SB148: Bill Text

SB148,513 Section 513. 238.127 of the statutes is renumbered 235.127, and 235.127 (2) (intro.), (c) (intro.), (e), (h) and (j), as renumbered, are amended to read:

SB148,174,11 235.127 (2) (intro.) The corporation authority shall establish and administer a state main street program to coordinate state and local participation in programs offered by the national main street center, created by the national trust for historic preservation, to assist municipalities in planning, managing and implementing programs for the revitalization of business areas. The corporation authority shall do all of the following:

SB148,174,14 (c) (intro.) With help from interested individuals and organizations, develop a plan describing the objectives of the state main street program and the methods by which the corporation authority shall:

SB148,174,23 (e) Annually select, upon application, up to 5 municipalities to participate in the state main street program. The program for each municipality shall conclude after 3 years, except that the program for each municipality selected after July 29, 1995, shall conclude after 5 years. The corporation authority shall select program participants representing various geographical regions and populations. A municipality may apply to participate, and the corporation authority may select a municipality for participation, more than one time. In selecting a municipality, however, the corporation authority may give priority to those municipalities that have not previously participated.

SB148,175,2 (h) Provide training, technical assistance and information on the revitalization of business areas to municipalities which do not participate in the state main street program. The corporation authority may charge reasonable fees for the services and information provided under this paragraph.

SB148,175,4 (j) The corporation authority shall expend at least $250,000 annually on the state main street program.

SB148,514 Section 514. 238.13 of the statutes is renumbered 235.13, and 235.13 (2) (a) (intro.), (3) (intro.) and (f) and (5), as renumbered, are amended to read:

SB148,175,8 235.13 (2) (a) (intro.) The corporation authority may make a grant to a person if all of the following apply:

SB148,175,10 (3) (intro.) The corporation authority may consider the following criteria in making awards under this section:

SB148,175,12 (f) Any other factors considered by the corporation to be authority considers relevant to assessing the viability and feasibility of the project.

SB148,175,15 (5) Before the corporation authority awards a grant under this section, the corporation authority shall consider the recommendations of the department of administration and the department of natural resources.

SB148,515 Section 515. 238.133 of the statutes is renumbered 235.133, and 235.133 (2) (title), (a), (b), (c) and (d), (3) (intro.), (4), (5) (intro.) and (c), (6) and (7), as renumbered, are amended to read:

SB148,175,19 235.133 (2) (title) Duties of the corporation authority.

SB148,175,23 (a) The corporation authority shall administer a program to award brownfield site assessment grants from the appropriation under s. 20.192 (1) (s) 20.885 (3) (u) to local governmental units for the purposes of conducting any of the eligible activities under sub. (3).

SB148,176,3 (b) The corporation authority may not award a grant to a local governmental unit under this section if that local governmental unit caused the environmental contamination that is the basis for the grant request.

SB148,176,7 (c) The corporation authority may only award grants under this section if the person that caused the environmental contamination that is the basis for the grant request is unknown, cannot be located or is financially unable to pay the cost of the eligible activities.

SB148,176,11 (d) The corporation authority shall establish criteria as necessary to administer the program. The corporation authority may limit the total amount of funds that may be used to cover the costs of each category of eligible activity described in sub. (3).

SB148,176,13 (3) Eligible activities. (intro.) The corporation authority may award grants to local governmental units to cover the costs of the following activities:

SB148,176,16 (4) Application for grant. The applicant shall submit an application on a form prescribed by the corporation authority and shall include any information that the corporation authority finds necessary to calculate the amount of a grant.

SB148,176,18 (5) Grant criteria. (intro.) The corporation authority shall consider the following criteria when determining whether to award a grant:

SB148,176,20 (c) Other criteria that the corporation authority finds necessary to calculate the amount of a grant.

SB148,176,24 (6) Limitation of grant. The total amount of all grants awarded to a local governmental unit in a fiscal year under this section shall be limited to an amount equal to 15% of the available funds appropriated under s. 20.192 (1) (s) 20.885 (3) (u) for the fiscal year.

SB148,177,3 (7) Matching funds. The corporation authority may not distribute a grant unless the applicant contributes matching funds equal to 20% of the grant. Matching funds may be in the form of cash or in-kind contribution or both.

SB148,516 Section 516. 238.135 of the statutes is renumbered 235.135 and amended to read:

SB148,177,10 235.135 Grants to regional economic development organizations. The corporation authority shall award annual grants to regional economic development organizations to fund marketing activities. The amount of each grant may not exceed $100,000 or the amount of matching funds the organization obtains from sources other than the corporation authority or the state, whichever is less.

SB148,517 Section 517. 238.15 of the statutes is renumbered 235.15, and 235.15 (1) (intro.) and (m) 1. (intro.) and c., (2) and (3) (a), (b), (d) (intro.), 1. and 2. a. and b. and (e), as renumbered, are amended to read:

SB148,177,22 235.15 (1) Angel investment tax credits. (intro.) The corporation authority 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 authority 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 authority may certify the business and determine the amount that qualifies for purposes of s. 71.07 (5d). The corporation authority may certify or recertify a business for purposes of s. 71.07 (5d) only if the business satisfies all of the following conditions:

SB148,178,4 (m) 1. (intro.) 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 authority 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:

SB148,178,6 c. The activities of the business's headquarters, as determined by the corporation authority.

SB148,178,20 (2) Early stage seed investment tax credits. The corporation authority shall implement a program to certify investment fund managers for purposes of ss. 71.07 (5b), 71.28 (5b), 71.47 (5b), and 76.638. An investment fund manager desiring certification shall submit an application to the corporation authority. The investment fund manager shall specify in the application the investment amount that the manager wishes to raise and the corporation authority may certify the manager and determine the amount that qualifies for purposes of ss. 71.07 (5b), 71.28 (5b), 71.47 (5b), and 76.638. In determining whether to certify an investment fund manager, the corporation authority shall consider the investment fund manager's experience in managing venture capital funds, the past performance of investment funds managed by the applicant, the expected level of investment in the investment fund to be managed by the applicant, and any other relevant factors. The corporation authority may certify only investment fund managers that commit to consider placing investments in businesses certified under sub. (1).

SB148,178,24 (3) (a) List of certified businesses and investment fund managers. The corporation authority shall maintain a list of businesses certified under sub. (1) and investment fund managers certified under sub. (2) and shall permit public access to the lists through the corporation's authority's Internet Web site.

SB148,179,3 (b) Notification of department of revenue. The corporation authority shall notify the department of revenue of every certification issued under subs. (1) and (2) and the date on which any such certification is revoked or expires.

SB148,180,10 (d) Rules Administration. (intro.) The corporation authority, in consultation with the department of revenue, shall adopt rules establish policies and procedures to administer this section. The rules and 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 is $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 is $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 policies and procedures shall also provide that, for calendar years beginning after December 31, 2007, a person who receives a credit under ss. s. 71.07 (5b) and or (5d), 71.28 (5b), 71.47 (5b), or 76.638 must keep the investment 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 authority, 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 authority, occurs during the 3-year period. The rules policies and procedures shall permit the corporation authority to reallocate credits under this section that are unused in any calendar year to a person eligible for tax benefits, as defined under s. 238.16 235.16 (1) (d), if all of the following apply:

SB148,180,12 1. The corporation authority notifies the joint committee on finance in writing of its proposed reallocation.

SB148,180,16 2. a. The cochairpersons of the joint committee on finance fail to notify the corporation authority, within 14 working days after the date of the corporation's authority's notification under subd. 1., that the committee has scheduled a meeting for the purpose of reviewing the proposed reallocation.

SB148,180,18 b. The cochairpersons of the joint committee on finance notify the corporation authority that the committee has approved the proposed reallocation.

SB148,181,3 (e) Transfer. A person who is eligible to claim a credit under s. 71.07 (5b), 71.28 (5b), 71.47 (5b), or 76.638 may sell or otherwise transfer the credit to another person who is subject to the taxes or fees imposed under s. 71.02, 71.23, 71.47, or subch. III of ch. 76, if the person receives prior authorization from the investment fund manager and the manager then notifies the corporation authority and the department of revenue of the transfer and submits with the notification a copy of the transfer documents. No person may sell or otherwise transfer a credit as provided in this paragraph more than once in a 12-month period. The corporation authority may charge any person selling or otherwise transferring a credit under this paragraph a fee equal to 1 percent of the credit amount sold or transferred.

SB148,518 Section 518. 238.16 of the statutes is renumbered 235.16, and 235.16 (1) (c) 2. (intro.), (2) (intro.) and (b), (3) (intro.), (4) (b) 1. (intro.) and 2. and (c) and (5) (title), (a), (b), (c), (d), (e) and (f) (intro.) and 1. (intro.), as renumbered, are amended to read:

SB148,181,10 235.16 (1) (c) 2. (intro.) The corporation authority may grant exceptions to the requirement under subd. 1. that a full-time job means a position in which an individual, as a condition of employment, is required to work at least 2,080 hours per year if all of the following apply:

SB148,181,12 (2) (intro.) The corporation authority may certify a person to receive tax benefits under this section if all of the following apply:

SB148,181,14 (b) The person applies under this section and enters into a contract with the corporation authority.

SB148,181,21 (3) Eligibility for tax benefits. (intro.) A person certified under sub. (2) may receive tax benefits under this section if, in each year for which the person claims tax benefits under this section, the person increases net employment in this state in the person's business above the net employment in this state in the person's business during the year before the person was certified under sub. (2), as determined by the corporation authority under its policies and procedures, and one of the following applies:

SB148,182,2 (4) (b) 1. (intro.) The corporation authority may award to a person certified under sub. (2) tax benefits for each eligible employee in an amount equal to up to 10 percent of the wages paid by the person to that employee or $10,000, whichever is less, if that employee earned wages in the year for which the tax benefit is claimed equal to one of the following:

SB148,182,5 2. The corporation authority may award to a person certified under sub. (2) tax benefits in an amount to be determined by the corporation authority for costs incurred by the person to undertake the training activities described in sub. (3) (c).

SB148,182,10 (c) Subject to a reallocation by the corporation authority pursuant to rules policies and procedures adopted under s. 238.15 235.15 (3) (d), the corporation authority may allocate up to $5,000,000 in tax benefits under this section in any calendar year, except that beginning on July 1, 2011, the corporation may allocate up to $10,000,000 in tax benefits under this section in any calendar year.

SB148,182,11 (5) (title) Duties of the corporation authority.

SB148,182,13 (a) The corporation authority shall notify the department of revenue when the corporation authority certifies a person to receive tax benefits.

SB148,182,15 (b) The corporation authority shall notify the department of revenue within 30 days of revoking a certification made under sub. (2).

SB148,182,18 (c) The corporation authority may require a person to repay any tax benefits the person claims for a year in which the person failed to maintain employment required by an agreement under sub. (2) (b).

SB148,182,21 (d) The corporation authority shall determine the maximum amount of the tax credits under ss. 71.07 (3q), 71.28 (3q), and 71.47 (3q) that a certified business may claim and shall notify the department of revenue of this amount.

SB148,182,24 (e) The corporation authority shall annually verify the information submitted to the corporation authority by the person claiming tax benefits under ss. 71.07 (3q), 71.28 (3q), and 71.47 (3q).

SB148,183,3 (f) (intro.) The corporation authority shall adopt policies and procedures for the implementation and operation of this section, including policies and procedures relating to the following:

SB148,183,6 1. (intro.) The definitions of a tier I county or municipality and a tier II county or municipality. The corporation authority may consider all of the following information when establishing the definitions required under this subdivision:

SB148,519 Section 519. 238.17 of the statutes is renumbered 235.17 and amended to read:

SB148,183,19 235.17 Historic rehabilitation tax credit. For taxable years beginning after December 31, 2013, the corporation authority may certify a person to claim a tax credit under s. 71.07 (9m), 71.28 (6), or 71.47 (6), if the corporation authority determines that the person is conducting an eligible activity under s. 71.07 (9m), 71.28 (6), or 71.47 (6). No person may claim a tax credit under s. 71.07 (9m), 71.28 (6), or 71.47 (6) without first being certified under this section. The corporation authority shall notify the department of revenue no later than January 15 of each year of the amount of the credits certified under this section and the name, address, and tax identification number of each person certified to claim the credit. The corporation authority shall notify the department of revenue of any revoked certification no later than 2 months after the revocation date.

SB148,520 Section 520. 238.23 of the statutes is renumbered 235.23, and 235.23 (2) (a) and (b), (3) (a) (intro.), (b) (intro.), (c) and (d), (4) (a) (intro.) and (b) and (5) (intro.), (e) and (g), as renumbered, are amended to read:

SB148,184,2 235.23 (2) (a) Except as provided in par. (c), the corporation authority may designate up to 8 areas in the state as technology zones. A business that is located in a technology zone and that is certified by the corporation authority under sub. (3) is eligible for a tax credit as provided in sub. (3).

SB148,184,12 (b) The designation of an area as a technology zone shall be in effect for 10 years from the time that the corporation authority first designates the area. Not more than $5,000,000 in tax credits may be claimed in a technology zone, except that the corporation authority may allocate the amount of unallocated airport development zone tax credits, as provided under s. 238.3995 235.3995 (3) (b), to technology zones for which the $5,000,000 maximum allocation is insufficient. The corporation authority may change the boundaries of a technology zone during the time that its designation is in effect. A change in the boundaries of a technology zone does not affect the duration of the designation of the area or the maximum tax credit amount that may be claimed in the technology zone.

SB148,184,15 (3) (a) (intro.) Except as provided in par. (e), the corporation authority may certify for tax credits in a technology zone a business that satisfies all of the following requirements:

SB148,184,17 (b) (intro.) In determining whether to certify a business under this subsection, the corporation authority shall consider all of the following:

SB148,184,25 (c) When the corporation authority certifies a business under this subsection, the corporation authority shall establish a limit on the amount of tax credits that the business may claim. Unless its certification is revoked, and subject to the limit on the tax credit amount established by the corporation authority under this paragraph, a business that is certified may claim a tax credit for 3 years, except that a business that experiences growth, as determined for that business by the corporation authority under par. (d) and sub. (5) (e), may claim a tax credit for up to 5 years.

SB148,185,8 (d) The corporation authority shall enter into an agreement with a business that is certified under this subsection. The agreement shall specify the limit on the amount of tax credits that the business may claim, the extent and type of growth, which shall be specific to the business, that the business must experience to extend its eligibility for a tax credit, the business' baseline against which that growth will be measured, any other conditions that the business must satisfy to extend its eligibility for a tax credit, and reporting requirements with which the business must comply.

SB148,185,10 (4) (a) (intro.) The corporation authority shall notify the department of revenue of all the following:

SB148,185,13 (b) The corporation authority shall annually verify information submitted to the corporation it under ss. 71.07 (2di), (2dm), (2dx), and (3g), 71.28 (1di), (1dm), (1dx), and (3g), and 71.47 (1di), (1dm), (1dx), and (3g).

SB148,185,16 (5) (intro.) The corporation authority shall adopt rules policies and procedures for the operation of this section, including rules policies and procedures related to all of the following:

SB148,185,20 (e) Standards for extending a business's certification, including what measures, in addition to job creation, the corporation authority will use to determine the growth of a specific business and how the corporation authority will establish baselines against which to measure growth.

SB148,185,22 (g) The exchange of information between the corporation authority and the department of revenue.

SB148,521 Section 521. 238.25 of the statutes is repealed.

SB148,522 Section 522. 238.26 of the statutes is repealed.

SB148,523 Section 523. Subchapter II (title) of chapter 238 [precedes 238.30] of the statutes is renumbered subchapter III (title) of chapter 235 [precedes 235.30].

SB148,524 Section 524. 238.30 of the statutes is renumbered 235.30, and 235.30 (intro.), (2g), (2m) (b) (intro.) and (7) (b) 1. and 2., (c) and (d), as renumbered, are amended to read:

SB148,186,7 235.30 Definitions. (intro.) In this section and ss. 238.301 to 238.395 235.301 to 235.395 and 238.398 235.398:

SB148,186,8 (2g) "Eligible activity" means an activity described under s. 238.302 235.302.

SB148,186,12 (2m) (b) (intro.) The corporation authority may grant exceptions to the requirement under par. (a) that a full-time job means a position in which an individual, as a condition of employment, is required to work at least 2,080 hours per year if all of the following apply:

SB148,186,18 (7) (b) 1. Except as provided in subd. 2., in s. 238.395 235.395, "tax benefits" means the development zones investment credit under ss. 71.07 (2di), 71.28 (1di), and 71.47 (1di) and the development zones credit under ss. 71.07 (2dx), 71.28 (1dx), 71.47 (1dx), and 76.636. With respect to the development opportunity zones under s. 238.395 235.395 (1) (e) and (f), "tax benefits" also means the development zones capital investment credit under ss. 71.07 (2dm), 71.28 (1dm), and 71.47 (1dm).

SB148,186,22 2. With respect to the development opportunity zones under s. 238.395 235.395 (1) (g), (h), and (i), "tax benefits" means the development zone credits under ss. 71.07 (2dx), 71.28 (1dx), 71.47 (1dx), and 76.636 and the development zones capital investment credit under ss. 71.07 (2dm), 71.28 (1dm), and 71.47 (1dm).

SB148,186,25 (c) In s. 238.398 235.398, "tax benefits" means the development zones capital investment credit under ss. 71.07 (2dm), 71.28 (1dm), and 71.47 (1dm) and the development zones credits under ss. 71.07 (2dx), 71.28 (1dx), 71.47 (1dx), and 76.636.

SB148,187,3 (d) In ss. 238.301 to 238.306 235.301 to 235.306, "tax benefits" means the economic development tax credit under ss. 71.07 (2dy), 71.28 (1dy), 71.47 (1dy), and 76.637.

SB148,525 Section 525. 238.301 of the statutes is renumbered 235.301, and 235.301 (1) (intro.) and (e), (2) (a) and (b) and (3) (intro.), (b), (c), (d) and (f), as renumbered, are amended to read:

SB148,187,9 235.301 (1) Application. (intro.) Any person may apply to the corporation authority on a form prepared by the corporation authority for certification under this section. The application shall include all of the following:

SB148,187,11 (e) Other information required by the corporation authority or the department of revenue.

SB148,187,15 (2) (a) The corporation authority may certify a person who submits an application under sub. (1) if, after conducting an investigation, the corporation authority determines that the person is conducting or intends to conduct at least one eligible activity.

SB148,187,17 (b) The corporation authority shall provide a person certified under this section and the department of revenue with a copy of the certification.

SB148,187,20 (3) Contract. (intro.) A person certified under this section shall enter into a written contract with the corporation authority. The contract shall include provisions that detail all of the following:

SB148,187,23 (b) Whether any of the eligible activities will occur in an economically distressed area, as designated by the corporation authority under s. 238.304 235.304 (1).

SB148,187,25 (c) Whether any of the eligible activities will benefit members of a targeted group, as determined by the corporation authority under s. 238.304 235.304 (2).

SB148,188,3 (d) A compliance schedule that includes a sequence of anticipated actions to be taken or goals to be achieved by the person before the person may receive tax benefits under s. 238.303 235.303.

SB148,188,5 (f) If feasible, a determination of the tax benefits the person will be authorized to claim under s. 238.303 235.303 (2) if the person fulfills the terms of the contract.

SB148,526 Section 526. 238.302 of the statutes is renumbered 235.302, and 235.302 (intro.), (1), (2) and (3), as renumbered, are amended to read: