SB136: Bill Text

SB136,15,21 2. That the airport development project serves a public purpose.

SB136,15,23 3. That the airport development project will likely retain or increase employment in the state.

SB136,15,25 4. That the airport development project is not likely to occur or continue without the department's designation of the area as an airport development zone.

SB136,16,1 5. That the airport development project will likely positively affect the area.

SB136,16,3 (b) In making a determination under par. (a), the department shall consider all of the following:

SB136,16,5 1. The extent of poverty, unemployment, or other factors contributing to general economic hardship in the area.

SB136,16,6 2. The prospects for new investment and economic development in the area.

SB136,16,8 3. The amount of investment that is likely to result from the airport development project.

SB136,16,10 4. The number of full-time jobs that are likely to be created as a result of the airport development project.

SB136,16,12 5. The number of full-time jobs that are likely to be available to the target population as a result of the project.

SB136,16,14 6. The competitive effect of designating the area as an airport development zone on other businesses in the area.

SB136,16,15 7. The needs of other areas of the state.

SB136,16,16 8. Any other factors that the department considers relevant.

SB136,16,21 (c) The department may not designate as an airport development zone, or as any part of an airport development zone, an area that is located within the boundaries of an area that is designated as a development zone under s. 560.71, as a development opportunity zone under s. 560.795, or as an enterprise development zone under s. 560.797.

SB136,17,5 (3) Duration of designation; limits on tax benefits. (a) When the department designates an area as an airport development zone, the department shall specify the length of time, not to exceed 84 months, that the designation is effective, subject to par. (d). The department shall notify each person certified for tax benefits in an airport development zone, the Department of Revenue, the Wisconsin Housing and Economic Development Authority, and the governing body of each city, village, town, and federally recognized American Indian tribe or band in which territory of the airport development zone is located of the designation of and expiration date of the airport development zone.

SB136,17,8 (b) When the department designates an area as an airport development zone, the department shall establish a limit, not to exceed $3,000,000, for tax benefits applicable to the airport development zone.

SB136,17,10 (c) Annually, the department shall estimate the amount of forgone state revenue because of tax benefits claimed by persons in each airport development zone.

SB136,17,15 (d) 1. Notwithstanding the length of time specified by the department under par. (a), the designation of an area as an airport development zone shall expire 90 days after the day on which the department determines that the forgone tax revenues estimated under par. (c) will equal or exceed the limit established for the airport development zone.

SB136,17,21 2. The department shall immediately notify each person certified for tax benefits in an airport development zone, the Department of Revenue, the Wisconsin Housing and Economic Development Authority, and the governing body of each city, village, town, and federally recognized American Indian tribe or band in which territory of the airport development zone is located of a change in the expiration date of the airport development zone under this paragraph.

SB136,17,24 (4) Certification for tax benefits. (a) A person that intends to operate a place of business in an airport development zone may submit to the department an application and a business plan. The business plan shall include all of the following:

SB136,18,2 1. The name and address of the person's business for which tax benefits will be claimed.

SB136,18,3 2. The appropriate Wisconsin tax identification number of the person.

SB136,18,6 3. The names and addresses of other locations outside of the airport development zone where the person conducts business and a description of the business activities conducted at those locations.

SB136,18,9 4. The amount that the person proposes to invest in the place of business or to spend on the construction, rehabilitation, repair, or remodeling of a building in the airport development zone.

SB136,18,11 5. The estimated total investment of the person in the airport development zone.

SB136,18,14 6. The estimated number of full-time jobs that will be created, retained, or substantially upgraded as a result of the person's place of business in the airport development zone in relation to the amount of tax benefits estimated for the person.

SB136,18,16 7. The person's plans to make reasonable attempts to hire employees from the target population.

SB136,18,18 8. The estimated number of full-time jobs that will be filled by members of the target population.

SB136,18,20 10. Any other information required by the department or the Department of Revenue.

SB136,18,23 (b) If the department approves a business plan under par. (a), the department shall certify the person as eligible for tax benefits. The department shall notify the Department of Revenue within 30 days of certifying a person under this paragraph.

SB136,19,3 (c) The department shall revoke a person's certification under par. (b) when the designation of the applicable airport development zone expires or if the person does any of the following:

SB136,19,4 1. Supplies false or misleading information to obtain the tax benefits.

SB136,19,6 2. Leaves the airport development zone to conduct substantially the same business outside of the airport development zone.

SB136,19,9 3. Ceases operations in the airport development zone and does not renew operation of the business or a similar business in the airport development zone within 12 months.

SB136,19,11 (d) The department shall notify the Department of Revenue within 30 days after revoking a certification under par. (c).

SB136,19,14 (e) The tax benefits for which a person is certified as eligible under par. (b) are not transferable to another person, business, or location, except to the extent permitted under section 383 of the Internal Revenue Code.

SB136,19,17 (5) Verification of information. The department annually shall verify information submitted to the department under ss. 71.07 (2dm) and (2dx), 71.28 (1dm) and (1dx), and 71.47 (1dm) and (1dx) as it relates to airport development zones.

SB136, s. 39 Section 39. Initial applicability.

SB136,19,23 (1) The treatment of sections 71.07 (2dm) (a) 1. and 3., (f) 1., (j), and (k) and (2dx) (a) 2., (b) (intro.), (c), and (d), 71.28 (1dm) (a) 1. and 3., (f) 1., (j), and (k) and (1dx) (a) 2., (b) (intro.), (c), and (d), and 71.47 (1dm) (a) 1. and 3., (f) 1., (j), and (k) and (1dx) (a) 2., (b) (intro.), (c), and (d) of the statutes first applies to taxable years beginning on January 1, 2005.

SB136,19,24 (End)