234.61 (1) Upon the authorization of the department of health services, the authority may issue bonds or notes and make loans for the financing of housing projects which are residential facilities as defined in s. 46.28 (1) (d) and the development costs of those housing projects, if the department of health services has approved the residential facilities for financing under s. 46.28 (2). The limitations in ss. 234.18, 234.40, 234.50, 234.60, 234.63, and 234.65 do not apply to bonds or notes issued under this section. The definition of "nonprofit corporation" in s. 234.01 (9) does not apply to this section.
2,781
Section
781. 234.63 of the statutes is repealed.
2,782
Section
782. 321.60 (1) (a) 12. of the statutes is amended to read:
321.60 (1) (a) 12. A license or certificate of registration issued by the department of financial institutions, or a division of it, under ss. 138.09, 138.12, 217.06, 218.0101 to 218.0163, 218.02, 218.04, 218.05, 224.72, 224.725, or 224.93 or subch. IV of ch. 551.
2,783
Section
783. 422.501 (2) (b) 8. of the statutes is amended to read:
422.501 (2) (b) 8. A person registered
licensed as a mortgage banker, mortgage loan originator, or mortgage broker under s. 224.72 or 224.725 if the person is acting within the course and scope of that registration
the license.
2,784
Section
784. 428.202 (6) of the statutes is renumbered 428.202 (9) and amended to read:
428.202 (9) "Loan Mortgage loan originator" has the meaning given in s. 224.71 (1r) (6).
2,785
Section
785. 428.203 (9) (title) of the statutes is amended to read:
428.203 (9) (title) Unregistered Unlicensed mortgage bankers and brokers.
2,786
Section
786. 428.204 of the statutes is amended to read:
428.204 False statements. No lender, licensed lender, mortgage loan originator, mortgage banker, or mortgage broker may knowingly make, propose, or solicit fraudulent, false, or misleading statements on any document relating to a covered loan.
2,787
Section
787. 428.206 of the statutes is amended to read:
428.206 Recommending default. No lender, licensed lender, mortgage loan originator, mortgage banker, or mortgage broker may recommend or encourage an individual to default on an existing loan or other obligation before and in connection with the making of a covered loan that refinances all or any portion of that existing loan or obligation.
2,788
Section
788. 452.01 (3) (g) of the statutes is amended to read:
452.01 (3) (g) A person registered
licensed as a mortgage banker under s. 224.72 who does not engage in activities described under sub. (2).
2,789
Section
789. 560.205 (1) (intro.) of the statutes is amended to read:
560.205 (1) Angel investment tax credits. (intro.) The department shall implement a program to certify businesses for purposes of s. 71.07 (5d). A business desiring certification shall submit an application to the department 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 department may certify the business and determine the amount that qualifies for purposes of s. 71.07 (5d). Unless otherwise provided under the rules of the department, a business may be certified under this subsection, and may maintain such certification, only if the business satisfies all of the following conditions:
2,790
Section
790. 560.205 (1) (f) of the statutes is repealed and recreated to read:
560.205 (1) (f) It has the potential for increasing jobs in this state, increasing capital investment in this state, or both, and any of the following apply:
1. It is engaged in, or has committed to engage in, innovation in any of the following:
a. Manufacturing, biotechnology, nanotechnology, communications, agriculture, or clean energy creation or storage technology.
b. Processing or assembling products, including medical devices, pharmaceuticals, computer software, computer hardware, semiconductors, any other innovative technology products, or other products that are produced using manufacturing methods that are enabled by applying proprietary technology.
c. Services that are enabled by applying proprietary technology.
2. It is undertaking pre-commercialization activity related to proprietary technology that includes conducting research, developing a new product or business process, or developing a service that is principally reliant on applying proprietary technology.
2,791
Section
791. 560.205 (1) (g) of the statutes is amended to read:
560.205 (1) (g) It is not primarily engaged in real estate development, insurance, banking, lending, lobbying, political consulting, professional services provided by attorneys, accountants, business consultants, physicians, or health care consultants, wholesale or retail trade, leisure, hospitality, transportation, or construction, except construction of power production plants that derive energy from a renewable resource, as defined in s. 196.378 (1) (h).
2,792
Section
792. 560.205 (1) (k) of the statutes is amended to read:
560.205 (1) (k) It For taxable years beginning before January 1, 2008, it has not received more than $1,000,000 in investments that have qualified for tax credits under s. 71.07 (5d).
2,793
Section
793. 560.205 (1) (kn) of the statutes is created to read:
560.205 (1) (kn) For taxable years beginning after December 31, 2007 and before January 1, 2011, it has not received more than $4,000,000 in investments that have qualified for tax credits under ss. 71.07 (5b) and (5d), 71.28 (5b), 71.47 (5b), and 76.638.
2,794
Section
794. 560.205 (1) (L) of the statutes is created to read:
560.205 (1) (L) For taxable years beginning after December 31, 2010, it has not received more than $8,000,000 in investments that have qualified for tax credits under ss. 71.07 (5b) and (5d), 71.28 (5b), 71.47 (5b), and 76.638.
2,795
Section
795. 560.205 (2) of the statutes is amended to read:
560.205 (2) Early stage seed investment tax credits. The department shall implement a program to certify investment fund managers for purposes of ss. 71.07 (5b), 71.28 (5b), and, 71.47 (5b)
, and 76.638. An investment fund manager desiring certification shall submit an application to the department. The investment fund manager shall specify in the application the investment amount that the manager wishes to raise and the department 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 department 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 department may certify only investment fund managers that commit to consider placing investments in businesses certified under sub. (1).
2,796
Section
796. 560.205 (3) (d) of the statutes is amended to read:
560.205 (3) (d) Rules. The department of commerce, in consultation with the department of revenue, shall promulgate 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, 2011, and $18,000,000 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), and 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, 2011, and $18,500,000 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 person may receive a credit under ss. 71.07 (5b) and (5d), 71.28 (5b), or 71.47 (5b), or 76.638 unless the person's investment is kept in a certified business, or with a certified fund manager, for no less than 3 years.
2,797
Section
797. 560.205 (3) (e) of the statutes is created to read:
560.205 (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 department of commerce 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 department 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. The department shall deposit all fees collected under this paragraph in the appropriation account under s. 20.143 (1) (gm).
2,798
Section
798. 560.207 (1) of the statutes is amended to read:
560.207 (1) The department of commerce shall implement a program to certify taxpayers, including taxpayers who are members of dairy cooperatives, as eligible for the dairy manufacturing facility investment credit under ss. 71.07 (3p), 71.28 (3p), and 71.47 (3p).
2,799
Section
799. 560.207 (2) of the statutes is amended to read:
560.207 (2) If the department of commerce certifies a taxpayer under sub. (1), the department of commerce shall determine the amount of credits to allocate to that taxpayer. The total amount of dairy manufacturing facility investment credits allocated to taxpayers in fiscal year 2007-08 may not exceed $600,000 and the total amount of dairy manufacturing facility investment credits allocated to taxpayers who are not members of dairy cooperatives in fiscal year 2008-09, and in each fiscal year thereafter, may not exceed $700,000. The total amount of dairy manufacturing facility investment credits allocated to taxpayers who are members of dairy cooperatives in fiscal year 2009-10 may not exceed $600,000 and the total amount of dairy manufacturing facility investment credits allocated to taxpayers who are members of dairy cooperatives in fiscal year 2010-11, and in each fiscal year thereafter, may not exceed $700,000.
2,800
Section
800. 560.208 of the statutes is created to read:
560.208 Meat processing facility investment credit. (1) The department of commerce shall implement a program to certify taxpayers as eligible for the meat processing facility investment credit under ss. 71.07 (3r), 71.28 (3r), and 71.47 (3r).
(2) If the department of commerce certifies a taxpayer under sub. (1), the department of commerce shall determine the amount of credits to allocate to that taxpayer. The total amount of meat processing facility investment credits allocated to taxpayers in fiscal year 2009-10 may not exceed $300,000 and the total amount of meat processing facility investment credits allocated to taxpayers in fiscal year 2010-11, and in each fiscal year thereafter, may not exceed $700,000.
(3) The department of commerce shall inform the department of revenue of every taxpayer certified under sub. (1) and the amount of credits allocated to the taxpayer.
(4) The department of commerce, in consultation with the department of revenue, shall promulgate rules to administer this section.
2,801
Section
801. 560.605 (2m) (g) of the statutes is repealed.
2,802
Section
802. 560.605 (7) (e) of the statutes is repealed.
2,803
Section
803. Subchapter VI (title) of chapter 560 [precedes 560.70] of the statutes is repealed and recreated to read:
CHAPTER 560
SUBCHAPTER VI
Tax incentives for business
development in Wisconsin
2,804
Section
804. 560.70 (2g) of the statutes is created to read:
560.70 (2g) "Eligible activity" means an activity described under s. 560.702.
2,805
Section
805. 560.70 (2m) of the statutes is renumbered 560.70 (2m) (a) and amended to read:
560.70 (2m) (a) "Full Except as provided in par. (b), "full-time 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, and for which the individual receives pay that is equal to at least 150% of the federal minimum wage and benefits that are not required by federal or state law. "Full-time job" does not include initial training before an employment position begins.
2,806
Section
806. 560.70 (2m) (b) of the statutes is created to read:
560.70 (2m) (b) The department may by rule specify circumstances under which the department may grant exceptions to the requirement under par. (a) that a full-time job means a job in which an individual, as a condition of employment, is required to work at least 2,080 hours per year, but under no circumstances may a full-time job mean a job in which an individual, as a condition of employment, is required to work less than 37.5 hours per week.
2,807
Section
807. 560.70 (4m) of the statutes is created to read:
560.70
(4m) "Member of a targeted group" means a person who resides in an area designated by the federal government as an economic revitalization area, a person who is employed in an unsubsidized job but meets the eligibility requirements under s. 49.145 (2) and (3) for a Wisconsin Works employment position, a person who is employed in a trial job, as defined in s. 49.141 (1) (n), or in a real work, real pay project position under s. 49.147 (3m), a person who is eligible for child care assistance under s. 49.155, a person who is a vocational rehabilitation referral, an economically disadvantaged youth, an economically disadvantaged veteran, a supplemental security income recipient, a general assistance recipient, an economically disadvantaged ex-convict, a dislocated worker, as defined in
29 USC 2801 (9), or a food stamp recipient, if the person has been certified in the manner under
26 USC 51 (d) (13) (A) by a designated local agency, as defined in
26 USC 51 (d) (12).
2,808
Section
808. 560.70 (7) (a) of the statutes is amended to read:
560.70 (7) (a) Except as provided in pars. (b) and, (c), and (d), "tax benefits" means the development zones credit under ss. 71.07 (2dx), 71.28 (1dx), 71.47 (1dx), and 76.636.
2,809
Section
809. 560.70 (7) (d) of the statutes is created to read:
560.70 (7) (d) In ss. 560.701 to 560.706, "tax benefits" means the economic development tax credit under ss. 71.07 (2dy), 71.28 (1dy), 71.47 (1dy), and 76.637.
2,810
Section
810. 560.701 of the statutes is created to read:
560.701 Certification for tax benefits.
(1) Application. Any person may apply to the department on a form prepared by the department for certification under this section. The application shall include all of the following:
(a) The name and address of the person.
(b) The federal tax identification number of the person.
(c) The names and addresses of the locations where the person conducts business and a description of the business activities conducted at those locations.
(d) A description of each eligible activity conducted or proposed to be conducted by the person.
(e) Other information required by the department or the department of revenue.
(2) Certification. (a) The department may certify a person who submits an application under sub. (1) if, after conducting an investigation, the department determines that the person is conducting or intends to conduct at least one eligible activity.
(b) The department shall provide a person certified under this section and the department of revenue with a copy of the certification.
(3) Contract. A person certified under this section shall enter into a written contract with the department. The contract shall include provisions that detail all of the following:
(a) A description of each eligible activity being conducted or proposed to be conducted by the person.
(b) Whether any of the eligible activities will occur in an economically distressed area, as designated by the department under s. 560.704 (1).
(c) Whether any of the eligible activities will benefit members of a targeted group, as determined by the department under s. 560.704 (2).
(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. 560.703.
(e) The reporting requirements with which the person must comply.
(f) If feasible, a determination of the tax benefits the person will be authorized to claim under s. 560.703 (2) if the person fulfills the terms of the contract.
2,811
Section
811. 560.702 of the statutes is created to read:
560.702 Eligible activities. A person who conducts or proposes to conduct any of the following may be certified under s. 560.701 (2):
(1) Job creation project. A project that creates and maintains for a period of time established by the department by rule full-time jobs in addition to any existing full-time jobs provided by the person.
(2) Capital investment project. A project that involves a significant investment of capital, as defined by the department by rule under s. 560.706 (2) (b), by the person in new equipment, machinery, real property, or depreciable personal property.
(3) Employee training project. A project that involves significant investments in the training or reeducation of employees, as defined by the department by rule under s. 560.706 (2) (c), by the person for the purpose of improving the productivity or competitiveness of the business of the person.
(4) Project related to persons with corporate headquarters in Wisconsin. A project that will result in the location or retention of a person's corporate headquarters in Wisconsin or that will result in the retention of employees holding full-time jobs in Wisconsin if the person's corporate headquarters are located in Wisconsin.
2,812
Section
812. 560.703 of the statutes is created to read:
560.703 Limits on tax benefits and claiming tax benefits. (1) Limits. (a) Except as provided in par. (b), the total tax benefits available to be allocated by the department under ss. 560.701 to 560.706 may not exceed the sum of the tax benefits remaining to be allocated under ss. 560.71 to 560.785, 560.797, 560.798, 560.7995, and 560.96 on the effective date of this paragraph .... [LRB inserts date].
