AB40-ASA1,23,8 13.94 (1) (dp) In addition to any other audit to be performed under this section relating to veterans homes, perform one or more financial audits of the operation of the Wisconsin Veterans Home at Chippewa Falls by any private entity with which the department of veterans affairs enters into an agreement under s. 45.50 (2m) (c). The audit shall be performed at such time as the governor or legislature directs.

AB40-ASA1, s. 66 Section 66. 13.94 (1) (mm) of the statutes, as affected by 2011 Wisconsin Act 7, is amended to read:

AB40-ASA1,23,20 13.94 (1) (mm) No later than July 1, 2012, prepare a financial and performance evaluation audit of the economic development programs administered by the department of commerce, the University of Wisconsin System, the department of agriculture, trade and consumer protection, the department of natural resources, the Wisconsin Housing and Economic Development Authority, the Wisconsin Economic Development Corporation, the department of tourism, the technical college system, and the department of transportation. In this paragraph, economic development program has the meaning given in s. 560.001 (1m) 23.167 (1). The legislative audit bureau shall file a copy of the report of the audit under this paragraph with the distributees specified in par. (b).

AB40-ASA1, s. 67 Section 67. 13.94 (1) (ms) of the statutes is amended to read:

AB40-ASA1,23,25 13.94 (1) (ms) No later than July 1, 2014, prepare a financial and performance evaluation audit of the economic development tax benefit program under ss. 560.701 to 560.706 238.301 to 238.306. The legislative audit bureau shall file a copy of the report of the audit under this paragraph with the distributees specified in par. (b).

AB40-ASA1, s. 68 Section 68. 13.94 (1) (n) of the statutes is amended to read:

AB40-ASA1,24,4 13.94 (1) (n) Provide periodic performance audits of any division of the department of commerce safety and professional services that is responsible for inspections of multifamily housing under s. 101.973 (11).

AB40-ASA1, s. 73 Section 73. 14.165 (2) of the statutes is amended to read:

AB40-ASA1,24,8 14.165 (2) Recommendations. The department of administration, department of commerce safety and professional services, and public service commission shall make recommendations to the governor for awards under sub. (1).

AB40-ASA1, s. 74 Section 74. 14.57 of the statutes is renumbered 15.105 (25m), and 15.105 (25m) (intro.) and (a), as renumbered, are amended to read:

AB40-ASA1,24,14 15.105 (25m) Same; attached boards College savings program board. (intro.) There is created a college savings program board that is attached to the office of the state treasurer department of administration under s. 15.03 and that consists of all of the following members:

AB40-ASA1,24,15 (a) The state treasurer secretary of administration or his or her designee.

AB40-ASA1, s. 74m Section 74m. 14.58 (20) of the statutes is repealed.

AB40-ASA1, s. 75 Section 75. 14.63 of the statutes is renumbered 16.64, and 16.64 (2) (intro.) and (b), (3) (a), (c) and (d), (4), (5) (b) (intro.), (6) (a) 5. and (b), (7) (a) (intro.), 4. and 5. and (b), (7m) (a) (intro.), (b) and (c), (9), (10) (a) and (b), (12) (title), (a) (intro.) and (b) (intro.) and (13), as renumbered, are amended to read:

AB40-ASA1,24,22 16.64 (2) Weighted average tuition; tuition unit cost. (intro.) Annually, the state treasurer department and the board jointly shall determine all of the following:

AB40-ASA1,25,4 (b) The price of a tuition unit, which shall be valid for a period determined jointly by the state treasurer department and the board. The price shall be sufficient to ensure the ability of the state treasurer department to meet his or her its obligations under this section. To the extent possible, the price shall be set so that the value of the tuition unit in the anticipated academic year of its use will be equal to 1% of the weighted average tuition for that academic year plus the costs of administering the program under this section attributable to the unit.

AB40-ASA1,25,7 (3) (a) An individual, trust, legal guardian, or entity described under 26 USC 529 (e) (1) (C) may enter into a contract with the state treasurer department for the sale of tuition units on behalf of a beneficiary.

AB40-ASA1,25,8 (c) The state treasurer department may charge a purchaser an enrollment fee.

AB40-ASA1,25,11 (d) The state treasurer department shall promulgate rules authorizing a person who has entered into a contract under this subsection to change the beneficiary named in the contract.

AB40-ASA1,25,19 (4) Number of tuition units purchased. A person who enters into a contract under sub. (3) may purchase tuition units at any time and in any number, or may authorize a parent, grandparent, great-grandparent, aunt, or uncle of the beneficiary to purchase tuition units, except that the total number of tuition units purchased on behalf of a single beneficiary may not exceed the number necessary to cover tuition, fees and the costs of room and board, books, supplies and equipment required for enrollment or attendance of the beneficiary at an institution of higher education.

AB40-ASA1,25,22 (5) (b) (intro.) Upon request by the beneficiary, the state treasurer department shall pay to the institution or beneficiary, whichever is appropriate, in each semester of attendance the lesser of the following:

AB40-ASA1,25,24 (6) (a) 5. Other circumstances determined by the state treasurer department to be grounds for termination.

AB40-ASA1,26,4 (b) The state treasurer department may terminate a contract under sub. (3) if any of the tuition units purchased under the contract remain unused 10 years after the anticipated academic year of the beneficiary's initial enrollment in an institution of higher education, as specified in the contract.

AB40-ASA1,26,6 (7) (a) (intro.) Except as provided in sub. (7m), the state treasurer department shall do all of the following:

AB40-ASA1,26,9 4. If a contract is terminated under sub. (6) (a) 5., refund to the person who entered into the contract the amount under subd. 2. or under subd. 3., as determined by the state treasurer department.

AB40-ASA1,26,15 5. If the beneficiary is awarded a scholarship, tuition waiver or similar subsidy that cannot be converted into cash by the beneficiary, refund to the person who entered into the contract, upon the person's request, an amount equal to the value of the tuition units that are not needed because of the scholarship, waiver or similar subsidy and that would otherwise have been paid by the state treasurer department on behalf of the beneficiary during the semester in which the beneficiary is enrolled.

AB40-ASA1,26,17 (b) The state treasurer department shall determine the method and schedule for the payment of refunds under this subsection.

AB40-ASA1,26,21 (7m) (a) (intro.) The state treasurer department may adjust the value of a tuition unit based on the actual earnings attributable to the tuition unit less the costs of administering the program under this section that are attributable to the tuition unit if any of the following applies:

AB40-ASA1,27,2 (b) The state treasurer department may not increase the value of a tuition unit under par. (a) to an amount that exceeds the value of a tuition unit that was purchased at a similar time, held for a similar period and used or refunded in the anticipated academic year of the beneficiary's attendance, as specified in the contract.