AB40: Bill Text

AB40, s. 3313 Section 3313. 560.03 (26) of the statutes is repealed.

AB40, s. 3314 Section 3314. 560.031 of the statutes is repealed.

AB40, s. 3315 Section 3315. 560.032 of the statutes is renumbered 238.10 and amended to read:

AB40,1184,16 238.10 Allocation of volume cap on tax-exempt bonds. (1) Allocation. The department, by rule, corporation shall establish under 26 USC 146 and administer a system for the allocation of the volume cap on the issuance of private activity bonds, as defined under 26 USC 141 (a), among all municipalities, as defined in s. 67.01 (5), and any corporation formed on behalf of those municipalities, and among this state, the Wisconsin Health and Educational Facilities Authority, the Wisconsin Aerospace Authority, and the Wisconsin Housing and Economic Development Authority.

AB40,1184,22 (2) Amendment to allocation. At any time prior to December 31 in any year, the department corporation may promulgate adopt rules to revise the allocation system established for that year under sub. (1), except that any revision under this subsection does not apply to any allocation under which the recipient of that allocation has adopted a resolution authorizing the issuance of a private activity bond, as defined in 26 USC 141 (a).

AB40,1185,2 (3) Conditions. The department corporation may establish, by rule, any procedure for, and place any condition upon, the granting of an allocation under this section which the department corporation deems to be in the best interest of the state including, but not limited to, a requirement that a cash deposit, at a rate established by the department in the rules corporation, be a condition for an allocation.

AB40,1185,5 (4) Certification. If the secretary corporation receives notice of the issuance of a bond under an allocation under subs. (1) to (3), the secretary corporation shall certify that that bond meets the requirements of 26 USC 146.

AB40, s. 3316 Section 3316. 560.033 of the statutes is repealed.

AB40, s. 3317 Section 3317. 560.0335 of the statutes is renumbered 490.02.

AB40, s. 3318 Section 3318. 560.034 of the statutes is renumbered 238.11, and 238.11 (1), (2), (3) and (5) (intro.), as renumbered, are amended to read:

AB40,1185,16 238.11 (1) The department corporation shall prescribe the notice forms to be used under ss. 66.1103 (4m) (a) 1. and 234.65 (3) (a). The department corporation shall include on the forms a requirement for information on the number of jobs the person submitting the notice expects to be eliminated, created, or maintained on the project site and elsewhere in this state by the project which is the subject of the notice. The department corporation shall prescribe the forms to be used under ss. 66.1103 (4m) (b) and 234.65 (3r).

AB40,1185,22 (2) If the department corporation receives a notice under s. 66.1103 (4m) (a), the department corporation shall estimate, no later than 20 days after receipt of the notice, whether the project which that is the subject of the notice is expected to eliminate, create, or maintain jobs on the project site and elsewhere in this state and the net number of jobs expected to be eliminated, created, or maintained as a result of the project.

AB40,1186,3 (3) If the department corporation receives a notice under s. 234.65 (3) (a), the department corporation shall estimate, no later than 20 days after receipt of the notice, whether the project which is the subject of the notice is expected to eliminate, create, or maintain jobs on the project site and elsewhere in this state and the net number of jobs expected to be eliminated, created, or maintained as a result of the project.

AB40,1186,4 (5) (intro.) The department corporation shall issue an estimate made:

AB40, s. 3319 Section 3319. 560.035 of the statutes is renumbered 490.03.

AB40, s. 3320 Section 3320. 560.036 of the statutes is renumbered 490.04.

AB40, s. 3321 Section 3321. 560.037 of the statutes is renumbered 490.06, and 490.06 (1) (intro.) of the statutes, as renumbered, is amended to read:

AB40,1186,11 490.06 (1) (intro.) Subject to sub. (3), the department may make grants from the appropriation under s. 20.143 20.165 (1) (fw) to the women's business initiative corporation to fund its operating costs if all of the following apply:

AB40, s. 3322 Section 3322. 560.04 of the statutes is repealed.

AB40, s. 3323 Section 3323. 560.045 of the statutes is repealed.

AB40, s. 3324 Section 3324. 560.047 of the statutes is repealed.

AB40, s. 3325 Section 3325. 560.05 of the statutes is repealed.

AB40, s. 3326 Section 3326. 560.07 of the statutes is repealed.

AB40, s. 3327 Section 3327. 560.075 of the statutes is renumbered 238.12, and 238.12 (2), as renumbered, is amended to read:

AB40,1187,2 238.12 (2) The department corporation may not award a grant or loan under this chapter to a person or certify a person to receive tax benefits unless the department corporation enters into an agreement with the person that requires the person to repay the grant, loan, or tax benefits if, within 5 years after receiving the grant or loan or being certified to receive tax benefits, the person ceases to conduct in this state the economic activity for which the person received the grant or loan or for which the person was certified to receive tax benefits and commences substantially the same economic activity outside this state.

AB40, s. 3328 Section 3328. 560.08 (1), (2) (intro.), (a), (b), (c), (d), (e), (f), (g), (h), (i) and (j) of the statutes are repealed.

AB40, s. 3329 Section 3329. 560.08 (2) (m) of the statutes is renumbered 238.26 and amended to read:

AB40,1187,10 238.26 Report to investment board. No later than September 30 of each even-numbered year, the corporation shall submit to the investment board a report describing the types of investments in businesses in this state which that will have the greatest likelihood of enhancing economic development in this state.

AB40, s. 3330 Section 3330. 560.081 of the statutes is repealed.

AB40, s. 3331 Section 3331. 560.082 of the statutes is repealed.

AB40, s. 3332 Section 3332. 560.09 of the statutes is repealed.

AB40, s. 3333 Section 3333. 560.097 of the statutes is renumbered 238.15 and amended to read:

AB40,1187,18 238.15 Notification of position openings; compliance. The department corporation shall monitor compliance with the position-opening notification requirements under ss. 66.1103 (6m) and 106.16.

AB40, s. 3334 Section 3334. 560.11 of the statutes is repealed.

AB40, s. 3335 Section 3335. 560.125 (title) and (1) to (3) of the statutes are renumbered 101.45 (title) and (1) to (3).

AB40, s. 3336 Section 3336. 560.125 (4) (a) to (e) of the statutes are renumbered 101.45 (4) (a) to (e), and 101.45 (4) (d), as renumbered, is amended to read:

AB40,1188,3 101.45 (4) (d) In any fiscal year, the department may not pay to any one applicant more than 20 percent of the amount appropriated under s. 20.143 (3) 20.165 (2) (sm) for the fiscal year.

AB40, s. 3337 Section 3337. 560.125 (4) (f) and (g) of the statutes are repealed.

AB40, s. 3338 Section 3338. 560.125 (5) to (6) of the statutes are renumbered 101.45 (5) to (6).

AB40, s. 3339 Section 3339. 560.126 of the statutes is repealed.

AB40, s. 3340 Section 3340. 560.128 of the statutes is repealed.

AB40, s. 3341 Section 3341. 560.13 (1), (2), (3), (5) and (6m) of the statutes are renumbered 238.13 (1), (2), (3), (5) and (6m), and 238.13 (2) (a) (intro.) and (b) 1., (3) (intro.) and (f) and (5), as renumbered, are amended to read:

AB40,1188,14 238.13 (2) (a) (intro.) Subject to subs. (4) and (5), from the appropriation under s. 20.143 (1) (qm) the department The corporation may make a grant to a person if all of the following apply:

AB40,1188,18 (b) 1. The contribution required under par. (a) 3. may be in cash or in-kind. Cash contributions may be of private or public funds, excluding funds obtained under the program under s. 560.17 or under any program under subch. II or V of this chapter. In-kind contributions shall be limited to actual remediation services.

AB40,1188,20 (3) (intro.) The department corporation may consider the following criteria in making awards under this section:

AB40,1188,22 (f) Any other factors considered by the department corporation to be relevant to assessing the viability and feasibility of the project.

AB40,1188,25 (5) Before the department corporation awards a grant under this section, the department corporation shall consider the recommendations of the department of administration and the department of natural resources.

AB40, s. 3342 Section 3342. 560.13 (4) of the statutes is repealed.

AB40, s. 3343 Section 3343. 560.13 (6) of the statutes is repealed.

AB40, s. 3344 Section 3344. 560.138 of the statutes is repealed.

AB40, s. 3345 Section 3345. 560.139 of the statutes is repealed.

AB40, s. 3346 Section 3346. 560.145 of the statutes is repealed.

AB40, s. 3347 Section 3347. 560.15 of the statutes is repealed.

AB40, s. 3348 Section 3348. 560.155 of the statutes is repealed.

AB40, s. 3349 Section 3349. 560.157 of the statutes is repealed.

AB40, s. 3350 Section 3350. 560.165 of the statutes is repealed.

AB40, s. 3351 Section 3351. 560.167 of the statutes is repealed.

AB40, s. 3352 Section 3352. 560.17 of the statutes is repealed.

AB40, s. 3353 Section 3353. 560.19 of the statutes is repealed.

AB40, s. 3354 Section 3354. 560.203 of the statutes is repealed.

AB40, s. 3355 Section 3355. 560.204 of the statutes is renumbered 238.14 and amended to read:

AB40,1189,19 238.14 Hardware and software used to maintain medical records. (1) The department corporation shall implement a program to certify health care providers as eligible for the electronic medical records credit under ss. 71.07 (5i), 71.28 (5i), and 71.47 (5i).

AB40,1189,23 (2) If the department corporation certifies a health care provider under sub. (1), the department corporation shall determine the amount of credits to allocate to the health care provider. The total amount of electronic medical records credits allocated to health care providers in any year may not exceed $10,000,000.

AB40,1190,3 (3) The department corporation shall inform the department of revenue of every health care provider certified under sub. (1) and the amount of credits allocated to the health care provider.

AB40,1190,5 (4) The department corporation, in consultation with the department of revenue, shall promulgate adopt rules to administer this section.

AB40, s. 3356 Section 3356. 560.205 of the statutes is renumbered 238.15, and 238.15 (1) (intro.), (2) and (3) (a), (b), (d) (intro.), 1., 2. a. and b. and (e), as renumbered, are amended to read:

AB40,1190,18 238.15 (1) Angel investment tax credits. (intro.) The department corporation shall implement a program to certify businesses for purposes of s. 71.07 (5d). A business desiring certification shall submit an application to the department corporation in each taxable year for which the business desires certification. The business shall specify in its application the investment amount it wishes to raise and the department corporation may certify the business and determine the amount that qualifies for purposes of s. 71.07 (5d). Unless otherwise provided under the rules of the department, a A business may be certified under this subsection, and may maintain such certification, only if the business satisfies all of the following conditions:

AB40,1191,7 (2) Early stage seed investment tax credits. The department corporation shall implement a program to certify investment fund managers for purposes of ss. 71.07 (5b), 71.28 (5b), 71.47 (5b), and 76.638. An investment fund manager desiring certification shall submit an application to the department corporation. The investment fund manager shall specify in the application the investment amount that the manager wishes to raise and the department corporation may certify the manager and determine the amount that qualifies for purposes of ss. 71.07 (5b), 71.28 (5b), 71.47 (5b), and 76.638. In determining whether to certify an investment fund manager, the department corporation shall consider the investment fund manager's experience in managing venture capital funds, the past performance of investment funds managed by the applicant, the expected level of investment in the investment fund to be managed by the applicant, and any other relevant factors. The department corporation may certify only investment fund managers that commit to consider placing investments in businesses certified under sub. (1).

AB40,1191,11 (3) (a) List of certified businesses and investment fund managers. The department corporation shall maintain a list of businesses certified under sub. (1) and investment fund managers certified under sub. (2) and shall permit public access to the lists through the department's corporation's Internet Web site.

AB40,1191,15 (b) Notification of department of revenue. The department of commerce corporation shall notify the department of revenue of every certification issued under sub. subs. (1) and (2) and the date on which any such certification is revoked or expires.

AB40,1192,17 (d) Rules. (intro.) The department of commerce corporation, in consultation with the department of revenue, shall promulgate adopt rules to administer this section. The rules shall further define "bona fide angel investment" for purposes of s. 71.07 (5d) (a) 1. The rules shall limit the aggregate amount of tax credits under s. 71.07 (5d) that may be claimed for investments in businesses certified under sub. (1) at $3,000,000 per calendar year for calendar years beginning after December 31, 2004, and before January 1, 2008, $5,500,000 per calendar year for calendar years beginning after December 31, 2007, and before January 1, 2010, $6,500,000 for calendar year 2010, and $20,000,000 per calendar year for calendar years beginning after December 31, 2010, plus, for taxable years beginning after December 31, 2010, an additional $250,000 for tax credits that may be claimed for investments in nanotechnology businesses certified under sub. (1). The rules shall also limit the aggregate amount of the tax credits under ss. 71.07 (5b), 71.28 (5b), 71.47 (5b), and 76.638 that may be claimed for investments paid to fund managers certified under sub. (2) at $3,500,000 per calendar year for calendar years beginning after December 31, 2004, and before January 1, 2008, $6,000,000 per calendar year for calendar years beginning after December 31, 2007, and before January 1, 2010, $8,000,000 for calendar year 2010, and $20,500,000 per calendar year for calendar years beginning after December 31, 2010, plus, for taxable years beginning after December 31, 2010, an additional $250,000 for tax credits that may be claimed for investments in nanotechnology businesses certified under sub. (1). The rules shall also provide that, for calendar years beginning after December 31, 2007, no person may receive a credit under ss. 71.07 (5b) and (5d), 71.28 (5b), 71.47 (5b), or 76.638 unless the person's investment is kept in a certified business, or with a certified fund manager, for no less than 3 years. The rules shall permit the department corporation to reallocate credits under this section that are unused in any calendar year to a person eligible for tax benefits, as defined under s. 560.2055 238.16 (1) (d), if all of the following apply:

AB40,1192,19 1. The department corporation notifies the joint committee on finance in writing of its proposed reallocation.

AB40,1192,23 2. a. The cochairpersons of the joint committee on finance fail to notify the department corporation, within 14 working days after the date of the department's corporation's notification under subd. 1., that the committee has scheduled a meeting for the purpose of reviewing the proposed reallocation.

AB40,1192,25 b. The cochairpersons of the joint committee on finance notify the department corporation that the committee has approved the proposed reallocation.

AB40,1193,12 (e) Transfer. A person who is eligible to claim a credit under s. 71.07 (5b), 71.28 (5b), 71.47 (5b), or 76.638 may sell or otherwise transfer the credit to another person who is subject to the taxes or fees imposed under s. 71.02, 71.23, 71.47, or subch. III of ch. 76, if the person receives prior authorization from the investment fund manager and the manager then notifies the department of commerce corporation and the department of revenue of the transfer and submits with the notification a copy of the transfer documents. No person may sell or otherwise transfer a credit as provided in this paragraph more than once in a 12-month period. The department corporation may charge any person selling or otherwise transferring a credit under this paragraph a fee equal to 1 percent of the credit amount sold or transferred. The department shall deposit all fees collected under this paragraph in the appropriation account under s. 20.143 (1) (gm).

AB40, s. 3357 Section 3357. 560.2055 (title) and (1) of the statutes are renumbered 238.16 (title) and (1).

AB40, s. 3358 Section 3358. 560.2055 (2) of the statutes is renumbered 238.16 (2), and 238.16 (2) (intro.) and (b), as renumbered, are amended to read:

AB40,1193,18 238.16 (2) (intro.) The department corporation may certify a person to receive tax benefits under this section if all of the following apply:

AB40,1193,20 (b) The person applies under this section and enters into a contract with the department corporation.

AB40, s. 3359 Section 3359. 560.2055 (3) (intro.) and (c) of the statutes are renumbered 238.16 (3) (intro.) and (c) and amended to read:

AB40,1194,2 238.16 (3) Eligibility for tax benefits. (intro.) A person certified under sub. (2) may receive tax benefits under this section if, in each year for which the person claims tax benefits under this section, the person increases net employment in the person's business and one of the following apply applies: