(d) Rules. (intro.) The department of commerce corporation, in consultation with the department of revenue, shall promulgate adopt 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, 2010, $6,500,000 for calendar year 2010, and $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 $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 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), 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. The rules shall permit the department corporation to reallocate credits under this section that are unused in any calendar year to a person eligible for tax benefits, as defined under s. 560.2055 238.16 (1) (d), if all of the following apply:
1. The department corporation notifies the joint committee on finance in writing of its proposed reallocation.
2. a. The cochairpersons of the joint committee on finance fail to notify the department corporation, within 14 working days after the date of the department's
corporation's notification under subd. 1., that the committee has scheduled a meeting for the purpose of reviewing the proposed reallocation.
b. The cochairpersons of the joint committee on finance notify the department corporation that the committee has approved the proposed reallocation.
(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 corporation 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 corporation 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).
32,3357
Section
3357. 560.2055 (title) and (1) of the statutes are renumbered 238.16 (title) and (1).
32,3358
Section
3358. 560.2055 (2) of the statutes is renumbered 238.16 (2), and 238.16 (2) (intro.) and (b), as renumbered, are amended to read:
238.16 (2) (intro.) The department
corporation may certify a person to receive tax benefits under this section if all of the following apply:
(b) The person applies under this section and enters into a contract with the department corporation.
32,3359m
Section 3359m. 560.2055 (3) of the statutes is renumbered 238.16 (3), and 238.16 (3) (intro.), (a) and (b) of the statutes, as renumbered, are amended to read:
238.16 (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 the person's business, and one of the following apply applies:
(a) In a tier I county or municipality, an eligible employee for whom the person claims a tax credit will earn at least $20,000 but not more than $100,000 in wages from the person in the year for which the credit is claimed.
(b) In a tier II county or municipality, an eligible employee for whom the person claims a tax credit will earn at least $30,000 but not more than $100,000 in wages from the person in the year for which the credit is claimed.
32,3362
Section
3362. 560.2055 (4) (title) and (a) of the statutes are renumbered 238.16 (4) (title) and (a).
32,3363m
Section 3363m. 560.2055 (4) (b) 1. of the statutes is renumbered 238.16 (4) (b) 1. and amended to read:
238.16 (4) (b) 1. The department
corporation 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:
a. In a tier I county or municipality, at least $20,000 but not more than $100,000.
b. In a tier II county or municipality, at least $30,000 but not more than $100,000.
32,3365
Section
3365. 560.2055 (4) (b) 2. and (c) of the statutes are renumbered 238.16 (4) (b) 2. and (c) and amended to read:
238.16 (4) (b) 2. The department
corporation may award to a person certified under sub. (2) tax benefits in an amount to be determined by the department by rule corporation for costs incurred by the person to undertake the training activities described in sub. (3) (c).
(c) Subject to a reallocation by the department
corporation pursuant to rules promulgated adopted under s. 560.205 238.215 (3) (d), the department corporation may allocate up to $5,000,000 in tax benefits under this section in any calendar year.
32,3366
Section
3366. 560.2055 (5) of the statutes is renumbered 238.16 (5), and 238.16 (5) (title), (a), (b), (c), (d), (e) and (f) (intro.) and 1. (intro.), as renumbered, are amended to read:
238.16 (5) (title) Duties of the department corporation. (a) The department of commerce corporation shall notify the department of revenue when the department of commerce corporation certifies a person to receive tax benefits.
(b) The department of commerce corporation shall notify the department of revenue within 30 days of revoking a certification made under sub. (2).
(c) The department corporation 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).
(d) The department corporation 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.
(e) The department corporation shall annually verify the information submitted to the department corporation by the person claiming tax benefits under ss. 71.07 (3q), 71.28 (3q), and 71.47 (3q).
(f) (intro.) The department corporation shall promulgate adopt rules for the implementation and operation of this section, including rules relating to the following:
1. (intro.) The definitions of a tier I county or municipality and a tier II county or municipality. The department corporation may consider all of the following information when establishing the definitions required under this subdivision:
32,3367
Section
3367. 560.2056 of the statutes is renumbered 93.54 and amended to read:
93.54 Food processing plant and food warehouse investment credit. (1) The department of commerce shall implement a program to certify taxpayers as eligible for the food processing plant and food warehouse investment credit under ss. 71.07 (3rn), 71.28 (3rn), and 71.47 (3rn).
(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 food processing plant and food warehouse investment credits allocated to taxpayers in fiscal year 2009-10 may not exceed $600,000 and the total amount of food processing plant and food warehouse 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.
32,3368
Section
3368. 560.206 of the statutes is renumbered 41.155, and 41.155 (4), as renumbered, is amended to read:
41.155 (4) The department of commerce
tourism, in consultation with the department of revenue, shall promulgate rules to administer this section.
32,3369
Section
3369. 560.207 of the statutes is renumbered 93.535 and amended to read:
93.535 Dairy manufacturing facility investment credit. (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) 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.
(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.
32,3370
Section
3370. 560.208 of the statutes is renumbered 93.545 and amended to read:
93.545 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.
32,3371
Section
3371. 560.2085 of the statutes is renumbered 238.20, and 238.20 (1) (intro.), (2) and (3), as renumbered, are amended to read:
238.20 (1) (intro.) The department
corporation shall implement a program to certify qualified new business ventures for purposes of s. 71.05 (24). A business desiring certification shall submit an application to the department corporation in each taxable year for which the business desires certification. Subject to sub. (2), a business may be certified under this subsection, and may maintain such certification, only if the business is engaged in one of the following:
(2) The department corporation may not certify a business under sub. (1) if the business is engaged in real estate development, insurance, banking, lending, lobbying, political consultation, professional services provided by attorneys, accountants, business consultants, physicians, or health care consultants, wholesale or retail sales, leisure, hospitality, transportation, or construction.
(3) (a) The department corporation shall maintain a list of businesses certified under sub. (1) and shall permit public access to the lists through the department's
corporation's Internet Web site.
(b) The department of commerce corporation shall notify the department of revenue of every certification issued under sub. (1) and the date on which a certification under sub. (1) is revoked or expires.
32,3372
Section
3372. 560.209 of the statutes is renumbered 93.547 and amended to read:
93.547 Woody biomass harvesting and processing credit. (1) The department of commerce shall implement a program to certify taxpayers as eligible for the woody biomass harvesting and processing credit under ss. 71.07 (3rm), 71.28 (3rm), and 71.47 (3rm).
(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 woody biomass harvesting and processing credits allocated to taxpayers in any fiscal year may not exceed $900,000. In each fiscal year, the department of commerce shall allocate $450,000 in tax credits to businesses that, individually, have no more than $5,000,000 in gross receipts from doing business in this state for the taxable year in which the credit is claimed.
(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.
32,3373
Section
3373. 560.21 of the statutes is repealed.
32,3374
Section
3374. 560.25 of the statutes is repealed.
32,3375
Section
3375. 560.255 of the statutes is repealed.
32,3376
Section
3376. 560.27 of the statutes is repealed.
32,3377
Section
3377. 560.275 of the statutes is repealed.
32,3378
Section
3378. 560.276 of the statutes is repealed.
32,3379
Section
3379. 560.277 of the statutes is repealed.
32,3380
Section
3380. 560.28 of the statutes is repealed.
32,3380m
Section 3380m. 560.285 (title) of the statutes is renumbered 101.934 (title).
32,3381
Section
3381. 560.285 (1) of the statutes is repealed.
32,3381c
Section 3381c. 560.285 (2) of the statutes is renumbered 101.934 (2).
32,3381f
Section 3381f. 560.285 (3) of the statutes is renumbered 101.934 (3) and amended to read:
101.934
(3) Administration. The department shall contract with one or more entities that are exempt from taxation under section
501 (a) of the Internal Revenue Code and that employ individuals with technical expertise concerning manufactured housing for the administration of the grant program under this section. The department shall promulgate rules to establish the grant program under this section. To the extent feasible, the department shall coordinate the program under this section with the state housing strategy plan under s.
560.9802 16.302.
32,3382
Section
3382. 560.29 of the statutes is repealed.
32,3383
Section
3383. Subchapter II (title) of chapter 560 [precedes 560.30] of the statutes is repealed.
32,3384
Section
3384. 560.30 of the statutes is repealed.
32,3385
Section
3385. 560.301 of the statutes is repealed.
32,3386
Section
3386. 560.302 of the statutes is repealed.
32,3387
Section
3387. 560.303 of the statutes is repealed.
32,3388
Section
3388. 560.304 of the statutes is repealed.
32,3389
Section
3389. 560.305 of the statutes is repealed.
32,3390
Section
3390. Subchapter III (title) of chapter 560 [precedes 560.41] of the statutes is repealed.
32,3391
Section
3391. 560.41 of the statutes is repealed.
32,3392
Section
3392. 560.42 of the statutes is repealed.
32,3393
Section
3393. 560.43 of the statutes is repealed.
32,3394
Section
3394. 560.44 of the statutes is repealed.
32,3395m
Section 3395m. 560.45 of the statutes is repealed.
32,3396
Section
3396. Subchapter IV (title) of chapter 560 [precedes 560.51] of the statutes is repealed.
32,3397
Section
3397. 560.51 of the statutes is repealed.
32,3398
Section
3398. 560.53 of the statutes is repealed.
32,3399
Section
3399. 560.54 of the statutes is repealed.
32,3400
Section
3400. Subchapter V (title) of chapter 560 [precedes 560.60] of the statutes is repealed.
32,3401
Section
3401. 560.60 of the statutes is repealed.
