560.275(2)(b)1.1. The department may make a grant or loan from the appropriation under
s. 20.143 (1) (c) or
(ie) for the purpose of funding professional activities related to developing a proposed technologically innovative product, process, or service, if the applicant has received a grant from the federal government for a substantially similar purpose.
560.275(2)(b)2.
2. The department may make a grant or loan from the appropriation under
s. 20.143 (1) (c) or
(ie) for the purpose of funding professional activities related to the accelerated commercialization of a technologically innovative product, process, or service, if the federal government has notified the applicant that the applicant will receive a grant from the federal government for a substantially similar purpose.
560.275(2)(c)
(c)
Bridge grants and loans. The department may make a grant or loan from the appropriation under
s. 20.143 (1) (c) or
(ie) to a person who has received early stage financing from 3rd parties or a grant from the federal government to fund early stage research and development and who has sought additional early stage financing from 3rd parties or applied for an additional grant from the federal government to fund early stage research and development. A grant or loan under this paragraph shall be for the purpose of funding professional activities necessary to maintain the project research and management team and funding basic operations until the applicant's additional 3rd-party financing request or federal grant application is approved or denied.
560.275(2)(d)
(d)
Venture capital grants and loans. The department may make a grant or loan from the appropriation under
s. 20.143 (1) (c) or
(ie) for the purpose of enhancing the applicant's ability to obtain early stage financing from 3rd parties.
560.275(2)(e)
(e)
Entrepreneurial and technology transfer center grants. The department may make a grant from the appropriation under
s. 20.143 (1) (c) or
(ie) for the purpose of supporting any entrepreneurial and technology transfer center that satisfies all of the following criteria:
560.275(2)(e)2.
2. The center provides assistance, other than financial assistance, to entrepreneurs to facilitate business development.
560.275(2)(e)3.
3. The center reviews and analyzes entrepreneurial business plans and offers advice concerning the improvement of the plans.
560.275(2)(e)4.
4. The center provides advice to entrepreneurs concerning patent, trademark, and copyright issues.
560.275(2)(e)5.
5. The center provides appropriate referral services to entrepreneurs.
560.275(3)(a)(a)
Early stage planning grants and loans. In determining the amount of a grant or loan under
sub. (2) (a), the department shall consider all of the following, in addition to any other information the department considers relevant:
560.275(3)(a)1.
1. The amount of economic impact the applicant, if successful, will have in this state.
560.275(3)(a)4.
4. The applicant's record of obtaining early stage financing in the past.
560.275(3)(b)
(b)
Matching grants and loans. In determining the amount of a grant or loan under
sub. (2) (b), the department shall consider all of the following criteria, in addition to any other information the department considers relevant:
560.275(3)(b)2.
2. The likelihood that the applicant will successfully commercialize technology.
560.275(3)(b)4.
4. The amount of economic impact the applicant, if successful, will have in this state.
560.275(3)(b)5.
5. The applicant's record of obtaining early stage financing in the past.
560.275(4)
(4) Limitations on grant and loan amounts. 560.275(4)(a)(a)
Early stage planning grants and loans. A grant or loan under
sub. (2) (a) may not exceed $15,000.
560.275(4)(b)
(b)
Matching grants and loans. A grant or loan under
sub. (2) (b) may not exceed 20 percent of the project costs or $250,000, whichever is less.
560.275(4)(c)
(c)
Bridge grants and loans. A grant or loan under
sub. (2) (c) may not exceed 75 percent of the project costs or $100,000, whichever is less.
560.275(4)(d)
(d)
Venture capital grants and loans. A grant or loan under
sub. (2) (d) may not exceed 50 percent of the project costs or $250,000, whichever is less.
560.275(4)(e)
(e)
Entrepreneurial and technology transfer grants. The total amount of grants under
sub. (2) (e) may not exceed $600,000 in any fiscal year.
560.275(5)
(5) Eligibility. The department may make a grant or loan under
sub. (2) (a) to
(d) to an applicant only if all of the following apply:
560.275(5)(a)1.
1. Is a small business, or individual entrepreneur who intends to form a small business, that is completing a grant application to be submitted to the federal government for the purpose of obtaining early stage research and development funding, except that if the application is for a grant under
sub. (2) (b), the requirement that the applicant be completing a federal grant application does not apply; or
560.275(5)(a)2.
2. Is an individual who is starting or developing a business which has significant growth potential, as evidenced by the potential to attract and receive early stage financing from 3rd parties, but who needs assistance with a specific facet of starting or developing the business.
560.275(5)(b)
(b) If the applicant seeks a grant or loan under
sub. (2) (a), the applicant has sufficient funding from sources other than the state to finance at least 25% of the project costs.
560.275(5)(c)
(c) The applicant has or will have a business location in this state.
560.275(5)(d)
(d) If the application relates to a product, the product will be manufactured substantially in this state.
560.275(5)(e)
(e) If the application relates to a service, the principal place of business from which the service will be sold will be located in this state.
560.275(6)
(6) Grant and loan distribution plan. No later than December 1 of each even-numbered year, the department shall develop a biennial plan for awarding grants and loans under
sub. (2) and shall submit the plan to the governor and to the chief clerk of each house of the legislature, for distribution to the appropriate standing committees under
s. 13.172 (3).
560.275(7)(a)(a)
In-kind grants of services. The department may contract with, and pay the proceeds of any grant under
sub. (2) (a) to
(d) directly to, any person who provides services which the grant is intended to fund.
560.275(7)(b)
(b)
Rules. The department shall promulgate rules to administer this section. The rules shall establish application, reporting, auditing, and monitoring requirements.
560.275(9)
(9) Distressed Areas. The department shall award not less than 35 percent of the total amount of grants and loans made under this section to businesses in distressed areas, as defined in
s. 560.605 (7).
560.28
560.28
Manufacturing investment credit. 560.28(1)
(1)
Definition. In this section, "full-time job" means a regular, nonseasonal full-time position in which an individual, as a condition of employment, is required to work at least 35 hours in a week.
560.28(2)
(2) Certification. The department shall promulgate rules for the certification of businesses as eligible to claim tax credits under
s. 71.07 (3t),
71.28 (3t), or
71.47 (3t). The rules shall permit a business to obtain a certification only if the person satisfies one of the following conditions:
560.28(2)(a)
(a) The business has retained from December 23, 2003, 100 percent of the business's full-time jobs in this state.
560.28(2)(b)
(b) The business's average annual investment in this state since January 1, 2003, is equal to no less than 2 percent of the total book value of the business's depreciable assets in facilities that are based in this state.
560.28(2)(c)
(c) The business's average annual investment in this state since January 1, 2003, is no less than $5,000,000.
560.28(2)(d)
(d) Any other criteria that is specific to an industry, as promulgated by rule by the department of commerce, in consultation with the department of revenue.
560.28 History
History: 2003 a. 99.
560.28 Cross-reference
Cross Reference: See also ch.
Comm 130, Wis. adm. code.
560.285
560.285
Manufactured housing rehabilitation and recycling. 560.285(1)(1)
Definition. In this section, "manufactured home" has the meaning given in
s. 101.91 (2).
560.285(2)(a)(a) The department may make grants under this section to provide financial assistance to persons engaged in the disposal of abandoned manufactured homes and to municipalities, for the purpose of supporting environmentally sound disposal practices.
560.285(2)(b)
(b) The department may make grants under this section to provide financial assistance to individuals who reside in manufactured homes that are in need of critical repairs. An individual is eligible for a grant under this paragraph only if the individual is otherwise unable to finance the critical repairs.
560.285(3)
(3) Administration. The department shall contract with one or more entities that are exempt from taxation under section
501 (a) of the Internal Revenue Code and that employ individuals with technical expertise concerning manufactured housing for the administration of the grant program under this section. The department shall promulgate rules to establish the grant program under this section. To the extent feasible, the department shall coordinate the program under this section with the state housing strategy plan under
s. 560.9802.
560.285 History
History: 2005 a. 45.
560.285 Cross-reference
Cross Reference: See also ch.
Comm 156, Wis. adm. code.
560.29
560.29
Certified capital companies. 560.29(1)(a)
(a) "Certified capital company" means a person that has been certified by the department under s.
560.31, 2005 stats., and that has not been decertified under s.
560.37 (3) or
(3m), 2005 stats.
560.29(1)(b)
(b) "Certified capital investment" means an investment in a certified capital company that is certified under s.
560.32 (2), 2005 stats., and that fully funds either the investor's equity interest in a certified capital company, a qualified debt instrument that a certified capital company issues, or both.
560.29(1)(c)
(c) "Certified investor" means a person who makes a certified capital investment.
560.29(1)(d)
(d) "Investment date" means, with respect to each investment pool, the date on which the last certified capital that is part of that investment pool was invested in the certified capital company.
560.29(1)(e)
(e) "Investment pool" means the aggregate of all investments of certified capital in a certified capital company that are made as part of the same transaction, except that investments received more than 30 days apart may not be considered part of the same investment pool.
560.29(1)(f)
(f) "Qualified business" means a business which is a qualified business under s.
560.33, 2005 stats.
560.29(1)(g)
(g) "Qualified investment" means an investment in a qualified business by a certified capital company that meets the requirements under s.
560.34 (1), 2005 stats.
560.29(2)
(2) Reporting requirements and fees. 560.29(2)(a)(a)
Receipts of certified capital. As soon as practicable after the receipt of a certified capital investment, a certified capital company shall report all of the following to the department:
560.29(2)(a)1.
1. The name of the certified investor from which the certified capital was received, including the certified investor's tax identification number.
560.29 Note
NOTE: Subd. 1. is renumbered from 560.35 (1) (a) by the legislative reference bureau under s. 13.92 (1) (bm) 2.
560.29 Note
NOTE: Subd. 2. is renumbered from 560.35 (1) (b) by the legislative reference bureau under s. 13.92 (1) (bm) 2.
560.29(2)(a)3.
3. The date on which the certified capital investment was received by the certified capital company.
560.29 Note
NOTE: Subd. 3. is renumbered from 560.35 (1) (c) by the legislative reference bureau under s. 13.92 (1) (bm) 2.
560.29(2)(a)4.
4. The investment date for the investment pool of which the certified capital will be a part.
560.29 Note
NOTE: Subd. 4. is renumbered from 560.35 (1) (d) by the legislative reference bureau under s. 13.92 (1) (bm) 2.
560.29(2)(b)
(b)
Violation of agreements by qualified businesses. As soon as practicable after the receipt of information by the certified capital company that a qualified business has violated an agreement made under s.
560.34 (1) (b) to
(e), 2005 stats., the certified capital company shall notify the department of the violation and the facts giving rise to the violation.
560.29(2)(c)
(c)
Annual reports. On or before January 31 annually, a certified capital company shall report all of the following to the department:
560.29(2)(c)1.
1. The amount of the certified capital company's certified capital at the end of the preceding year.
560.29(2)(c)2.
2. Whether the certified capital company has invested more than 15% of its total certified capital in any one person.
560.29(2)(c)3.
3. All qualified investments that the certified capital company has made during the previous calendar year and the investment pool from which each qualified investment was made.
560.29(2)(d)
(d)
Financial statements. Within 90 days of the end of the certified capital company's fiscal year, the certified capital company shall provide to the department a copy of its annual audited financial statements, including the opinion of an independent certified public accountant. The audit shall address the methods of operation and conduct of the business of the certified capital company to determine whether the certified capital company is complying with this section and the rules promulgated under subchapter II of ch.
560, 2005 stats., including whether certified capital has been invested in the manner required under s.
560.34, 2005 stats. The financial statements provided under this subsection shall be segregated by investment pool and shall be separately audited on that basis to allow the department to determine whether the certified capital company is in compliance with s.
560.34 (1m), 2005 stats.
560.29(2)(e)
(e)
Fees. On or before January 31 annually, a certified capital company shall pay a nonrefundable certification fee of $5,000 to the department, unless January 31 falls within 6 months of the date on which the certified capital company was certified under s.
560.31, 2005 stats.
560.29(2)(f)
(f)
Exemption from rights of inspection and copying. If the department determines that a document submitted by a certified capital company under this section contains a trade secret, as defined in
s. 134.90 (1) (c) or a business secret, that document is not subject to the right of inspection and copying under
s. 19.35.
560.29(3)
(3) Department reporting requirements. The department shall include in the report required under
s. 560.01 (2) (am) all of the following:
