5. The president of the University of Wisconsin System, or his or her designee.
6. The president of Forward Wisconsin, Inc., or his or her designee.
7. A representative of the state's biotechnology research community.
8. A representative of the state's biotechnology industry.
9. A representative of the state's venture capital industry.
(b) The members under par. (a) 7. to 9. shall serve 5-year terms and the initial members under par. (a) 7. to 9. shall be appointed by the governor. The biotechnology development finance company, in its bylaws, shall specify the method for electing new members under par. (a) 7. to 9. and for filling vacancies.
(5) Annually, the biotechnology development finance company shall provide a report on its activities to the appropriate standing committees of each house of the legislature in the manner provided under s. 13.172 (3) and to the governor.
(6) The assets transferred to, and the assets and liabilities of, the biotechnology development finance company shall be separate from all other assets and liabilities of the state, of all political subdivisions of the state and of the department. Neither the state, any political subdivision of the state nor the department guarantees any obligation of or has any obligation to the biotechnology development finance company. Neither the state, any political subdivision of the state nor the department is liable for any debt or liability of the biotechnology development finance company.
9,2984
Section
2984. 560.60 (4) of the statutes is amended to read:
560.60 (4) "Eligible recipient" means a governing body or a person who is eligible to receive a grant under s. 560.615, a grant or loan under s. 560.62, a grant or loan under s. 560.63 or a grant or loan under s. 560.65.
9,2985
Section
2985. 560.60 (10) of the statutes is amended to read:
560.60 (10) "Job" means a regular, nonseasonal full-time position in which an individual, as a condition of employment, is required to work at least 2,080 hours per year, including paid leave and holidays position providing full-time equivalent employment. "Job" does not include initial training before an employment position begins.
9,2986
Section
2986. 560.605 (1) (e) (intro.) and 1. of the statutes are consolidated, renumbered 560.605 (1) (e) and amended to read:
560.605 (1) (e) The Except as provided in s. 560.68 (6), the eligible recipient receiving the grant or loan will contribute, from funds not provided by this state, whichever of the following applies: 1. Except as provided under subd. 3. and s. 560.68 (6), not less than 25% of the cost of the project.
9,2987
Section
2987. 560.605 (1) (e) 3. of the statutes is repealed.
9,2988
Section
2988. 560.605 (1) (f) of the statutes is amended to read:
560.605 (1) (f) The project meets all criteria set forth in s. 560.615, 560.62, 560.63, 560.65 or 560.66, whichever is appropriate.
9,2989
Section
2989. 560.605 (1) (g) of the statutes is amended to read:
560.605 (1) (g) Funds from the grant or loan under s. 560.615, 560.62, 560.63, 560.65 or 560.66 will not be used to pay overhead costs, except as provided in s. 560.65 (1m) (b), or to replace funds from any other source.
9,2990
Section
2990. 560.605 (1) (i) of the statutes is created to read:
560.605 (1) (i) The eligible recipient has not received a grant under s. 560.25.
9,2991
Section
2991. 560.605 (2) (intro.) of the statutes is amended to read:
560.605 (2) (intro.) The board shall consider all of the following before awarding a grant or loan to an eligible recipient for a project under s. 560.615, 560.62, 560.63 or 560.66:
9,2992
Section
2992. 560.605 (2m) (intro.) of the statutes is amended to read:
560.605 (2m) (intro.) When considering whether a project under s. 560.615, 560.62, 560.63 or 560.66 will be located in a targeted area, the board shall consider all of the following:
9,2993
Section
2993. 560.607 (3) of the statutes is created to read:
560.607 (3) Evaluation costs, collection costs, foreclosure costs and other costs associated with administering the loan portfolio under this subchapter, excluding staff salaries.
9,2994
Section
2994. 560.61 (1) of the statutes is amended to read:
560.61 (1) Make a grant or loan to an eligible recipient for a project that meets the criteria for funding under s. 560.605 (1) and (2) and under s. 560.615, 560.62, 560.63, 560.65 or 560.66, whichever is appropriate, from the appropriations under s. 20.143 (1) (c), (cb),
and (ie), (s) and (sm).
9,2995
Section
2995. 560.615 of the statutes is repealed.
9,2996
Section
2996. 560.62 (4) of the statutes is renumbered 560.607, and 560.607 (intro.) and (1), as renumbered, are amended to read:
560.607 Miscellaneous and administrative expenditures. (intro.) In each biennium, the board
department may expend or encumber up to a total of 1% of the moneys appropriated under s. 20.143 (1) (c) for that biennium for any of the following:
(1) Evaluations of proposed technical research projects under s. 560.62.
9,2996g
Section 2996g. 560.63 (4) of the statutes is amended to read:
560.63
(4) The contribution required under s. 560.605 (1) (e) may consist of funding or of in-kind contributions. Not more than 20% of the contribution of a business may consist of funding which the business receives under the federal
job training partnership act, 29 USC 1501 to 1781 Workforce Investment Act of 1998, 29 USC 2801 to 2945.
9,2996p
Section 2996p. 560.65 (4) (a) of the statutes is repealed.
9,2997
Section
2997. 560.66 (1) (intro.) of the statutes is amended to read:
560.66 (1) (intro.) The board may award grants and loans under s. 560.61 to eligible recipients for any project that is not eligible for a grant or loan under s. 560.615, 560.62 or 560.63, if the board determines that the project is a major economic development project and considers all of the following:
9,2998
Section
2998. 560.68 (3) of the statutes is amended to read:
560.68 (3) The department may charge a grant or loan recipient an origination fee of up to 1.5% 2% of the grant or loan amount if the grant or loan exceeds $200,000 and is awarded under s. 560.63 or 560.66. The department shall deposit all origination fees collected under this subsection in the appropriation account under s. 20.143 (1) (gm).
9,2998g
Section 2998g. 560.70 (7) of the statutes is amended to read:
560.70 (7) "Tax benefits" means the development zones credit under ss. 71.07 (2dx), 71.28 (1dx) and 71.47 (1dx), except that in s. 560.795, "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) and 71.47 (1dx).
9,2998p
Section 2998p. 560.737 (1) (b) of the statutes is amended to read:
560.737
(1) (b) A
job training partnership program workforce investment activity under
29 USC 1502 29 USC 2801 to 2945.
9,2999
Section
2999. 560.745 (2) (a) of the statutes is amended to read:
560.745 (2) (a) When the department designates a development zone under s. 560.71, it shall establish a limit for tax benefits for the development zone determined by allocating to the development zone a portion of $33,155,000 $38,155,000.
9,3000
Section
3000. 560.75 (11) of the statutes is repealed.
9,3000n
Section 3000n. 560.785 (1) (intro.) of the statutes is amended to read:
560.785 (1) (intro.) For the development zone program under ss. 560.70 to 560.78, the development opportunity zone program under s. 560.795 and the enterprise development zone program under s. 560.797, the department shall promulgate rules that further define a person's eligibility for tax benefits. The rules shall do at least all of the following:
9,3001
Section
3001. 560.785 (1) (b) (intro.) and 1. of the statutes are consolidated, renumbered 560.785 (1) (b) and amended to read:
560.785 (1) (b) Allow a person to claim up to $6,500 $8,000 in tax benefits during the time that an area is designated as a development zone, as a development opportunity zone or as an enterprise development zone for any of the following: Creating creating a full-time job that is filled by a member of the target population.
9,3002
Section
3002. 560.785 (1) (b) 2. of the statutes is repealed.
9,3003
Section
3003. 560.785 (1) (bm) of the statutes is created to read:
560.785 (1) (bm) Allow a person to claim up to $8,000 in tax benefits during the time that an area is designated as an enterprise development zone for retaining a full-time job if the department determines that the person made a significant capital investment to retain the full-time job.
9,3004
Section
3004. 560.785 (1) (c) (intro.) of the statutes is amended to read:
560.785 (1) (c) (intro.) Allow a person to claim up to $4,000 $6,000 in tax benefits during the time that an area is designated as a development zone, as a development opportunity zone or as an enterprise development zone for any of the following:
9,3004m
Section 3004m. 560.785 (1) (d) of the statutes is amended to read:
560.785 (1) (d) Require Except for a person claiming tax benefits only for environmental remediation under s. 71.07 (2dx) (b) 1., 71.28 (1dx) (b) 1. or 71.47 (1dx) (b) 1., require at least 25% of the tax benefits claimed by a person to be based on creating or retaining full-time jobs.
9,3005
Section
3005. 560.785 (1) (e) of the statutes is amended to read:
560.785 (1) (e) Require at least one-third of the tax benefits claimed by a person that are based on creating or retaining full-time jobs to be based on creating or retaining full-time jobs that are filled by members of the target population.
9,3005m
Section 3005m. 560.785 (1) (h) of the statutes is created to read:
560.785 (1) (h) Provide that a person's eligibility to claim tax benefits for environmental remediation under s. 71.07 (2dx) (b) 1., 71.28 (1dx) (b) 1. or 71.47 (1dx) (b) 1. is not based on creating or retaining jobs.
9,3006
Section
3006. 560.785 (2) (c) of the statutes is created to read:
560.785 (2) (c) The requirement under ss. 560.70 (2m) and 560.797 (1) (am) that an individual's position must be regular, nonseasonal and full-time and that the individual must be required to work at least 2,080 hours per year, including paid leave and holidays.
9,3006h
Section 3006h. 560.795 (1) (d) of the statutes is created to read:
560.795 (1) (d) An area in the city of Kenosha, the legal description of which is provided to the department by the local governing body of the city of Kenosha.
9,3006j
Section 3006j. 560.795 (2) (a) of the statutes is amended to read:
560.795 (2) (a) Except as provided in par. (d), the designation of each area under sub. (1) (a), (b) and (c) as a development opportunity zone shall be effective for 36 months, with the designation of the areas under sub. (1) (a) and (b) beginning on April 23, 1994, and the designation of the area under sub. (1) (c) beginning on April 28, 1995. Except as provided in par. (d), the designation of the area under sub. (1) (d) as a development opportunity zone shall be effective for 84 months, beginning on January 1, 2000.
9,3006L
Section 3006L. 560.795 (2) (b) 4. of the statutes is created to read:
560.795 (2) (b) 4. The limit for tax benefits for the development opportunity zone under sub. (1) (d) is $7,000,000.
9,3006n
Section 3006n. 560.795 (3) (a) 3. of the statutes is created to read:
560.795 (3) (a) 3. Any corporation that is conducting or that intends to conduct economic activity in a development opportunity zone under sub. (1) (d) and that, in conjunction with the local governing body of the city in which the development opportunity zone is located, submits a project plan as described in par. (b) to the department no later than July 1, 2000, shall be entitled to claim tax benefits while the area is designated as a development opportunity zone.
9,3006p
Section 3006p. 560.795 (3) (d) of the statutes is amended to read:
560.795 (3) (d) The department annually shall verify information submitted to the department under s. 71.07 (2di) or (2dx), 71.28 (1di) or (1dx) or 71.47 (1di) or (1dx).
9,3008
Section
3008. 560.795 (3) (e) of the statutes is repealed.
9,3009
Section
3009. 560.797 (1) (aj) of the statutes is created to read:
560.797 (1) (aj) "Environmental remediation" has the meaning given in s. 71.07 (2dx) (a) 3.
9,3010
Section
3010. 560.797 (2) (bg) of the statutes is created to read:
560.797 (2) (bg) Notwithstanding par. (a) and subject to pars. (c) and (d), the department may designate an area as an enterprise development zone for a project if the department determines all of the following:
1. That the project serves a public purpose.
2. That the project is not likely to occur or continue without the department's designation of the area as an enterprise development zone.
3. That the project will likely provide for significant environmental remediation.
9,3011
Section
3011. 560.797 (2) (br) of the statutes is created to read:
560.797 (2) (br) In making a determination under par. (bg), the department shall consider all of the following:
1. The factors specified in par. (b) 1. to 8.
2. The environmental remediation that is likely to result from the project.
9,3012
Section
3012. 560.797 (2) (d) of the statutes is amended to read:
560.797 (2) (d) The department may not designate more than 50 79 enterprise development zones unless the department obtains the approval of the joint committee on finance to do so. Of the enterprise development zones that the department designates, at least 10 shall be designated under par. (bg).
9,3013
Section
3013. 560.797 (4) (e) of the statutes is repealed.
