SB21,1479,23 20(3) (a) List of certified businesses and investment fund managers. The
21corporation authority shall maintain a list of businesses certified under sub. (1) and
22investment fund managers certified under sub. (2) and shall permit public access to
23the lists through the corporation's authority's Internet Web site.
SB21,1480,3
1(b) Notification of department of revenue. The corporation authority shall
2notify the department of revenue of every certification issued under subs. (1) and (2)
3and the date on which any such certification is revoked or expires.
SB21,1481,104 (d) Rules Administration. (intro.) The corporation authority, in consultation
5with the department of revenue, shall adopt rules establish policies and procedures
6to administer this section. The rules and shall further define "bona fide angel
7investment" for purposes of s. 71.07 (5d) (a) 1. The rules shall limit the aggregate
8amount of tax credits under s. 71.07 (5d) that may be claimed for investments in
9businesses certified under sub. (1) at $3,000,000 per calendar year for calendar years
10beginning after December 31, 2004, and before January 1, 2008, $5,500,000 per
11calendar year for calendar years beginning after December 31, 2007, and before
12January 1, 2010, $6,500,000 for calendar year 2010, and $20,000,000 per calendar
13year for calendar years beginning after December 31, 2010, plus, for taxable years
14beginning after December 31, 2010, an additional $250,000 for tax credits that may
15be claimed for investments in nanotechnology businesses certified under sub. (1).
16The rules shall also limit the aggregate amount
and of the tax credits under ss. 71.07
17(5b), 71.28 (5b), 71.47 (5b), and 76.638 that may be claimed for investments paid to
18fund managers certified under sub. (2) at $3,500,000 per calendar year for calendar
19years beginning after December 31, 2004, and before January 1, 2008, $6,000,000 per
20calendar year for calendar years beginning after December 31, 2007, and before
21January 1, 2010, $8,000,000 for calendar year 2010, and $20,500,000
is $30,000,000
22per calendar year for calendar years beginning after December 31, 2010, plus, for
23taxable years beginning after December 31, 2010, an additional $250,000 for tax
24credits that may be claimed for investments in nanotechnology businesses certified
25under sub. (1)
. The rules policies and procedures shall also provide that, for calendar

1years beginning after December 31, 2007,
a person who receives a credit under ss.
2s. 71.07 (5b) and or (5d), 71.28 (5b), 71.47 (5b), or 76.638 must keep the investment
3in a certified business, or with a certified fund manager, for no less than 3 years,
4unless the person's investment becomes worthless, as determined by the corporation
5authority, during the 3-year period or the person has kept the investment for no less
6than 12 months and a bona fide liquidity event, as determined by the corporation
7authority, occurs during the 3-year period. The rules policies and procedures shall
8permit the corporation authority to reallocate credits under this section that are
9unused in any calendar year to a person eligible for tax benefits, as defined under s.
10238.16 235.16 (1) (d), if all of the following apply:
SB21,1481,1211 1. The corporation authority notifies the joint committee on finance in writing
12of its proposed reallocation.
SB21,1481,1613 2. a. The cochairpersons of the joint committee on finance fail to notify the
14corporation authority, within 14 working days after the date of the corporation's
15authority's notification under subd. 1., that the committee has scheduled a meeting
16for the purpose of reviewing the proposed reallocation.
SB21,1481,1817 b. The cochairpersons of the joint committee on finance notify the corporation
18authority that the committee has approved the proposed reallocation.
SB21,1481,2519 (dm) The corporation's authority's policies and procedures under this
20subsection shall permit the corporation authority to waive one or more of the
21requirements under sub. (1) (a), (b), (h), and (m) 1. based on standards the
22corporation authority establishes in the policies and procedures. The corporation
23authority may not waive a requirement under sub. (1) (a), (b), (h), or (m) 1. unless
24the board approves the standards in the policies and procedures and the waiver
25complies with those standards.
SB21,1482,13
1(e) Transfer. A person who is eligible to claim a credit under s. 71.07 (5b), 71.28
2(5b), 71.47 (5b) or (5d), or 76.638 may sell or otherwise transfer the credit to another
3person who is subject to the taxes or fees imposed under s. 71.02, 71.23, 71.47, or
4subch. III of ch. 76, if the person was certified to claim the credit after December 31,
52014 and if the person receives prior authorization from the investment fund
6manager, for a credit under s. 71.07 (5b), 71.28 (5b), 71.47 (5b), or 76.638, and the
7investment fund manager, or the claimant under s. 71.07 (5d) for the sale or other
8transfer of a credit under s. 71.07 (5d), notifies the corporation authority and the
9department of revenue of the transfer and submits with the notification a copy of the
10transfer documents. No person may sell or otherwise transfer a credit as provided
11in this paragraph more than once in a 12-month period. The corporation authority
12may charge any person selling or otherwise transferring a credit under this
13paragraph a fee equal to 5 percent of the credit amount sold or transferred.
SB21,3981 14Section 3981. 238.15 (1) (intro.) of the statutes is amended to read:
SB21,1482,2315 238.15 (1) Angel investment tax credits. (intro.) The corporation shall
16implement a program to certify businesses for purposes of s. 71.07 (5d). A business
17desiring certification shall submit an application to the corporation in each taxable
18year for which the business desires certification. The business shall specify in its
19application the investment amount it wishes to raise and the corporation may certify
20the business and determine the amount that qualifies for purposes of s. 71.07 (5d).
21The Except as provided in policies and procedures under sub. (3) (dm), the
22corporation may certify or recertify a business for purposes of s. 71.07 (5d) only if the
23business satisfies all of the following conditions:
SB21,3982 24Section 3982. 238.15 (1) (f) 1. b. of the statutes is amended to read:
SB21,1483,5
1238.15 (1) (f) 1. b. Processing or assembling products, including medical
2devices, pharmaceuticals, computer software, computer hardware, semiconductors,
3any other innovative technology products, or other products that are produced using
4manufacturing methods that are enabled by applying proprietary differentiating
5technology.
SB21,3983 6Section 3983. 238.15 (1) (f) 1. c. of the statutes is amended to read:
SB21,1483,87 238.15 (1) (f) 1. c. Services that are enabled by applying proprietary
8differentiating technology.
SB21,3984 9Section 3984. 238.15 (1) (f) 2. of the statutes is amended to read:
SB21,1483,1310 238.15 (1) (f) 2. It is undertaking pre-commercialization activity related to
11proprietary differentiating technology that includes conducting research,
12developing a new product or business process, or developing a service that is
13principally reliant on applying proprietary differentiating technology.
SB21,3985 14Section 3985. 238.15 (1) (f) 3. of the statutes is created to read:
SB21,1483,1615 238.15 (1) (f) 3. It is a technology-based physician and health care consulting
16business.
SB21,3986 17Section 3986. 238.15 (1) (f) 4. of the statutes is created to read:
SB21,1483,1918 238.15 (1) (f) 4. It is a retailer for whom at least 51 percent of its annual sales
19originate on the Internet.
SB21,3987 20Section 3987. 238.15 (1) (g) of the statutes is amended to read:
SB21,1484,321 238.15 (1) (g) It is not primarily engaged in real estate development,;
22insurance,; banking,; lending,; lobbying, ; political consulting,; professional services
23provided by attorneys, accountants, business consultants, physicians, or health care
24consultants, except technology-based physician or health care consultants;
25wholesale or retail trade, except retailers for whom at least 51 percent of annual

1income originates on the Internet;
leisure, ; hospitality,; transportation,; or
2construction, except construction of power production plants that derive energy from
3a renewable resource, as defined in s. 196.378 (1) (h).
SB21,3988 4Section 3988. 238.15 (1) (L) of the statutes is amended to read:
SB21,1484,85 238.15 (1) (L) For taxable years beginning after December 31, 2010 and before
6January 1, 2015
, it has not received more than $8,000,000 in investments that have
7qualified for tax credits under ss. 71.07 (5b) and (5d), 71.28 (5b), 71.47 (5b), and
876.638.
SB21,3989 9Section 3989. 238.15 (1) (Lg) of the statutes is created to read:
SB21,1484,1210 238.15 (1) (Lg) For taxable years beginning after December 31, 2014, it has not
11received more than $12,000,000 in investments that have qualified for tax credits
12under ss. 71.07 (5b) and (5d), 71.28 (5b), 71.47 (5b), and 76.638.
SB21,3990 13Section 3990. 238.15 (1) (m) 1. (intro.) of the statutes is amended to read:
SB21,1484,2014 238.15 (1) (m) 1. (intro.) It agrees that it will not relocate outside of this state
15during the 3 years after it receives an investment for which a person may claim a tax
16credit under s. 71.07 (5d) and agrees to pay the corporation a penalty, in an amount
17determined under subd. 2., if the business relocates outside of this state during that
183-year period. For the purposes of this paragraph, except as provided in policies and
19procedures under sub. (3) (dm),
a business relocates outside of this state when the
20business locates more than 51 percent of any of the following outside of this state:
SB21,3991 21Section 3991. 238.15 (1) (m) 3. of the statutes is created to read:
SB21,1484,2522 238.15 (1) (m) 3. Subdivision 1. does not apply to a business that the
23corporation certified for purposes of s. 71.07 (5d) before April 20, 2012, and that, in
24reliance on that certification, executed a note or bond that is convertible to an equity
25interest.
SB21,3992
1Section 3992. 238.15 (3) (dm) of the statutes is created to read:
SB21,1485,72 238.15 (3) (dm) The corporation's policies and procedures under this subsection
3shall permit the corporation to waive one or more of the requirements under sub. (1)
4(a), (b), (h), and (m) 1. based on standards the corporation establishes in the policies
5and procedures. The corporation may not waive a requirement under sub. (1) (a), (b),
6(h), or (m) 1. unless the board approves the standards in the policies and procedures
7and the waiver complies with those standards.
SB21,3993 8Section 3993. 238.15 (3) (e) of the statutes is amended to read:
SB21,1485,219 238.15 (3) (e) Transfer. A person who is eligible to claim a credit under s. 71.07
10(5b) or (5d), 71.28 (5b), 71.47 (5b), or 76.638 may sell or otherwise transfer the credit
11to another person who is subject to the taxes or fees imposed under s. 71.02, 71.23,
1271.47, or subch. III of ch. 76, if the person was certified to claim the credit after
13December 31, 2014 and if
the person receives prior authorization from the
14investment fund manager, for a credit under s. 71.07 (5b), 71.28 (5b), 71.47 (5b), or
1576.638,
and the investment fund manager then, or the claimant under s. 71.07 (5d)
16for the sale or other transfer of a credit under s. 71.07 (5d),
notifies the corporation
17and the department of revenue of the transfer and submits with the notification a
18copy of the transfer documents. No person may sell or otherwise transfer a credit as
19provided in this paragraph more than once in a 12-month period. The corporation
20may charge any person selling or otherwise transferring a credit under this
21paragraph a fee equal to 1 5 percent of the credit amount sold or transferred.
SB21,3994 22Section 3994. 238.16 of the statutes, as affected by 2015 Wisconsin Act .... (this
23act), is renumbered 235.16, and 235.16 (1) (c) 2. (intro.), (2) (intro.) and (b), (3)
24(intro.), (4) (b) 1. (intro.) and 2. and (c) and (5) (title), (a), (b), (c), (d), (e) and (f) (intro.)
25and 1. (intro.), as renumbered, are amended to read:
SB21,1486,4
1235.16 (1) (c) 2. (intro.) The corporation authority may grant exceptions to the
2requirement under subd. 1. that a full-time job means a position in which an
3individual, as a condition of employment, is required to work at least 2,080 hours per
4year if all of the following apply:
SB21,1486,6 5(2) (intro.) The corporation authority may certify a person to receive tax
6benefits under this section if all of the following apply:
SB21,1486,87 (b) The person applies under this section and enters into a contract with the
8corporation authority.
SB21,1486,15 9(3) Eligibility for tax benefits. (intro.) A person certified under sub. (2) may
10receive tax benefits under this section if, in each year for which the person claims tax
11benefits under this section, the person increases net employment in this state in the
12person's business above the net employment in this state in the person's business
13during the year before the person was certified under sub. (2), as determined by the
14corporation authority under its policies and procedures, and one of the following
15applies:
SB21,1486,20 16(4) (b) 1. (intro.) The corporation authority may award to a person certified
17under sub. (2) tax benefits for each eligible employee in an amount equal to up to 10
18percent of the wages paid by the person to that employee or $10,000, whichever is
19less, if that employee earned wages in the year for which the tax benefit is claimed
20equal to one of the following:
SB21,1486,2321 2. The corporation authority may award to a person certified under sub. (2) tax
22benefits in an amount to be determined by the corporation authority for costs
23incurred by the person to undertake the training activities described in sub. (3) (c).
SB21,1487,3
1(c) Subject to a reallocation by the corporation authority pursuant to policies
2and procedures adopted under s. 238.15 235.15 (3) (d), the corporation authority may
3allocate up to $10,000,000 in tax benefits under this section in any calendar year.
SB21,1487,4 4(5) (title) Duties of the corporation authority.
SB21,1487,65 (a) The corporation authority shall notify the department of revenue when the
6corporation authority certifies a person to receive tax benefits.
SB21,1487,87 (b) The corporation authority shall notify the department of revenue within 30
8days of revoking a certification made under sub. (2).
SB21,1487,119 (c) The corporation authority may require a person to repay any tax benefits
10the person claims for a year in which the person failed to maintain employment
11required by an agreement under sub. (2) (b).
SB21,1487,1412 (d) The corporation authority shall determine the maximum amount of the tax
13credits under ss. 71.07 (3q), 71.28 (3q), and 71.47 (3q) that a certified business may
14claim and shall notify the department of revenue of this amount.
SB21,1487,1715 (e) The corporation authority shall annually verify the information submitted
16to the corporation authority by the person claiming tax benefits under ss. 71.07 (3q),
1771.28 (3q), and 71.47 (3q).
SB21,1487,2018 (f) (intro.) The corporation authority shall adopt policies and procedures for the
19implementation and operation of this section, including policies and procedures
20relating to the following:
SB21,1487,2321 1. (intro.) The definitions of a tier I county or municipality and a tier II county
22or municipality. The corporation authority may consider all of the following
23information when establishing the definitions required under this subdivision:
SB21,3995 24Section 3995. 238.16 (4) (c) of the statutes is amended to read:
SB21,1488,5
1238.16 (4) (c) Subject to a reallocation by the corporation pursuant to rules
2policies and procedures adopted under s. 238.15 (3) (d), the corporation may allocate
3up to $5,000,000 in tax benefits under this section in any calendar year, except that
4beginning on July 1, 2011, the corporation may allocate up to
$10,000,000 in tax
5benefits under this section in any calendar year.
SB21,3996 6Section 3996. 238.16 (6) of the statutes is created to read:
SB21,1488,87 238.16 (6) Sunset. No tax benefits may be awarded under this section after
8December 31, 2015.
SB21,3997 9Section 3997. 238.17 of the statutes is renumbered 235.17 (1) (a) and amended
10to read:
SB21,1488,2111 235.17 (1) (a) For taxable years beginning after December 31, 2013, the
12corporation authority may certify a person to claim a tax credit under s. 71.07 (9m),
1371.28 (6), or 71.47 (6), if the corporation authority determines that the person is
14conducting an eligible activity under s. 71.07 (9m), 71.28 (6), or 71.47 (6) preservation
15or rehabilitation project
. No person may claim a tax credit under s. 71.07 (9m), 71.28
16(6), or 71.47 (6) without first being certified under this section subsection. The
17corporation authority shall notify the department of revenue no later than January
1815 of each year of the amount of the credits certified under this section subsection
19and the name, address, and tax identification number of each person certified to
20claim the credit. The corporation authority shall notify the department of revenue
21of any revoked certification no later than 2 months after the revocation date.
SB21,3998 22Section 3998. 238.23 of the statutes is renumbered 235.23, and 235.23 (1), (2)
23(a) and (b), (3) (a) (intro.), (b) (intro.), (c) and (d), (4) (a) (intro.) and (b) and (5) (intro.),
24(e) and (g), as renumbered, are amended to read:
SB21,1489,2
1235.23 (1) In this section, "tax credit" means a credit under s. 71.07 (2di), (2dm),
2(2dx), or (3g), 71.28 (1di), (1dm), (1dx), or (3g), or 71.47 (1di), (1dm), (1dx), or (3g).
SB21,1489,6 3(2) (a) Except as provided in par. (c), the corporation authority may designate
4up to 8 areas in the state as technology zones. A business that is located in a
5technology zone and that is certified by the corporation authority under sub. (3) is
6eligible for a tax credit as provided in sub. (3).
SB21,1489,167 (b) The designation of an area as a technology zone shall be in effect for 10 years
8from the time that the corporation authority first designates the area. Not more than
9$5,000,000 in tax credits may be claimed in a technology zone, except that the
10corporation authority may allocate the amount of unallocated airport development
11zone tax credits, as provided under s. 238.3995 235.3995 (3) (b), to technology zones
12for which the $5,000,000 maximum allocation is insufficient. The corporation
13authority may change the boundaries of a technology zone during the time that its
14designation is in effect. A change in the boundaries of a technology zone does not
15affect the duration of the designation of the area or the maximum tax credit amount
16that may be claimed in the technology zone.
SB21,1489,19 17(3) (a) (intro.) Except as provided in par. (e), the corporation authority may
18certify for tax credits in a technology zone a business that satisfies all of the following
19requirements:
SB21,1489,2120 (b) (intro.) In determining whether to certify a business under this subsection,
21the corporation authority shall consider all of the following:
SB21,1490,422 (c) When the corporation authority certifies a business under this subsection,
23the corporation authority shall establish a limit on the amount of tax credits that the
24business may claim. Unless its certification is revoked, and subject to the limit on
25the tax credit amount established by the corporation authority under this

1paragraph, a business that is certified may claim a tax credit for 3 years, except that
2a business that experiences growth, as determined for that business by the
3corporation authority under par. (d) and sub. (5) (e), may claim a tax credit for up to
45 years.
SB21,1490,125 (d) The corporation authority shall enter into an agreement with a business
6that is certified under this subsection. The agreement shall specify the limit on the
7amount of tax credits that the business may claim, the extent and type of growth,
8which shall be specific to the business, that the business must experience to extend
9its eligibility for a tax credit, the business' baseline against which that growth will
10be measured, any other conditions that the business must satisfy to extend its
11eligibility for a tax credit, and reporting requirements with which the business must
12comply.
SB21,1490,14 13(4) (a) (intro.) The corporation authority shall notify the department of revenue
14of all the following:
SB21,1490,1715 (b) The corporation authority shall annually verify information submitted to
16the corporation it under ss. 71.07 (2di), (2dm), (2dx), and (3g), 71.28 (1di), (1dm),
17(1dx), and (3g), and 71.47 (1di), (1dm), (1dx), and (3g).
SB21,1490,20 18(5) (intro.) The corporation authority shall adopt rules policies and procedures
19for the operation of this section, including rules policies and procedures related to all
20of the following:
SB21,1490,2421 (e) Standards for extending a business's certification, including what
22measures, in addition to job creation, the corporation authority will use to determine
23the growth of a specific business and how the corporation authority will establish
24baselines against which to measure growth.
SB21,1491,2
1(g) The exchange of information between the corporation authority and the
2department of revenue.
SB21,3999 3Section 3999. 238.26 of the statutes is repealed.
SB21,4000 4Section 4000. Subchapter II (title) of chapter 238 [precedes 238.30] of the
5statutes is renumbered subchapter III (title) of chapter 235 [precedes 235.30].
SB21,4001 6Section 4001. 238.30 of the statutes is renumbered 235.30, and 235.30 (intro.),
7(2g), (2m) (b) (intro.) and (7) (b) 1. and 2., (c) and (d), as renumbered, are amended
8to read:
SB21,1491,10 9235.30 Definitions. (intro.) In this section and ss. 238.301 to 238.395 235.301
10to 235.395
and 238.398 235.398:
SB21,1491,11 11(2g) "Eligible activity" means an activity described under s. 238.302 235.302.
SB21,1491,15 12(2m) (b) (intro.) The corporation authority may grant exceptions to the
13requirement under par. (a) that a full-time job means a position in which an
14individual, as a condition of employment, is required to work at least 2,080 hours per
15year if all of the following apply:
SB21,1491,21 16(7) (b) 1. Except as provided in subd. 2., in s. 238.395 235.395, "tax benefits"
17means the development zones investment credit under ss. 71.07 (2di), 71.28 (1di),
18and 71.47 (1di) and
the development zones credit under ss. 71.07 (2dx), 71.28 (1dx),
1971.47 (1dx), and 76.636. With respect to the development opportunity zones under
20s. 238.395 235.395 (1) (e) and (f), "tax benefits" also means the development zones
21capital investment credit under ss. 71.07 (2dm), 71.28 (1dm), and 71.47 (1dm).
SB21,1491,2522 2. With respect to the development opportunity zones under s. 238.395 235.395
23(1) (g), (h), and (i), "tax benefits" means the development zone credits under ss. 71.07
24(2dx), 71.28 (1dx), 71.47 (1dx), and 76.636 and the development zones capital
25investment credit under ss. 71.07 (2dm), 71.28 (1dm), and 71.47 (1dm).
SB21,1492,3
1(c) In s. 238.398 235.398, "tax benefits" means the development zones capital
2investment credit under ss. 71.07 (2dm), 71.28 (1dm), and 71.47 (1dm) and the
3development zones credits under ss. 71.07 (2dx), 71.28 (1dx), 71.47 (1dx), and 76.636.
SB21,1492,64 (d) In ss. 238.301 to 238.306 235.301 to 235.306, "tax benefits" means the
5economic development tax credit under ss. 71.07 (2dy), 71.28 (1dy), 71.47 (1dy), and
676.637.
SB21,4002 7Section 4002. 238.301 of the statutes is renumbered 235.301, and 235.301 (1)
8(intro.) and (e), (2) (a) and (b) and (3) (intro.), (b), (c), (d) and (f), as renumbered, are
9amended to read:
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