LRB-2937/1
MDK:lmk:rs
2005 - 2006 LEGISLATURE
May 4, 2006 - Introduced by Representative Pocan. Referred to Committee on
Rules.
AB1224,1,2
1An Act to amend 196.795 (6) (d) of the statutes;
relating to: notification
2regarding foreign assets of public utility holding companies.
Analysis by the Legislative Reference Bureau
Current law imposes certain requirements on a public utility holding company
(holding company), which is a company that owns or controls a public utility, other
than a telecommunications utility. A holding company may also own or control a
company that is not a public utility, which current law defines as a "nonutility
affiliate." Within 10 days after a holding company forms, organizes, or acquires a
nonutility affiliate, and annually thereafter, the holding company must notify the
Public Service Commission (PSC) about certain information, including the total
amount of assets held by the nonutility affiliate as of the last day of the calendar year
immediately preceding the notification.
This bill requires a holding company that makes the notifications described
above to also notify the commission about the amount of assets held by the nonutility
affiliate that are located outside the United States (foreign assets).
In addition, if a holding company formed, organized, or acquired a nonutility
affiliate before the effective date of the bill, the holding company must, no later than
the first day of the second month after the effective date of the bill, notify the
commission about the amount of foreign assets held by the nonutility affiliate as of
the last day of the calendar year preceding the effective date of the bill. Such a
holding company must also annually notify the PSC about such information.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB1224, s. 1
1Section
1. 196.795 (6) (d) of the statutes is amended to read:
AB1224,2,92
196.795
(6) (d) As of the last day of the calendar year immediately preceding
3the date of the notification under this subsection, the total amount of assets held by
4the nonutility affiliate, the amount of such assets located within this state
, the
5amount of such assets located outside the United States, the total number of
6employees
, and the total number of employees located in this state. The holding
7company shall report the information required under this paragraph to the
8commission annually no later than March 31. The information shall be available to
9the public upon filing.
AB1224,2,1111
(1)
Definitions. In this section:
AB1224,2,1212
(a) "Commission" means the public service commission.
AB1224,2,1413
(b) "Holding company" has the meaning given in section 196.795 (1) (h) of the
14statutes.
AB1224,2,1615
(c) "Nonutility affiliate" has the meaning given in section 196.795 (1) (j) of the
16statutes.
AB1224,3,217
(2) No later than the first day of the 2nd month beginning after the effective
18date of this subsection, a holding company that, before the effective date of this
19subsection, formed, organized, or acquired a nonutility affiliate shall notify the
20commission of the total amount of assets held by the nonutility affiliate, as of the last
1day of the calendar year preceding the effective date of this subsection, that are
2located outside the United States.
