Amendment CA1-ASA1-AB133

AB133-ASA1-CA1,662,10 (2) From the appropriation under s. 20.143 (1) (c), the department may make grants to municipalities and nonprofit organizations to fund costs related to conducting public retail markets. The department shall promulgate rules for the administration of this section.".

AB133-ASA1-CA1,662,11 1459. Page 1378, line 12: after that line insert:

AB133-ASA1-CA1,662,12 " Section 2937m. 560.09 (5) of the statutes is repealed.".

AB133-ASA1-CA1,662,13 1460. Page 1378, line 25: delete that line.

AB133-ASA1-CA1,662,14 1461. Page 1379, line 1: delete lines 1 to 3 and substitute:

AB133-ASA1-CA1,662,15 " Section 2939n. 560.13 (3) (c) of the statutes is created to read:

AB133-ASA1-CA1,662,19 560.13 (3) (c) In awarding grants under this section, beginning with grants awarded in fiscal year 2000-01, the department shall accord a weight to a project's job creation potential that is approximately 50% of the weight accorded that factor in awarding grants under this section before fiscal year 2000-01.".

AB133-ASA1-CA1,662,20 1462. Page 1379, line 25: after that line insert:

AB133-ASA1-CA1,662,22 "4. At least $1,400,000 in grants for projects evaluated without consideration of the number of jobs that will be created by the projects.".

AB133-ASA1-CA1,662,23 1463. Page 1380, line 1: delete lines 1 to 5.

AB133-ASA1-CA1,662,24 1464. Page 1383, line 5: delete "$1,000,000" and substitute "$900,000".

AB133-ASA1-CA1,663,1 1465. Page 1394, line 11: after that line insert:

AB133-ASA1-CA1,663,2 " Section 2980m. 560.26 of the statutes is created to read:

AB133-ASA1-CA1,663,5 560.26 Wisconsin Procurement Institute grants. (1) Subject to sub. (3), the department shall make grants annually from the appropriation under s. 20.143 (1) (c) to the Wisconsin Procurement Institute if all of the following apply:

AB133-ASA1-CA1,663,7 (a) The Wisconsin Procurement Institute uses the grant proceeds to further its efforts to secure federal government contracts and create jobs in the state.

AB133-ASA1-CA1,663,10 (b) The Wisconsin Procurement Institute submits a plan to the department for each grant detailing the proposed use of the grant and the secretary approves the plan.

AB133-ASA1-CA1,663,13 (c) The Wisconsin Procurement Institute enters into a written agreement with the department that specifies the conditions for use of the grant proceeds, including reporting and auditing requirements.

AB133-ASA1-CA1,663,15 (d) The Wisconsin Procurement Institute agrees in writing to submit to the department the report required under sub. (2) by the time required under sub. (2).

AB133-ASA1-CA1,663,18 (2) If the Wisconsin Procurement Institute receives a grant under this section, it shall submit to the department, within 6 months after spending the full amount of the grant, a report detailing how the grant proceeds were used.

AB133-ASA1-CA1,663,20 (3) The department may not make grants under sub. (1) that exceed $100,000 in total in any year.".

AB133-ASA1-CA1,663,21 1466. Page 1394, line 11: after that line insert:

AB133-ASA1-CA1,663,22 " Section 2983c. 560.28 of the statutes is created to read:

AB133-ASA1-CA1,663,23 560.28 Biotechnology development finance company. (1) In this section:

AB133-ASA1-CA1,663,24 (a) "Biotechnology" means technology related to life sciences.

AB133-ASA1-CA1,664,1 (b) "Capital participation instrument" means all of the following:

AB133-ASA1-CA1,664,2 1. Any of the following or an option or other right to acquire any of the following:

AB133-ASA1-CA1,664,3 a. Common or preferred capital stock.

AB133-ASA1-CA1,664,4 b. Convertible securities.

AB133-ASA1-CA1,664,5 c. Evidences of long-term or short-term indebtedness.

AB133-ASA1-CA1,664,6 d. Warrants.

AB133-ASA1-CA1,664,7 e. Subscriptions.

AB133-ASA1-CA1,664,8 f. Partnership or membership interests.

AB133-ASA1-CA1,664,10 2. Royalties or other lawful derivations of a capital participation instrument listed under subd. 1.

AB133-ASA1-CA1,664,17 (c) "Cost of a project" means costs associated with the design, planning and implementation of a project that, in accordance with sound business and financial practices, are appropriate charges to the project. The costs may include the costs of planning and design, options to buy land, feasibility or other studies, equipment, seed money, construction, working capital and any other costs determined by the biotechnology development finance company to be necessary to the purposes of this section.

AB133-ASA1-CA1,664,19 (d) "Project" means commercial, industrial or other economic activity that is undertaken by a biotechnology company in this state.

AB133-ASA1-CA1,665,2 (2) (a) The department shall organize and maintain a biotechnology development finance company as a nonstock, nonprofit corporation under ch. 181 for the exclusive purpose of investing in new or existing biotechnology companies in this state. From the appropriation under s. 20.143 (1) (c), the department shall make a one-time grant to the company for start-up capital and for reasonable administrative expenses of the company. The grant under this paragraph may not exceed $1,000,000.

AB133-ASA1-CA1,665,6 (b) Subject to par. (c), the biotechnology development finance company may purchase a capital participation instrument of a project. The biotechnology development finance company shall ensure that all of the following apply with respect to a project before any investment is made in the project:

AB133-ASA1-CA1,665,8 1. The biotechnology company has certified that the project plans conform to all applicable environmental, zoning, building, planning or sanitation laws.

AB133-ASA1-CA1,665,10 2. There is a reasonable expectation that the biotechnology company will be successful.

AB133-ASA1-CA1,665,11 3. Private industry has not provided sufficient capital required for the project.

AB133-ASA1-CA1,665,15 4. The investment is necessary to the successful completion of the proposed project because other investment in the project is unavailable in the traditional capital markets, or because capital has been offered on terms that would preclude the success of the project.

AB133-ASA1-CA1,665,19 5. Provision has been made by contract for adequate reporting of financial data by the project to the biotechnology development finance company. Those provisions may include a requirement for an annual or other periodic audit of the project's financial records.

AB133-ASA1-CA1,665,21 6. The proceeds of the purchase will be used solely in connection with the costs of the project.

AB133-ASA1-CA1,665,22 7. The biotechnology company is able to manage its project responsibilities.

AB133-ASA1-CA1,665,25 (c) 1. The biotechnology development finance company may not own more than 49% of the voting stock or other interest in any enterprise as a result of a purchase under par. (b).

AB133-ASA1-CA1,666,2 2. The total investment by the biotechnology development finance company in any one biotechnology company may not exceed $200,000.

AB133-ASA1-CA1,666,4 (d) The findings made by the biotechnology development finance company with respect to whether a project meets the conditions under par. (b) 1. to 7. are conclusive.

AB133-ASA1-CA1,666,13 (3) The department shall enter into a contract with the biotechnology development finance company. The contract shall provide that the department may make use of the services of the biotechnology development finance company and that the department shall advise, assist and provide administrative services to the biotechnology development finance company. The department shall determine the type and scope of any administrative services provided by the department to the biotechnology development finance company. The department may assign employes or contract with private or state agencies to perform the administrative services. The biotechnology development finance company may not engage in political activities.

AB133-ASA1-CA1,666,15 (4) (a) The board of directors of the biotechnology development finance company shall consist of all of the following members:

AB133-ASA1-CA1,666,16 1. The secretary, or his or her designee.

AB133-ASA1-CA1,666,17 2. The secretary of administration, or his or her designee.

AB133-ASA1-CA1,666,18 3. The executive director of the investment board, or his or her designee.

AB133-ASA1-CA1,666,20 4. The executive director of the Wisconsin Housing and Economic Development Authority, or his or her designee.

AB133-ASA1-CA1,666,21 5. The president of the University of Wisconsin System, or his or her designee.

AB133-ASA1-CA1,666,22 6. The president of Forward Wisconsin, Inc., or his or her designee.

AB133-ASA1-CA1,666,23 7. A representative of the state's biotechnology research community.

AB133-ASA1-CA1,666,24 8. A representative of the state's biotechnology industry.

AB133-ASA1-CA1,666,25 9. A representative of the state's venture capital industry.

AB133-ASA1-CA1,667,4 (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.

AB133-ASA1-CA1,667,7 (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.

AB133-ASA1-CA1,667,14 (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.".

AB133-ASA1-CA1,667,15 1467. Page 1396, line 17: after that line insert:

AB133-ASA1-CA1,667,16 " Section 2996p. 560.65 (4) (a) of the statutes is repealed.".

AB133-ASA1-CA1,667,17 1468. Page 1397, line 3: after that line insert:

AB133-ASA1-CA1,667,18 " Section 2998g. 560.70 (7) of the statutes is amended to read:

AB133-ASA1-CA1,667,22 560.70 (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).".

AB133-ASA1-CA1,667,23 1469. Page 1397, line 11: after that line insert:

AB133-ASA1-CA1,667,24 " Section 3000n. 560.785 (1) (intro.) of the statutes is amended to read:

AB133-ASA1-CA1,668,5 560.785 (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:".

AB133-ASA1-CA1,668,7 1470. Page 1397, line 15: after "development zone" insert ", as a development opportunity zone".

AB133-ASA1-CA1,668,9 1471. Page 1398, line 2: after "development zone" insert ", as a development opportunity zone".

AB133-ASA1-CA1,668,10 1472. Page 1398, line 21: after that line insert:

AB133-ASA1-CA1,668,11 " Section 3006h. 560.795 (1) (d) of the statutes is created to read:

AB133-ASA1-CA1,668,13 560.795 (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.

AB133-ASA1-CA1, s. 3006j Section 3006j. 560.795 (2) (a) of the statutes is amended to read:

AB133-ASA1-CA1,668,21 560.795 (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.

AB133-ASA1-CA1, s. 3006L Section 3006L. 560.795 (2) (b) 4. of the statutes is created to read:

AB133-ASA1-CA1,668,24 560.795 (2) (b) 4. The limit for tax benefits for the development opportunity zone under sub. (1) (d) is $7,000,000.

AB133-ASA1-CA1, s. 3006n Section 3006n. 560.795 (3) (a) 3. of the statutes is created to read:

AB133-ASA1-CA1,669,7 560.795 (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.

AB133-ASA1-CA1, s. 3006p Section 3006p. 560.795 (3) (d) of the statutes is amended to read:

AB133-ASA1-CA1,669,11 560.795 (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).".

AB133-ASA1-CA1,669,12 1473. Page 1400, line 18: after that line insert:

AB133-ASA1-CA1,669,13 " Section 3020m. 560.835 (7) (b) of the statutes is amended to read:

AB133-ASA1-CA1,669,17 560.835 (7) (b) The department shall deposit in the recycling fund appropriation account under s. 20.143 (1) (L) all moneys received after July 1, 1995 the effective date of this paragraph .... [revisor inserts date], in repayment of loans made under this section.".

AB133-ASA1-CA1,669,18 1474. Page 1401, line 5: after that line insert:

AB133-ASA1-CA1,669,19 " Section 3023j. 562.065 (4) of the statutes is amended to read:

AB133-ASA1-CA1,669,24 562.065 (4) Unclaimed prizes. Any A licensee under s. 562.05 (1) (b) may retain any winnings on a race which that are not claimed within 90 days after the end of the period authorized for racing in that year under s. 562.05 (9) shall be paid to the department. The department shall credit moneys received under this subsection to the appropriation accounts under ss. 20.455 (2) (g) and 20.505 (8) (g).".

AB133-ASA1-CA1,670,1 1475. Page 1401, line 5: after that line insert: