238.15(1)(b)(b) At least 51 percent of the employees employed by the business are employed in this state, except that if a business fails to satisfy this paragraph in any year due to a business merger or acquisition, the corporation may grant the business a waiver that allows the business to remain eligible for certification or recertification under this subsection if all of the following apply: 238.15(1)(b)1.1. The business maintains its headquarters in this state. 238.15(1)(b)2.2. After the merger or acquisition, the business increases the number of employees the business employs in this state. 238.15(1)(b)3.3. The corporation determines that the merger or acquisition was not for the purpose of relocating the business’s operations or employees from this state to another state or for the purpose of ceasing the business’s efforts to further grow and expand in this state. 238.15(1)(b)4.4. No later than the first day of the 13th month beginning after the date of the merger or acquisition, at least 51 percent of the employees employed by the business are employed in this state. 238.15(1)(f)(f) It has the potential for increasing jobs in this state, increasing capital investment in this state, or both, and any of the following apply: 238.15(1)(f)1m.1m. It is engaged in, or has committed to engage in, innovation, if the innovation involves the development of a differentiating technology, product, service, or production process. 238.15(1)(f)2.2. It is undertaking pre-commercialization activity related to differentiating technology that includes conducting research, developing a new product or business process, or developing a service that is principally reliant on applying differentiating technology. 238.15(1)(g)(g) It is not primarily engaged in real estate development, insurance, banking, lending, lobbying, political consulting, professional services provided by attorneys, accountants, business consultants, physicians, or health care consultants, wholesale or retail trade, leisure, hospitality, transportation, or construction, except construction of power production plants that derive energy from a renewable resource, as defined in s. 196.378 (1) (h). 238.15(1)(h)(h) At the time it is initially certified under this subsection, it has less than 100 employees. 238.15(1)(j)(j) At the time it is initially certified under this subsection, it has been in operation in this state for not more than 10 consecutive years. 238.15(1)(k)(k) For taxable years beginning before January 1, 2008, it has not received more than $1,000,000 in investments that have qualified for tax credits under s. 71.07 (5d). 238.15(1)(km)(km) It has not received aggregate private equity investment in cash of more than $10,000,000 before it is initially certified under this subsection. 238.15(1)(m)1.1. It agrees that it will not relocate outside of this state during the 3 years after it receives an investment for which a person may claim a tax credit under s. 71.07 (5d) and agrees to pay the corporation a penalty, in an amount determined under subd. 2., if the business relocates outside of this state during that 3-year period. For the purposes of this paragraph, except as provided in policies and procedures under sub. (3) (dm), a business relocates outside of this state when the business locates more than 51 percent of any of the following outside of this state: 238.15(1)(m)1.c.c. The activities of the business’s headquarters, as determined by the corporation. 238.15(1)(m)2.2. The amount of a penalty payment under subd. 1. is any of the following: 238.15(1)(m)2.a.a. If the relocation occurs less than 12 months after the investment, 100 percent of the tax credit that was claimed under s. 71.07 (5d) as the result of the investment. 238.15(1)(m)2.b.b. If the relocation occurs 12 months or more after the investment but less than 24 months after the investment, 80 percent of the tax credit that was claimed under s. 71.07 (5d) as the result of the investment. 238.15(1)(m)2.c.c. If the relocation occurs 24 months or more after the investment but less than 36 months after the investment, 60 percent of the tax credit that was claimed under s. 71.07 (5d) as the result of the investment. 238.15(1)(m)3.3. Subdivision 1. does not apply to a business that the corporation certified for purposes of s. 71.07 (5d) before April 20, 2012, and that, in reliance on that certification, executed a note or bond that is convertible to an equity interest. 238.15(2)(2) Early stage seed investment tax credits. The 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 corporation. The investment fund manager shall specify in the application the investment amount that the manager wishes to raise and the 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 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 corporation may certify only investment fund managers that commit to consider placing investments in businesses certified under sub. (1). 238.15(3)(a)(a) List of certified businesses and investment fund managers. The 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 corporation’s Internet website.