Amendment SA1-AB40

AB40-SA1,5,5 19. Page 730, line 16: delete lines 16 to 25.

AB40-SA1,5,6 20. Page 731, line 1: delete lines 1 to 8.

AB40-SA1,5,13 21. Page 806, line 14: after "stats" insert ", except that, for taxable years beginning after December 31, 2011, and before January 1, 2015, a claimant may claim 40 percent of the claimant's investment paid to a fund manager that the fund manager invests in a business certified under s. 238.15 (1), if the fund manager has invested no more than $500,000 in the business and the business has received no more than $2,000,000 in investments that have qualified for credits under this subsection or s. 71.07 (5b) or 71.47 (5b)".

AB40-SA1,5,14 22. Page 806, line 17: after "25" insert "or 40".

AB40-SA1,5,21 23. Page 856, line 7: after "stats" insert ", except that, for taxable years beginning after December 31, 2011, and before January 1, 2015, a claimant may claim 40 percent of the claimant's investment paid to a fund manager that the fund manager invests in a business certified under s. 238.15 (1), if the fund manager has invested no more than $500,000 in the business and the business has received no more than $2,000,000 in investments that have qualified for credits under this subsection or s. 71.07 (5b) or 71.28 (5b)".

AB40-SA1,5,22 24. Page 856, line 10: after "25" insert "or 40".

AB40-SA1,6,2 25. Page 860, line 20: delete the material beginning with that line and ending with page 862, line 17.

AB40-SA1,6,3 26. Page 957, line 3: delete lines 3 to 13.

AB40-SA1,6,5 27. Page 964, line 24: delete the material beginning with that line and ending with page 966, line 16.

AB40-SA1,6,6 28. Page 970, line 10: delete lines 10 to 13.

AB40-SA1,6,8 29. Page 970, line 23: delete the material beginning with that line and ending with page 971, line 3.

AB40-SA1,6,9 30. Page 971, line 14: after that line insert:

AB40-SA1,6,10 " Section 2403y. 108.141 (1) (f) 3. b. of the statutes is amended to read:

AB40-SA1,6,16 108.141 (1) (f) 3. b. The average rate of total unemployment in this state, seasonally adjusted, as determined by the U.S. secretary of labor for the period consisting of the most recent 3 months for which data for all states are published before the close of that week equals or exceeds 110 percent of the average for either or both of the corresponding 3-month periods ending in the 2 preceding calendar year.; or

AB40-SA1, s. 2403yb Section 2403yb. 108.141 (1) (f) 4. of the statutes is created to read:

AB40-SA1,6,21 108.141 (1) (f) 4. With respect to weeks of unemployment beginning on or after the date of enactment of P.L. 111-312, and ending with the week ending 4 weeks prior to the last week in which federal sharing is authorized by section 2005 (a) of P.L. 111-5 and any amendments thereto:

AB40-SA1,7,2 a. The rate of insured unemployment for the period consisting of that week and the immediately preceding 12 weeks equaled or exceeded 120 percent of the average of such rates for the corresponding 13-week periods ending in each of the preceding 3 calendar years, and equaled or exceeded 5 percent; or

AB40-SA1,7,7 b. The average rate of total unemployment, seasonally adjusted, as determined by the U.S. secretary of labor, for the period consisting of the most recent 3 months for which data for all states are published before the close of that week equals or exceeds 6.5 percent and equals or exceeds 110 percent of the average for any of the corresponding 3-month periods ending in the preceding 3 calendar years.".

AB40-SA1,7,10 31. Page 1130, line 15: delete the material beginning with "the objectives" and ending with "activities" on line 20 and substitute "the objectives under s. 560.128 238.2995 (1) (a)".

AB40-SA1,7,16 32. Page 1131, line 7: delete the material beginning with "The commission" and ending with "(1) (a)." on page line 9 and substitute "The commission shall cooperate with the department of commerce Wisconsin Economic Development Corporation to ensure coordination of energy efficiency and renewable resource programs under sub. (2) (a) 2. e. with the loan program under s. 560.128 238.2995 (1) (a).".

AB40-SA1,7,17 33. Page 1173, line 3: after that line insert:

AB40-SA1,7,18 " Section 2859t. 238.075 of the statutes is created to read:

AB40-SA1,7,21 238.075 Goals and accountability measures; reporting. (1) Goals and accountability measures. The corporation shall do all of the following for each economic development program implemented under s. 238.03:

AB40-SA1,7,23 (a) Establish clear and measurable goals for the program that are tied to the duties of the board under s. 238.03.

AB40-SA1,8,2 (b) Establish at least one quantifiable benchmark for each program goal described in par. (a).

AB40-SA1,8,6 (c) Require that each recipient of a grant or loan under the program submit a report to the corporation. Each contract with a recipient of a grant or loan under the program shall specify the frequency and format of the report to be submitted to the corporation and the performance measures to be included in the report.

AB40-SA1,8,9 (d) Establish a method for evaluating the projected results of the program with actual outcomes as determined by evaluating the information described in pars. (a) and (b).

AB40-SA1,8,11 (e) Annually and independently verify, from a sample of grants and loans, the accuracy of the information required to be reported under par. (c).

AB40-SA1,8,19 (f) Establish by rule a requirement that the recipient of a grant or loan under the program of at least $100,000 submit to the corporation a verified statement signed by both an independent certified public accountant licensed or certified under ch. 442 and the director or principal officer of the recipient to attest to the accuracy of the verified statement, and make available for inspection the documents supporting the verified statement. The corporation shall include the requirement established by rule under this paragraph in the contract entered into by a grant or loan recipient.

AB40-SA1,8,24 (g) Establish by rule policies and procedures permitting the corporation to do all of the following if a recipient of a grant or loan or tax benefits under the program submits false or misleading information to the corporation or fails to comply with the terms of a contract entered into with the corporation under the program and fails to provide to the satisfaction of the corporation an explanation for the noncompliance:

AB40-SA1,8,25 1. Recoup payments made to the recipient.

AB40-SA1,9,1 2. Withhold payments to be made to the recipient.

AB40-SA1,9,2 3. Impose a forfeiture on the recipient.

AB40-SA1,9,9 (2) Economic development assistance reporting. Annually, no later than October 1, the corporation shall submit to the joint legislative audit committee and to the appropriate standing committees of the legislature under s. 13.172 (3) a comprehensive report assessing economic development programs implemented by the corporation. The corporation shall make readily accessible to the public on an Internet-based system the information required under this subsection. The report shall include all of the following information:

AB40-SA1,9,10 (a) A description of each program.

AB40-SA1,9,12 (b) Quantifiable performance measures directly related to the purpose of the program including, when applicable, all of the following information:

AB40-SA1,9,14 1. An accounting of the location, by municipality, of each job created or retained in the state in the previous fiscal year as a result of the program.

AB40-SA1,9,16 2. An accounting of the industry classification, by municipality, of each job created or retained in the state in the previous fiscal year as a result of the program.

AB40-SA1,9,17 (c) A comparison of expected and actual program outcomes.

AB40-SA1,9,18 (d) The number of grants made under the program in the previous fiscal year.

AB40-SA1,9,19 (e) The number of loans made under the program in the previous fiscal year.

AB40-SA1,9,21 (f) The amount of tax benefits allocated and verified under the program in the previous fiscal year.

AB40-SA1,9,23 (g) The amount of each grant and loan made under the program in the previous fiscal year.

AB40-SA1,9,25 (h) The recipient of each grant or loan made under the program in the previous fiscal year.

AB40-SA1,10,2 (i) The recipients of tax benefits allocated and verified under the program in the previous fiscal year.

AB40-SA1,10,4 (j) The sum total of all grants and loans awarded to and received by each recipient under the program in the previous fiscal year.".

AB40-SA1,10,5 34. Page 1173, line 3: after that line insert:

AB40-SA1,10,6 " Section 2859p. 238.03 (5) of the statutes is created to read:

AB40-SA1,10,11 238.03 (5) No later than January 1, 2012, the board shall establish and implement economic development programs that are substantially similar to the economic development programs administered by the department of commerce. Once the board has established and implemented these programs, the board may not alter or eliminate the programs unless directed to do so by law.

AB40-SA1, s. 2859r Section 2859r. 238.03 (6) of the statutes is created to read:

AB40-SA1,10,17 238.03 (6) No later than January 1, 2012, the board shall identify all economic development programs at the department of commerce that require a change in law for the board to establish and implement and shall submit a report to the chief clerks of the legislature, for distribution to the legislature under s. 13.172 (2), containing proposed legislation to allow the board to establish and implement the programs.".

AB40-SA1,10,18 35. Page 1173, line 3: after that line insert:

AB40-SA1,10,20 " Section 2859mb. 238.03 (2) (intro.) of the statutes, as created by 2011 Wisconsin Act 7, is amended to read:

AB40-SA1,10,22 238.03 (2) (intro.) For each program developed and implemented by the board under sub. (1), the board shall do all of the following:

AB40-SA1, s. 2859mc Section 2859mc. 238.03 (3) (intro.) of the statutes, as created by 2011 Wisconsin Act 7, is amended to read:

AB40-SA1,11,2 238.03 (3) (intro.) The board shall require for each program developed and implemented by the board under sub. (1) all of the following:

AB40-SA1, s. 2859me Section 2859me. 238.03 (3m) of the statutes is created to read:

AB40-SA1,11,6 238.03 (3m) The board shall develop and implement a program to identify and respond to potential retention problems for companies doing business in Wisconsin. The program shall include all of the following:

AB40-SA1,11,9 (a) Identification of the top 300 companies doing business in this state based on a company's number of employees, capital investment in this state, and overall economic impact on this state.

AB40-SA1,11,12 (b) A business retention strategy that targets industries and industry clusters based on the collection and analysis of data related to the economic viability of the companies identified in par. (a).

AB40-SA1,11,15 (c) Development and implementation of an early detection and response system to potential retention problems that includes annual visits to the companies identified under par. (a).

AB40-SA1,11,18 (d) Creation of a database that includes business retention case histories, best practices, and retention specialists, and other information that is useful to identify and respond to retention challenges, as determined by the board.".

AB40-SA1,11,19 36. Page 1175, line 20: after that line insert:

AB40-SA1,11,20 " Section 2864m. 238.27 of the statutes is created to read:

AB40-SA1,12,2 238.27 Wisconsin growth initiative. The corporation shall implement a program to issue bonds and notes to raise capital for investment in Wisconsin businesses on behalf of the corporation by up to 10 venture capital funds. The program may not raise more than a total of $100,000,000, and may not raise funds after December 31, 2016. The corporation shall provide the capital raised under the program to venture capital funds that agree to do all of the following:

AB40-SA1,12,4 (1) Invest the capital on behalf of the corporation in Wisconsin businesses in various industry sectors and in different stages of development.

AB40-SA1,12,7 (2) Require a business in which the capital is to be invested to raise funds from sources other than the state or the corporation in an amount equal to 4 times the amount of capital to be invested on behalf of the corporation.

AB40-SA1,12,8 (3) Maintain offices, staff, and investment in this state.".

AB40-SA1,12,9 37. Page 1176, line 3: after that line insert:

AB40-SA1,12,11 " Section 2865g. Subchapter III (title) of chapter 238 [precedes 238.40] of the statutes is created to read:

AB40-SA1,12,12 chapter 238

AB40-SA1,12,14 subchapter III wisconsin development fund

AB40-SA1, s. 2865r Section 2865r. Subchapter IV (title) of chapter 238 [precedes 238.50] of the statutes is created to read:".

AB40-SA1,12,17 chapter 238

AB40-SA1,12,19 subchapter IV regulatory assistance to businesses

AB40-SA1, s. 2865s Section 2865s. Subchapter V (title) of chapter 238 [precedes 238.60] of the statutes is created to read:

AB40-SA1,12,22 chapter 238

AB40-SA1,12,24 subchapter V wisconsin development fund

AB40-SA1,13,1 38. Page 1307, line 12: delete that line and substitute:

AB40-SA1,13,3 " Section 3340m. 560.128 of the statutes is renumbered 238.2995 and 238.2995 (1) (intro.) and (2) (intro.), as renumbered, are amended to read:

AB40-SA1,13,6 238.2995 (1) (intro.) From the appropriations under s. 20.143 (1) (c), (gm), (hr), (ie), (m), (mr), and (n), the department The corporation may make a loan to a manufacturing business in this state to do any of the following:

AB40-SA1,13,8 (2) (intro.) The department corporation shall promulgate rules establishing establish eligibility criteria that do all of the following:".

AB40-SA1,13,9 39. Page 1308, line 18: delete that line and substitute:

AB40-SA1,13,11 " Section 3354m. 560.203 of the statutes is renumbered 238.23 and amended to read:

AB40-SA1,13,23 238.23 Targeted microloans. The department corporation shall create a pilot program for making microloans from the appropriation under s. 20.143 (1) (c) at nominal interest rates for the creation of new businesses. The department corporation shall designate 2 areas of the state, one urban and one rural, that are affected by high unemployment. Only residents of the areas designated by the department corporation are eligible for loans under this section, and the amount of a loan under this section may not exceed $25,000. The department corporation shall, through a competitive process, select a Wisconsin nonprofit finance corporation to administer the pilot program. The department corporation shall partner with federal, state, regional, and local economic development entities to provide business training for applicants and borrowers under this section. The department corporation may not make a loan under this section after July 31, 2013.".

AB40-SA1,13,24 40. Page 1319, line 12: delete that line and substitute:

AB40-SA1,14,1 " Section 3376c. 560.27 (1) (a) of the statutes is repealed.

AB40-SA1, s. 3376d Section 3376d. 560.27 (1) (b) of the statutes is repealed.

AB40-SA1, s. 3376e Section 3376e. 560.27 (1) (c) of the statutes is renumbered 238.03 (7) and amended to read: