AB40-ASA1, s. 3346 Section 3346. 560.145 of the statutes is repealed.

AB40-ASA1, s. 3347 Section 3347. 560.15 of the statutes is repealed.

AB40-ASA1, s. 3348 Section 3348. 560.155 of the statutes is repealed.

AB40-ASA1, s. 3349 Section 3349. 560.157 of the statutes is repealed.

AB40-ASA1, s. 3350 Section 3350. 560.165 of the statutes is repealed.

AB40-ASA1, s. 3351 Section 3351. 560.167 of the statutes is repealed.

AB40-ASA1, s. 3352 Section 3352. 560.17 of the statutes is repealed.

AB40-ASA1, s. 3353 Section 3353. 560.19 of the statutes is repealed.

AB40-ASA1, s. 3354 Section 3354. 560.203 of the statutes is repealed.

AB40-ASA1, s. 3355g Section 3355g. 560.204 (title), (1), (2) and (4) of the statutes are renumbered 73.15 (title), (1), (2) and (3), and 73.15 (1), (2) and (3), as renumbered, are amended to read:

AB40-ASA1,1308,24 73.15 (1) The department of revenue shall implement a program to certify health care providers as eligible for the electronic medical records credit under ss. 71.07 (5i), 71.28 (5i), and 71.47 (5i).

AB40-ASA1,1309,4 (2) If the department of revenue certifies a health care provider under sub. (1), the department shall determine the amount of credits to allocate to the health care provider. The total amount of electronic medical records credits allocated to health care providers in any year may not exceed $10,000,000.

AB40-ASA1,1309,6 (3) The department, in consultation with the department of revenue, shall promulgate rules to administer this section.

AB40-ASA1, s. 3355m Section 3355m. 560.204 (3) of the statutes is repealed.

AB40-ASA1, s. 3356 Section 3356. 560.205 of the statutes is renumbered 238.15, and 238.15 (1) (intro.), (2) and (3) (a), (b), (d) (intro.), 1., 2. a. and b. and (e), as renumbered, are amended to read:

AB40-ASA1,1309,20 238.15 (1) Angel investment tax credits. (intro.) The department corporation shall implement a program to certify businesses for purposes of s. 71.07 (5d). A business desiring certification shall submit an application to the department corporation in each taxable year for which the business desires certification. The business shall specify in its application the investment amount it wishes to raise and the department corporation may certify the business and determine the amount that qualifies for purposes of s. 71.07 (5d). Unless otherwise provided under the rules of the department, a A business may be certified under this subsection, and may maintain such certification, only if the business satisfies all of the following conditions:

AB40-ASA1,1310,9 (2) Early stage seed investment tax credits. The department 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 department corporation. The investment fund manager shall specify in the application the investment amount that the manager wishes to raise and the department 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 department 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 department corporation may certify only investment fund managers that commit to consider placing investments in businesses certified under sub. (1).

AB40-ASA1,1310,13 (3) (a) List of certified businesses and investment fund managers. The department 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 department's corporation's Internet Web site.

AB40-ASA1,1310,17 (b) Notification of department of revenue. The department of commerce corporation shall notify the department of revenue of every certification issued under sub. subs. (1) and (2) and the date on which any such certification is revoked or expires.

AB40-ASA1,1311,19 (d) Rules. (intro.) The department of commerce corporation, in consultation with the department of revenue, shall promulgate adopt rules to administer this section. The rules shall further define "bona fide angel investment" for purposes of s. 71.07 (5d) (a) 1. The rules shall limit the aggregate amount of tax credits under s. 71.07 (5d) that may be claimed for investments in businesses certified under sub. (1) at $3,000,000 per calendar year for calendar years beginning after December 31, 2004, and before January 1, 2008, $5,500,000 per calendar year for calendar years beginning after December 31, 2007, and before January 1, 2010, $6,500,000 for calendar year 2010, and $20,000,000 per calendar year for calendar years beginning after December 31, 2010, plus, for taxable years beginning after December 31, 2010, an additional $250,000 for tax credits that may be claimed for investments in nanotechnology businesses certified under sub. (1). The rules shall also limit the aggregate amount of the tax credits under ss. 71.07 (5b), 71.28 (5b), 71.47 (5b), and 76.638 that may be claimed for investments paid to fund managers certified under sub. (2) at $3,500,000 per calendar year for calendar years beginning after December 31, 2004, and before January 1, 2008, $6,000,000 per calendar year for calendar years beginning after December 31, 2007, and before January 1, 2010, $8,000,000 for calendar year 2010, and $20,500,000 per calendar year for calendar years beginning after December 31, 2010, plus, for taxable years beginning after December 31, 2010, an additional $250,000 for tax credits that may be claimed for investments in nanotechnology businesses certified under sub. (1). The rules shall also provide that, for calendar years beginning after December 31, 2007, no person may receive a credit under ss. 71.07 (5b) and (5d), 71.28 (5b), 71.47 (5b), or 76.638 unless the person's investment is kept in a certified business, or with a certified fund manager, for no less than 3 years. The rules shall permit the department corporation to reallocate credits under this section that are unused in any calendar year to a person eligible for tax benefits, as defined under s. 560.2055 238.16 (1) (d), if all of the following apply:

AB40-ASA1,1311,21 1. The department corporation notifies the joint committee on finance in writing of its proposed reallocation.

AB40-ASA1,1311,25 2. a. The cochairpersons of the joint committee on finance fail to notify the department corporation, within 14 working days after the date of the department's corporation's notification under subd. 1., that the committee has scheduled a meeting for the purpose of reviewing the proposed reallocation.

AB40-ASA1,1312,2 b. The cochairpersons of the joint committee on finance notify the department corporation that the committee has approved the proposed reallocation.

AB40-ASA1,1312,14 (e) Transfer. A person who is eligible to claim a credit under s. 71.07 (5b), 71.28 (5b), 71.47 (5b), or 76.638 may sell or otherwise transfer the credit to another person who is subject to the taxes or fees imposed under s. 71.02, 71.23, 71.47, or subch. III of ch. 76, if the person receives prior authorization from the investment fund manager and the manager then notifies the department of commerce corporation and the department of revenue of the transfer and submits with the notification a copy of the transfer documents. No person may sell or otherwise transfer a credit as provided in this paragraph more than once in a 12-month period. The department corporation may charge any person selling or otherwise transferring a credit under this paragraph a fee equal to 1 percent of the credit amount sold or transferred. The department shall deposit all fees collected under this paragraph in the appropriation account under s. 20.143 (1) (gm).

AB40-ASA1, s. 3357 Section 3357. 560.2055 (title) and (1) of the statutes are renumbered 238.16 (title) and (1).

AB40-ASA1, s. 3358 Section 3358. 560.2055 (2) of the statutes is renumbered 238.16 (2), and 238.16 (2) (intro.) and (b), as renumbered, are amended to read:

AB40-ASA1,1312,20 238.16 (2) (intro.) The department corporation may certify a person to receive tax benefits under this section if all of the following apply:

AB40-ASA1,1312,22 (b) The person applies under this section and enters into a contract with the department corporation.

AB40-ASA1, s. 3359m Section 3359m. 560.2055 (3) of the statutes is renumbered 238.16 (3), and 238.16 (3) (intro.), (a) and (b) of the statutes, as renumbered, are amended to read: