SB468,362 9Section 362. 238.08 of the statutes is repealed.
SB468,363 10Section 363. 238.09 of the statutes is repealed.
SB468,364 11Section 364. 238.10 of the statutes is renumbered 555.10 and amended to
12read:
SB468,112,1913 555.10 (1) Allocation. The corporation department shall establish under 26
14USC 146
and administer a system for the allocation of the volume cap on the issuance
15of private activity bonds, as defined under 26 USC 141 (a), among all municipalities,
16as defined in s. 67.01 (5), and any corporation formed on behalf of those
17municipalities, and among this state, the Wisconsin Health and Educational
18Facilities Authority, the Wisconsin Aerospace Authority, and the Wisconsin Housing
19and Economic Development Authority.
SB468,112,25 20(2) Amendment to allocation. At any time prior to December 31 in any year,
21the corporation department may adopt rules to revise the allocation system
22established for that year under sub. (1), except that any revision under this
23subsection does not apply to any allocation under which the recipient of that
24allocation has adopted a resolution authorizing the issuance of a private activity
25bond, as defined in 26 USC 141 (a).
SB468,113,5
1(3) Conditions. The corporation department may establish any procedure for,
2and place any condition upon, the granting of an allocation under this section which
3the corporation department deems to be in the best interest of the state including a
4requirement that a cash deposit, at a rate established by the corporation department,
5be a condition for an allocation.
SB468,113,8 6(4) Certification. If the corporation department receives notice of the issuance
7of a bond under an allocation under subs. (1) to (3), the corporation department shall
8certify that that bond meets the requirements of 26 USC 146.
SB468,365 9Section 365. 238.11 of the statutes is renumbered 555.11 and amended to
10read:
SB468,113,1711 555.11 (1) The corporation department shall prescribe the notice forms to be
12used under s. 66.1103 (4m) (a) 1. The corporation department shall include on the
13forms a requirement for information on the number of jobs the person submitting the
14notice expects to be eliminated, created, or maintained on the project site and
15elsewhere in this state by the project which is the subject of the notice. The
16corporation department shall prescribe the forms to be used under s. 66.1103 (4m)
17(b).
SB468,113,23 18(2) If the corporation department receives a notice under s. 66.1103 (4m) (a),
19the corporation department shall estimate, no later than 20 days after receipt of the
20notice, whether the project that is the subject of the notice is expected to eliminate,
21create, or maintain jobs on the project site and elsewhere in this state and the net
22number of jobs expected to be eliminated, created, or maintained as a result of the
23project.
SB468,114,3
1(5) The corporation department shall issue an estimate made under sub. (2) to
2the city, village, town, or county which will issue the bonds to finance the project
3which is the subject of the estimate.
SB468,366 4Section 366. 238.115 of the statutes, as created by 2015 Wisconsin Act 55, is
5renumbered 555.115, and 555.115 (1) (intro.), (a), (b), (e) and (g), (2) and (3), as
6renumbered, are amended to read:
SB468,114,107 555.115 (1) Corporation Department obligations. (intro.) No later than the
8end of the first month following each quarter, the corporation department shall
9provide to the department of revenue all of the following information for the previous
10quarter:
SB468,114,1211 (a) The identity of each person the corporation department certified for tax
12credits under this chapter and, for each person, the amount certified.
SB468,114,1613 (b) The identity of each person the corporation department verified to claim tax
14credits under this chapter based on the person's satisfaction of all applicable
15requirements to be eligible to claim the tax credits and, for each person, the amount
16verified.
SB468,114,1817 (e) The identity of each person for whom the corporation department revoked
18a certification for tax credits and, for each person, the amount revoked.
SB468,114,2119 (g) Any other information the department of revenue and the corporation
20department agree is necessary to accurately track certification, verification,
21transfer, and usage of tax credits under this chapter.
SB468,114,24 22(2) Each person the corporation department certifies for tax credits under this
23chapter shall provide all information necessary for the corporation department to
24comply with the reporting requirements under sub. (1).
SB468,115,4
1(3) The department of revenue shall track the amount of all tax credits
2administered by the corporation department under this chapter that have been
3claimed or used to offset tax liability and the amount of all available unused tax
4credits under this chapter.
SB468,367 5Section 367. 238.12 of the statutes, as affected by 2015 Wisconsin Act 55, is
6renumbered 555.12 and amended to read:
SB468,115,8 7555.12 Repayment of grants, loans, and tax benefits. (1) (intro.) In this
8section, "tax:
SB468,115,10 9(b) "Tax benefits" means the credits under ss. 71.07 (2dm), (2dx), (3g), and (3t),
1071.28 (1dm), (1dx), (3g), and (3t), 71.47 (1dm), (1dx), (3g), and (3t), and 76.636.
SB468,115,1311 555.12 (2) The corporation may not award a grant or loan under this chapter
12to a person or certify a person to receive tax benefits unless the corporation enters
13into an agreement with the person that requires does all of the following:
SB468,115,18 14(a) Requires the person to repay the grant, loan, or tax benefits if, within 5 years
15after receiving the grant or loan or being certified to receive tax benefits, the person
16ceases to conduct in this state the economic activity for which the person received the
17grant or loan or for which the person was certified to receive tax benefits and
18commences substantially the same economic activity outside this state.
SB468,368 19Section 368. 238.123 of the statutes, as created by 2015 Wisconsin Act 55, is
20repealed.
SB468,369 21Section 369. 238.125 of the statutes is renumbered 555.125 and amended to
22read:
SB468,115,25 23555.125 Notification of position openings; compliance. The corporation
24department shall monitor compliance with the position-opening notification
25requirements under ss. 66.1103 (6m) and 106.16.
SB468,370
1Section 370. 238.127 of the statutes is renumbered 555.127, and 555.127 (2)
2(intro.), (c) (intro.), (e), (h) and (j), as renumbered, are amended to read:
SB468,116,83 555.127 (2) (intro.) The corporation department shall establish and administer
4a state main street program to coordinate state and local participation in programs
5offered by the national main street center, created by the national trust for historic
6preservation, to assist municipalities in planning, managing and implementing
7programs for the revitalization of business areas. The corporation department shall
8do all of the following:
SB468,116,119 (c) (intro.) With help from interested individuals and organizations, develop a
10plan describing the objectives of the state main street program and the methods by
11which the corporation department shall:
SB468,116,2012 (e) Annually select, upon application, up to 5 municipalities to participate in
13the state main street program. The program for each municipality shall conclude
14after 3 years, except that the program for each municipality selected after July 29,
151995, shall conclude after 5 years. The corporation department shall select program
16participants representing various geographical regions and populations. A
17municipality may apply to participate, and the corporation department may select
18a municipality for participation, more than one time. In selecting a municipality,
19however, the corporation department may give priority to those municipalities that
20have not previously participated.
SB468,116,2421 (h) Provide training, technical assistance and information on the revitalization
22of business areas to municipalities which do not participate in the state main street
23program. The corporation department may charge reasonable fees for the services
24and information provided under this paragraph.
SB468,117,2
1(j) The corporation department shall expend at least $250,000 annually on the
2state main street program.
SB468,371 3Section 371. 238.13 of the statutes, as affected by 2015 Wisconsin Act 55, is
4renumbered 555.13, and 555.13 (2) (a) (intro.), (3) (intro.) and (f) and (5), as
5renumbered, are amended to read:
SB468,117,76 555.13 (2) (a) (intro.) The corporation department may make a grant to a
7person if all of the following apply:
SB468,117,9 8(3) (intro.) The corporation department may consider the following criteria in
9making awards under this section:
SB468,117,1110 (f) Any other factors considered by the corporation department to be relevant
11to assessing the viability and feasibility of the project.
SB468,117,14 12(5) Before the corporation department awards a grant under this section, the
13corporation department shall consider the recommendations of the department of
14natural resources.
SB468,372 15Section 372. 238.133 of the statutes is renumbered 555.133, and 555.133 (2)
16(title), (a), (b), (c) and (d), (3) (intro.), (4), (5) (intro.) and (c) and (7), as renumbered,
17are amended to read:
SB468,117,1818 555.133 (2) (title) Duties of the corporation department.
SB468,117,2219 (a) The corporation department shall administer a program to award
20brownfield site assessment grants from the appropriation under s. 20.192 20.143 (1)
21(s) to local governmental units for the purposes of conducting any of the eligible
22activities under sub. (3).
SB468,117,2523 (b) The corporation department may not award a grant to a local governmental
24unit under this section if that local governmental unit caused the environmental
25contamination that is the basis for the grant request.
SB468,118,4
1(c) The corporation department may only award grants under this section if the
2person that caused the environmental contamination that is the basis for the grant
3request is unknown, cannot be located or is financially unable to pay the cost of the
4eligible activities.
SB468,118,85 (d) The corporation department shall establish criteria as necessary to
6administer the program. The corporation department may limit the total amount of
7funds that may be used to cover the costs of each category of eligible activity
8described in sub. (3).
SB468,118,10 9(3) (intro.) The corporation department may award grants to local
10governmental units to cover the costs of the following activities:
SB468,118,13 11(4) The applicant shall submit an application on a form prescribed by the
12corporation department and shall include any information that the corporation
13department finds necessary to calculate the amount of a grant.
SB468,118,15 14(5) (intro.) The corporation department shall consider the following criteria
15when determining whether to award a grant:
SB468,118,1716 (c) Other criteria that the corporation department finds necessary to calculate
17the amount of a grant.
SB468,118,20 18(7) The corporation department may not distribute a grant unless the
19applicant contributes matching funds equal to 20% of the grant. Matching funds
20may be in the form of cash or in-kind contribution or both.
SB468,373 21Section 373. 238.135 of the statutes is renumbered 555.135 and amended to
22read:
SB468,119,2 23555.135 Grants to regional economic development organizations. The
24corporation department shall award annual grants to regional economic
25development organizations to fund marketing activities. The amount of each grant

1may not exceed $100,000 or the amount of matching funds the organization obtains
2from sources other than the corporation or the state, whichever is less.
SB468,374 3Section 374. 238.14 of the statutes, as created by 2015 Wisconsin Act 55, is
4renumbered 555.14 and amended to read:
SB468,119,9 5555.14 St. Croix Valley Business Incubator. From the appropriation under
6s. 20.192 20.143 (1) (a), the corporation department shall make a grant of $250,000
7to the River Falls Economic Development Corporation to construct the St. Croix
8Valley Business Incubator. The corporation department may award the grant under
9this section only if federal moneys are secured for the same purpose.
SB468,375 10Section 375. 238.145 of the statutes, as created by 2015 Wisconsin Act 55, is
11renumbered 555.145, and 555.145 (1) (a), (2) (a), (b) and (c), (3) (a) and (b), (5) (a) and
12(b) (intro.), 1., 2. and 3. and (6), as renumbered, are amended to read:
SB468,119,1413 555.145 (1) (a) "Eligible recipient" means a person the corporation department
14certifies under sub. (2) (b) as eligible to receive grants under this section.
SB468,119,16 15(2) (a) The corporation department shall implement an economic development
16program to award grants under this section.
SB468,119,1917 (b) The corporation department may certify a person as eligible to receive
18grants under this section as provided in policies and procedures rules adopted by the
19corporation department under sub. (6).
SB468,119,2120 (c) The corporation department may not certify a person under par. (b) after
21June 30, 2017.
SB468,119,23 22(3) (a) From the appropriation under s. 20.192 20.143 (1) (a), the corporation
23department may award up to a total of $500,000 in grants to eligible recipients.
SB468,120,3
1(b) The corporation department may not award grants totaling more than
2$75,000 to each eligible recipient, and the corporation department may not award a
3grant of more than $25,000 to an eligible recipient in any year.
SB468,120,8 4(5) (a) The corporation department shall award grants under this section
5annually, on a competitive basis, based on an eligible recipient's financial need; and,
6subject to the limitations under par. (b), the corporation department may not take
7into account whether an eligible recipient was previously awarded a grant under this
8section in determining whether to award a grant to the eligible recipient.
SB468,120,109 (b) (intro.) The corporation department may award no more than 3 annual
10grants to each eligible recipient, as follows:
SB468,120,1211 1. In the first grant year, the corporation department may contribute up to 75
12percent of the eligible recipient's equipment expenditures under sub. (4).
SB468,120,1413 2. In the 2nd grant year, the corporation department may contribute up to 50
14percent of the eligible recipient's equipment expenditures under sub. (4).
SB468,120,1615 3. In the 3rd grant year, the corporation department may contribute up to 25
16percent of the eligible recipient's equipment expenditures under sub. (4).
SB468,120,18 17(6) The corporation department shall adopt policies and procedures
18promulgate rules to implement the grant program under this section.
SB468,376 19Section 376. 238.15 of the statutes, as affected by 2015 Wisconsin Act 55, is
20renumbered 555.15, and 555.15 (1) (intro.) and (m) 1. (intro.) and c. and 3., (2) and
21(3) (a), (d) (intro.), 1. and 2. a. and b., (dm), (e) and (f) 1., as renumbered, are amended
22to read:
SB468,121,623 555.15 (1) Angel investment tax credits. (intro.) The corporation department
24shall implement a program to certify businesses for purposes of s. 71.07 (5d). A
25business desiring certification shall submit an application to the corporation

1department in each taxable year for which the business desires certification. The
2business shall specify in its application the investment amount it wishes to raise and
3the corporation department may certify the business and determine the amount that
4qualifies for purposes of s. 71.07 (5d). The corporation department may certify or
5recertify a business for purposes of s. 71.07 (5d) only if the business satisfies all of
6the following conditions:
SB468,121,147 (m) 1. (intro.) It agrees that it will not relocate outside of this state during the
83 years after it receives an investment for which a person may claim a tax credit
9under s. 71.07 (5d) and agrees to pay the corporation department a penalty, in an
10amount determined under subd. 2., if the business relocates outside of this state
11during that 3-year period. For the purposes of this paragraph, except as provided
12in policies and procedures rules under sub. (3) (dm), a business relocates outside of
13this state when the business locates more than 51 percent of any of the following
14outside of this state:
SB468,121,1615 c. The activities of the business's headquarters, as determined by the
16corporation department.
SB468,121,1917 3. Subdivision 1. does not apply to a business that the corporation department
18certified for purposes of s. 71.07 (5d) before April 20, 2012, and that, in reliance on
19that certification, executed a note or bond that is convertible to an equity interest.
SB468,122,8 20(2) Early stage seed investment tax credits. The corporation department
21shall implement a program to certify investment fund managers for purposes of ss.
2271.07 (5b), 71.28 (5b), 71.47 (5b), and 76.638. An investment fund manager desiring
23certification shall submit an application to the corporation department. The
24investment fund manager shall specify in the application the investment amount
25that the manager wishes to raise and the corporation department may certify the

1manager and determine the amount that qualifies for purposes of ss. 71.07 (5b),
271.28 (5b), 71.47 (5b), and 76.638. In determining whether to certify an investment
3fund manager, the corporation department shall consider the investment fund
4manager's experience in managing venture capital funds, the past performance of
5investment funds managed by the applicant, the expected level of investment in the
6investment fund to be managed by the applicant, and any other relevant factors. The
7corporation department may certify only investment fund managers that commit to
8consider placing investments in businesses certified under sub. (1).
SB468,122,12 9(3) (a) List of certified businesses and investment fund managers. The
10corporation department shall maintain a list of businesses certified under sub. (1)
11and investment fund managers certified under sub. (2) and shall permit public access
12to the lists through the corporation's department's Internet Web site.
SB468,123,513 (d) Administration. (intro.) The corporation department, in consultation with
14the department of revenue, shall establish policies and procedures promulgate rules
15to administer this section and shall further define "bona fide angel investment" for
16purposes of s. 71.07 (5d) (a) 1. The aggregate amount of tax credits under s. 71.07
17(5d) that may be claimed for investments in businesses certified under sub. (1) and
18of tax credits under ss. 71.07 (5b), 71.28 (5b), 71.47 (5b), and 76.638 that may be
19claimed for investments paid to fund managers certified under sub. (2) is
20$30,000,000 per calendar year. The policies and procedures rules shall provide that
21a person who receives a credit under s. 71.07 (5b) or (5d), 71.28 (5b), 71.47 (5b), or
2276.638 must keep the investment in a certified business, or with a certified fund
23manager, for no less than 3 years, unless the person's investment becomes worthless,
24as determined by the corporation department, during the 3-year period or the person
25has kept the investment for no less than 12 months and a bona fide liquidity event,

1as determined by the corporation department, occurs during the 3-year period. The
2policies and procedures rules shall permit the corporation department to reallocate
3credits under this section in any calendar year that are unused in that calendar year
4to a person eligible for tax benefits, as defined under s. 238.30 555.30 (7) (e), if all of
5the following apply:
SB468,123,76 1. The corporation department notifies the joint committee on finance in
7writing of its proposed reallocation.
SB468,123,118 2. a. The cochairpersons of the joint committee on finance fail to notify the
9corporation department, within 14 working days after the date of the corporation's
10department's notification under subd. 1., that the committee has scheduled a
11meeting for the purpose of reviewing the proposed reallocation.
SB468,123,1312 b. The cochairpersons of the joint committee on finance notify the corporation
13department that the committee has approved the proposed reallocation.
SB468,123,1814 (dm) The corporation's policies and procedures department's rules under this
15subsection shall provide that a business is considered to have not relocated outside
16of this state under sub. (1) (m) 1., regardless of whether the business satisfies sub.
17(1) (m) 1. a. and b., if the corporation department determines that the business's
18investment and employment levels in this state have not diminished.
SB468,124,319 (e) Transfer. A person who is eligible to claim a credit under s. 71.07 (5b), 71.28
20(5b), 71.47 (5b), or 76.638 may sell or otherwise transfer the credit to another person
21who is subject to the taxes or fees imposed under s. 71.02, 71.23, 71.47, or subch. III
22of ch. 76, if the person receives prior authorization from the investment fund
23manager and the manager then notifies the corporation department and the
24department of revenue of the transfer and submits with the notification a copy of the
25transfer documents. No person may sell or otherwise transfer a credit as provided

1in this paragraph more than once in a 12-month period. The corporation department
2may charge any person selling or otherwise transferring a credit under this
3paragraph a fee of up to 5 percent of the credit amount sold or transferred.
SB468,124,64 (f) 1. Beginning with December 31, 2014, tax credits that the corporation
5department has not allocated under this section on or before December 31 of each
6year may not be allocated after that date.
SB468,377 7Section 377. 238.16 of the statutes, as affected by 2015 Wisconsin Act 55, is
8renumbered 555.16, and 555.16 (1) (c) 2. (intro.), (2) (intro.) and (b), (3), (4) (b) 1.
9(intro.) and 2. and (c), (5) (title), (c), (e) and (f) (intro.) and 1. (intro.) and (6), as
10renumbered, are amended to read:
SB468,124,1411 555.16 (1) (c) 2. (intro.) The corporation department may grant exceptions to
12the requirement under subd. 1. that a full-time job means a position in which an
13individual, as a condition of employment, is required to work at least 2,080 hours per
14year if all of the following apply:
SB468,124,16 15(2) (intro.) The corporation department may certify a person to receive tax
16benefits under this section if all of the following apply:
SB468,124,1817 (b) The person applies under this section and enters into a contract with the
18corporation department.
SB468,124,25 19(3) Eligibility for tax benefits. (intro.) A person certified under sub. (2) may
20receive tax benefits under this section if, in each year for which the person claims tax
21benefits under this section, the person increases net employment in this state in the
22person's business above the net employment in this state in the person's business
23during the year before the person was certified under sub. (2), as determined by the
24corporation department under its policies and procedures rules, and one of the
25following applies:
SB468,125,5
1(4) (b) 1. (intro.) The corporation department may award to a person certified
2under sub. (2) tax benefits for each eligible employee in an amount equal to up to 10
3percent of the wages paid by the person to that employee or $10,000, whichever is
4less, if that employee earned wages in the year for which the tax benefit is claimed
5equal to one of the following:
SB468,125,86 2. The corporation department may award to a person certified under sub. (2)
7tax benefits in an amount to be determined by the corporation department for costs
8incurred by the person to undertake the training activities described in sub. (3) (c).
SB468,125,129 (c) Subject to a reallocation by the corporation department pursuant to policies
10and procedures
rules adopted under s. 238.15 555.15 (3) (d), the corporation
11department may allocate up to $10,000,000 in tax benefits under this section in any
12calendar year.
SB468,125,13 13(5) (title) Duties of the corporation department.
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