560.96(3)(a)(a) The department may certify for tax credits in a technology zone a business that satisfies all of the following requirements:
560.96(3)(b)
(b) In determining whether to certify a business under this subsection, the department shall consider all of the following:
560.96(3)(b)2.
2. The extent and nature of the high technology used by the business.
560.96(3)(b)3.
3. The likelihood that the business will attract related enterprises.
560.96(3)(b)4.
4. The amount of capital investment that the business is likely to make in the state.
560.96(3)(c)
(c) When the department certifies a business under this subsection, the department shall establish a limit on the amount of tax credits that the business may claim. Unless its certification is revoked, and subject to the limit on the tax credit amount established by the department under this paragraph, a business that is certified may claim a tax credit for 3 years, except that a business that experiences growth, as determined for that business by the department under
par. (d) and
sub. (5) (e), may claim a tax credit for up to 5 years.
560.96(3)(d)
(d) The department shall enter into an agreement with a business that is certified under this subsection. The agreement shall specify the limit on the amount of tax credits that the business may claim, the extent and type of growth, which shall be specific to the business, that the business must experience to extend its eligibility for a tax credit, the business' baseline against which that growth will be measured, any other conditions that the business must satisfy to extend its eligibility for a tax credit, and reporting requirements with which the business must comply.
560.96(4)(a)(a) The department of commerce shall notify the department of revenue of all the following:
560.96(4)(a)2.
2. A business's certification and the limit on the amount of tax credits that the business may claim.
560.96(4)(a)3.
3. The extension or revocation of a business's certification.
560.96(4)(b)
(b) The department shall annually verify information submitted to the department under
ss. 71.07 (2di),
(2dm),
(2dx), and
(3g),
71.28 (1di),
(1dm),
(1dx), and
(3g), and
71.47 (1di),
(1dm),
(1dx), and
(3g).
560.96(5)
(5) The department shall promulgate rules for the operation of this section, including rules related to all the following:
560.96(5)(a)
(a) Criteria for designating an area as a technology zone.
560.96(5)(b)
(b) A business's eligibility for certification, including definitions for all of the following:
560.96(5)(d)
(d) Standards for establishing the limit on the amount of tax credits that a business may claim.
560.96(5)(e)
(e) Standards for extending a business's certification, including what measures, in addition to job creation, the department will use to determine the growth of a specific business and how the department will establish baselines against which to measure growth.
560.96(5)(f)
(f) Reporting requirements for certified businesses.
560.96(5)(g)
(g) The exchange of information between the department of commerce and the department of revenue.
560.96(5)(h)
(h) Reasons for revoking a business's certification.
560.96(5)(i)
(i) Standards for changing the boundaries of a technology zone.
560.96 History
History: 2001 a. 16,
104.
