Amendment ASA1-AB579

AB579-ASA1, s. 20 Section 20. 560.34 (1) (d) 2. of the statutes is created to read:

AB579-ASA1,7,11 560.34 (1) (d) 2. Pay at least 75% of its total payroll to employees who are employed in this state.

AB579-ASA1, s. 21 Section 21. 560.34 (1m) (a) 3. of the statutes is created to read:

AB579-ASA1,7,15 560.34 (1m) (a) 3. Within 7 years after the investment date for a particular investment pool, at least 70% of the investment pool shall be placed in qualified investments.

AB579-ASA1, s. 22 Section 22. 560.34 (1m) (a) 4. of the statutes is created to read:

AB579-ASA1,7,19 560.34 (1m) (a) 4. Within 10 years after the investment date for a particular investment pool, 100% of the investment pool shall be placed in qualified investments.

AB579-ASA1, s. 23 Section 23. 560.35 (1c) of the statutes is created to read:

AB579-ASA1,7,24 560.35 (1c) Investment in qualified business. Within 15 days after entering into an agreement with a qualified business to make a qualified investment in the business, a certified capital company shall report all of the following to the department:

AB579-ASA1,7,25 (a) The name of the qualified business.

AB579-ASA1,8,1 (b) The agreed upon amount of the qualified investment.

AB579-ASA1,8,2 (c) The type of investment, as specified in s. 560.34 (1) (a) 1. or 2. a. or b.

AB579-ASA1, s. 24 Section 24. 560.35 (1m) of the statutes is renumbered 560.35 (1m) (a).

AB579-ASA1, s. 25 Section 25. 560.35 (1m) (b) of the statutes is created to read:

AB579-ASA1,8,10 560.35 (1m) (b) If a qualified business violates an agreement made under s. 560.34 (1) (b) to (e), for purposes of the requirements under subs. (2) (b) and (c) and (3) and ss. 560.34 (1m) (a), 560.36 (3), and 560.37 (2), (3), and (3m) (a) 2. and the certified capital company tax credit, the certified capital company's qualified investments with respect to that qualified business shall be valued at one-half of the actual amount invested by the certified capital company.

AB579-ASA1, s. 26 Section 26. 560.35 (1r) of the statutes is created to read:

AB579-ASA1,8,17 560.35 (1r) Qualified investment schedule report. Within 30 days after the conclusion of each time period specified in s. 560.34 (1m) (a), a certified capital company shall report to the department, in the format and substance prescribed by the department, information required by the department for determining whether the certified capital company is in compliance with the percentage requirements under s. 560.34 (1m) (a).

AB579-ASA1, s. 27 Section 27. 560.35 (2) (intro.) of the statutes is amended to read:

AB579-ASA1,8,23 560.35 (2) Annual Semiannual reports. (intro.) On Each year, on or before January 31 annually, for the preceding 6-month period ending on December 31, and on or before July 31, for the preceding 6-month period ending on June 30, a certified capital company shall report, in format and substance prescribed by the department, all of the following to the department:

AB579-ASA1, s. 28 Section 28. 560.35 (2) (a) of the statutes is amended to read:

AB579-ASA1,9,2 560.35 (2) (a) The amount of the certified capital company's certified capital at the end of the preceding year 6-month period.

AB579-ASA1, s. 29 Section 29. 560.35 (2) (c) of the statutes is amended to read:

AB579-ASA1,9,6 560.35 (2) (c) All qualified investments that the certified capital company has made during the previous calendar year preceding 6-month period and the investment pool from which each qualified investment was made.

AB579-ASA1, s. 30 Section 30. 560.37 (4) of the statutes is amended to read:

AB579-ASA1,9,10 560.37 (4) Effect of decertification. Decertification of a certified capital company or an investment pool has the effects specified in s. ss. 71.47 (7) (e) and 76.635 (4).

AB579-ASA1, s. 31 Section 31. 560.37 (5) of the statutes is amended to read:

AB579-ASA1,9,15 560.37 (5) Notices to certified investors. The department shall notify a certified investor when the certified capital company tax credit arising from a certified investment is no longer subject to recapture and forfeiture under s. ss. 71.47 (7) (e) and 76.635 (4).

AB579-ASA1, s. 32 Section 32. Nonstatutory provisions.

AB579-ASA1,9,23 (1) Performance evaluation audit. The joint legislative audit committee is requested to, and may, direct the legislative audit bureau to perform a performance evaluation audit of the program under subchapter II of chapter 560 of the statutes, which shall include evaluating the overall effectiveness of the program. If the committee directs the legislative audit bureau to perform an audit under this subsection, the bureau shall file its report as described in section 13.94 (1) (b) of the statutes by January 1, 2003.

AB579-ASA1, s. 33 Section 33. Initial applicability.

AB579-ASA1,10,2 (1 ) The treatment of sections 71.47 (7) and 560.37 (4) and (5) of the statutes first applies to taxable years beginning on January 1, 2002.

AB579-ASA1,10,4 (2) The treatment of section 560.34 (1m) (a) 3. and 4. of the statutes first applies to investment pools for which December 31, 1999, is the investment date.

AB579-ASA1,10,7 (3) The treatment of sections 560.30 (10) (a), (c), (d), and (e), 560.31 (2) (g), and 560.32 (2) (b) 2. and (c) 2. and (4) of the statutes first applies to credits claimed on July 1, 2003.

AB579-ASA1,10,8 (End)