CORRECTED COPY
LRB-0761/3
JK:jld:rs
January 2011 Special Session
2011 - 2012 LEGISLATURE
January 4, 2011 - Introduced by
Committee on Assembly Organization, by request
of Governor Scott Walker, Representative Klenke, and Senator Lazich.
Referred to Committee on Jobs, Economy and Small Business.
AB4,1,2
1An Act to amend 560.703 (1) (a) of the statutes;
relating to: increasing the
2amount of the credits under the economic development tax credit program.
Analysis by the Legislative Reference Bureau
Under current law, the Department of Commerce (Commerce) may allocate tax
credits to certain businesses under the economic development tax credit program.
The economic development tax credit program consolidates several economic
development-related tax credit programs and provides that the total amount of
credits allocated under the consolidated program may not exceed the sum of the tax
credits remaining under the other programs. This bill increases the total amount of
credits that Commerce may allocate under the economic development tax credit
program by $25,000,000.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB4, s. 1
3Section
1. 560.703 (1) (a) of the statutes is amended to read:
AB4,2,44
560.703
(1) (a) Except as provided in par. (b), and subject to a reallocation by
5the department pursuant to rules promulgated under s. 560.205 (3) (d), the total tax
1benefits available to be allocated by the department under ss. 560.701 to 560.706
2may not exceed the sum of the tax benefits remaining to be allocated under ss. 560.71
3to 560.785, 560.797, 560.798, 560.7995, and 560.96 on March 6, 2009
, plus
4$25,000,000.
AB4, s. 2
5Section
2.
Nonstatutory provisions.
AB4,2,76
(1)
Required general fund balance. Section 20.003 (4) of the statutes does not
7apply to the action of the legislature in enacting this act.
