,623 (a) Notwithstanding the requirement of advice and consent of the senate under
24section 15.07 (1) (a) of the statutes, the initial members of the board nominated by
25the governor may be provisionally appointed by the governor, subject to later senate

1confirmation. Any provisional appointment shall be in full force until withdrawn by
2the governor or acted upon by the senate, and if confirmed by the senate shall
3continue for the remainder of the unexpired term of the member and until a successor
4is appointed and qualifies. A provisional appointee may exercise all the powers and
5duties of board membership to which the person is appointed during the time in
6which the appointee qualifies.
SB21,14,117 (b) A provisional appointment made under paragraph (a) that is withdrawn by
8the governor shall, upon withdrawal, lapse and create a vacancy for provisional
9appointment of another initial member of the board. Any provisional appointment
10made under paragraph (a) that is rejected by the senate shall, upon rejection, lapse
11and create a vacancy for provisional appointment of another initial board member.
SB21,14,1412 (c) Notwithstanding the lengths of terms specified in section 15.77 (2) of the
13statutes, as created by this act, the initial members of the board shall be appointed
14for the following terms:
SB21,14,18 151. The member appointed by the governor under section 15.77 (1) (a) of the
16statutes, as created by this act, and one member appointed by the governor under
17section 15.77 (1) (b) of the statutes, as created by this act, for terms expiring on July
181, 2014.
SB21,14,22 192. One member appointed by the governor under section 15.77 (1) (b) of the
20statutes, as created by this act, and the member appointed by the governor under
21section 15.77 (1) (c) of the statutes, as created by this act, for terms expiring on July
221, 2015.
SB21,14,24 233. The members appointed by the governor under section 15.77 (1) (d) and (e)
24of the statutes, as created by this act, for terms expiring on July 1, 2016.
SB21,15,4
14. The members appointed by the governor under section 15.77 (1) (f) and (g)
2of the statutes, as created by this act, and the member appointed by BioForward, Inc.,
3under section 15.77 (1) (h) of the statutes, as created by this act, for terms expiring
4on July 1, 2017.
SB21,15,85 (3) Position authorization. There is authorized for the board 1.0 FTE SEG
6executive director position and 1.0 FTE SEG administrative assistant position to be
7funded from the appropriation under section 20.195 (1) (q) of the statutes, as created
8by this act, or from any loan under subsection (4 ), or both.
SB21,15,139 (4) Investment board loan. The investment board may loan money to the
10Wisconsin next generation reserve board for general program operations and
11administrative expenses of the Wisconsin next generation reserve board. All loan
12terms shall be specified by written agreement between the investment board and the
13Wisconsin next generation reserve board.
SB21,15,1414 (End)
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