Amendment AA10-AB387

AB387-AA10,2,18 3. Page 27, line 7: after that line insert:

AB387-AA10,2,20 "(5) Reporting of expenditures and contributions made outside of this state. (a) In this subsection:

AB387-AA10,2,22 1. "Candidate" means an individual who holds or seeks or is the subject of a recall petition for an office other than a state or local office.

AB387-AA10,2,24 2. "Contribution" means a gift, subscription, loan, advance, or transfer of money, tangible personal property, or services.

AB387-AA10,3,7 (b) Notwithstanding the reporting requirements that would otherwise apply under this chapter, but subject to the applicable thresholds for submitting reports, a political action committee, independent expenditure committee, conduit, or recall committee registered under this chapter shall include in a report any expenditures or contributions made during the immediately preceding reporting period on express advocacy for a clearly identified candidate, issue advocacy, or to support or oppose the recall of an elective official holding an office other than a state or local office.".

AB387-AA10,3,8 4. Page 34, line 4: after "name" insert "and address".

AB387-AA10,3,9 5. Page 41, line 1: after "name" insert "and address".

AB387-AA10,3,10 6. Page 48, line 1: after "name" insert "and address".

AB387-AA10,3,11 7. Page 53, line 15: after "name" insert "and address".

AB387-AA10,3,12 8. Page 57, line 14: delete "$5,000" and substitute "$100".

AB387-AA10,3,13 9. Page 58, line 12: delete "$5,000" and substitute "$100".

AB387-AA10,3,14 10. Page 61, line 22: after "name" insert "and address".

AB387-AA10,3,15 11. Page 65, line 23: delete "$5,000" and substitute "$100".

AB387-AA10,3,16 12. Page 66, line 21: delete "$5,000" and substitute "$100".

AB387-AA10,3,17 13. Page 69, line 16: after "name" insert "and address".

AB387-AA10,3,18 14. Page 74, line 21: after "name" insert "and address".

AB387-AA10,3,19 15. Page 80, line 7: after "name" insert "and address".

AB387-AA10,3,20 16. Page 83, line 17: delete "$5,000" and substitute "$100".

AB387-AA10,3,21 17. Page 84, line 13: delete "$5,000" and substitute "$100".

AB387-AA10,3,22 18. Page 84, line 24: after that line insert:

AB387-AA10,4,6 "11.1002 Social welfare organizations. Every entity organized under section 501 (c) (4) of the Internal Revenue Code that makes or accepts a contribution, makes a disbursement, or incurs an obligation to support or oppose a candidate or a recall in a calendar year in an aggregate amount in excess of $10,000 shall register and report in the same manner that political action committees are required to register and report under subch. V of this chapter.

AB387-AA10,4,11 11.1003 Other persons; registering and reporting. Every person, other than a committee, that makes or accepts contributions, makes disbursements, or incurs obligations in a calendar year in an aggregate amount in excess of $3,000 shall register and report in the same manner that a political action committee is required to register and report under subch. V of this chapter.".

AB387-AA10,4,12 19. Page 89, line 4: after "(4) (b)" insert "and s. 11.1115".

AB387-AA10,4,14 20. Page 94, line 10: delete the material beginning with "or" and ending with "(6)" on line 12.

AB387-AA10,4,15 21. Page 96, line 12: after that line insert:

AB387-AA10,4,19 "11.1115 Individual contributions. (1) No individual may make any contribution or contributions in excess of $10,000 in any calendar year to any committee, other than a candidate committee, which has as its major purpose expressly advocating the election or defeat of a clearly identified candidate.

AB387-AA10,4,21 (2) No individual may make any contribution or contributions in excess of $10,000 in any calendar year to a political party.".

AB387-AA10,4,23 22. Page 97, line 3: delete "a disbursement" and substitute "an expenditure for issue advocacy or".

AB387-AA10,4,24 23. Page 97, line 6: delete lines 6 and 7 and substitute "party.".

AB387-AA10,5,2 24. Page 97, line 8: delete "a disbursement" and substitute "an expenditure for issue advocacy or".

AB387-AA10,5,3 25. Page 97, line 8: delete "(2) (a)" and substitute " (2)".

AB387-AA10,5,4 26. Page 97, line 10: delete "disbursement" and substitute "expenditure".

AB387-AA10,5,5 27. Page 97, line 12: delete "disbursement" and substitute "expenditure".

AB387-AA10,5,6 28. Page 97, line 14: delete "disbursement" and substitute "expenditure".

AB387-AA10,5,7 29. Page 97, line 19: delete lines 19 to 23.

AB387-AA10,5,9 30. Page 101, line 12: delete the material beginning with "the" and ending with "use" on line 13 and substitute "an individual's personal gain".

AB387-AA10,5,11 31. Page 103, line 14: after "communication" insert "containing express advocacy the cost of which exceeds $100 and".

AB387-AA10,5,12 32. Page 103, line 16: after "which" insert "exceeds $100 and which".

AB387-AA10,5,14 33. Page 103, line 25: after "disbursement," insert "the cost of which exceeds $100,".

AB387-AA10,5,15 34. Page 121, line 1: before that line insert:

AB387-AA10,5,16 " Section 61g. 180.0750 of the statutes is created to read:

AB387-AA10,5,18 180.0750 Shareholder objection to corporate political expenditures. (1) In this section, "disbursement" has the meaning given in s. 11.0101 (10).

AB387-AA10,5,23 (2) (a) For each corporate fiscal year, before making any disbursement, a corporation shall give written notice to its shareholders of its intent to make one or more disbursements during that fiscal year. The corporation is required to give only one notice under this paragraph for each corporate fiscal year, which notice may coincide with notice of the corporation's annual shareholders' meeting.

AB387-AA10,6,2 (b) For purposes of par. (a), a corporation may establish a record date for determining the shareholders entitled to notice under par. (a).

AB387-AA10,6,7 (c) The notice under par. (a) shall be dated and shall include a form that the shareholder may complete and return to the corporation to express objection to any disbursement during the applicable fiscal year. This form shall clearly identify the applicable address for returning the form by U.S. mail and any other acceptable method for return of the form.

AB387-AA10,6,11 (3) Any shareholder receiving notice under sub. (2) may object to the corporation's making of disbursements during the applicable fiscal year by completing the form specified in sub. (2) (c) and returning it to the corporation within 30 days after the date stated on the notice.

AB387-AA10,6,14 (4) (a) Not later than 3 months after the end of each corporate fiscal year, a corporation shall calculate the total value of its expenditures for disbursements made during that fiscal year.

AB387-AA10,6,17 (b) If a corporation receives a timely objection from a shareholder under sub. (3), within 4 months after the end of the fiscal year for which the objection applies, the corporation shall do all of the following:

AB387-AA10,6,25 1. Notwithstanding s. 180.0640, make payment to the objecting shareholder of an amount determined by multiplying the total value of corporate expenditures for disbursements calculated under par. (a) by the objecting shareholder's percentage of ownership in the corporation. For purposes of this subdivision, the objecting shareholder's percentage of ownership is determined according to the number of shares held by the objecting shareholder as of the record date under sub. (2) (b) or, if there is none, as of the date of the notice under sub. (2) (a), divided by the total number of issued and outstanding shares of the corporation.

AB387-AA10,7,3 2. Provide the objecting shareholder with the corporation's calculation under par. (a), along with detailed information as to the method and figures used in making the calculation.

AB387-AA10,61r Section 61r. 180.1540 of the statutes is created to read:

AB387-AA10,7,6 180.1540 Shareholder objection to corporate political expenditures. (1) In this section:

AB387-AA10,7,8 (a) "Disbursement" has the meaning given in s. 11.01 (7) but is limited to political activity or political purposes related to this state.

AB387-AA10,7,10 (b) "Foreign corporation" means a foreign corporation authorized to transact business in this state.

AB387-AA10,7,12 (c) "Shareholder" means a foreign corporation's shareholder that is a resident of this state.

AB387-AA10,7,18 (2) (a) For each corporate fiscal year, before making any disbursement, a foreign corporation shall give written notice to its shareholders of its intent to make one or more disbursements during that fiscal year. The foreign corporation is required to give only one notice under this paragraph for each corporate fiscal year, which notice may coincide with notice of the foreign corporation's annual shareholders' meeting.

AB387-AA10,7,20 (b) For purposes of par. (a), a foreign corporation may establish a record date for determining the shareholders entitled to notice under par. (a).

AB387-AA10,7,25 (c) The notice under par. (a) shall be dated and shall include a form that the shareholder may complete and return to the foreign corporation to express objection to any disbursement during the applicable fiscal year. This form shall clearly identify the applicable address for returning the form by U.S. mail and any other acceptable method for return of the form.

AB387-AA10,8,4 (3) Any shareholder receiving notice under sub. (2) may object to the foreign corporation's making of disbursements during the applicable fiscal year by completing the form specified in sub. (2) (c) and returning it to the foreign corporation within 30 days after the date stated on the notice.

AB387-AA10,8,7 (4) (a) Not later than 3 months after the end of each corporate fiscal year, a foreign corporation shall calculate the total value of its expenditures for disbursements made during that fiscal year.

AB387-AA10,8,10 (b) If a foreign corporation receives a timely objection from a shareholder under sub. (3), within 4 months after the end of the fiscal year for which the objection applies, the foreign corporation shall do all of the following:

AB387-AA10,8,20 1. Notwithstanding s. 180.1505 (3) and any restriction under the law of the foreign corporation's jurisdiction of formation, make payment to the objecting shareholder of an amount determined by multiplying the total value of corporate expenditures for disbursements calculated under par. (a) by the objecting shareholder's percentage of ownership in the foreign corporation. For purposes of this subdivision, the objecting shareholder's percentage of ownership is determined according to the number of shares held by the objecting shareholder as of the record date under sub. (2) (b) or, if there is none, as of the date of the notice under sub. (2) (a), divided by the total number of issued and outstanding shares of the foreign corporation.

AB387-AA10,8,23 2. Provide the objecting shareholder with the foreign corporation's calculation under par. (a), along with detailed information as to the method and figures used in making the calculation.".

AB387-AA10,8,24 35. Page 124, line 6: after that line insert:

AB387-AA10,9,1 " Section 74m. Initial applicability.

AB387-AA10,9,4 (1) The treatment of sections 180.0750 and 180.1540 of the statutes first applies with respect to disbursements made in corporate fiscal years that begin on the effective date of this subsection.".

AB387-AA10,9,6 36. Page 124, line 8: delete the material beginning with "the first day" and ending with "publication" on line 9 and substitute "January 1, 2017".

AB387-AA10,9,7 (End)