This is the preview version of the Wisconsin State Legislature site.
Please see http://docs.legis.wisconsin.gov for the production version.
AB68-SSA1,2570 24Section 2570. 234.45 (4) of the statutes is amended to read:
AB68-SSA1,1187,7
1234.45 (4) Allocation limits. In any calendar year, the aggregate amount of
2all state tax credits for which the authority certifies persons in allocation certificates
3issued under sub. (3) in that year may not exceed $42,000,000 $100,000,000,
4including all amounts each person is eligible to claim for each year of the credit
5period, plus the total amount of all unallocated state tax credits from previous
6calendar years and plus the total amount of all previously allocated state tax credits
7that have been revoked or cancelled or otherwise recovered by the authority.
AB68-SSA1,2571 8Section 2571. 238.07 (1) of the statutes is amended to read:
AB68-SSA1,1187,129 238.07 (1) Annually, by January October 1, the board shall submit to the chief
10clerk of each house of the legislature, for distribution to the legislature under s.
1113.172 (2), a report identifying the economic development projects that the board
12intends to develop and implement during the current calendar fiscal year.
AB68-SSA1,2572 13Section 2572. 238.127 (1) (a) of the statutes is repealed.
AB68-SSA1,2573 14Section 2573. 238.127 (2) (intro.) of the statutes is amended to read:
AB68-SSA1,1187,2115 238.127 (2) (intro.) The corporation shall establish and administer a state main
16street program to coordinate state and local participation in programs offered by in
17accordance with guidelines of
the national main street center , created by the national
18trust for historic preservation,
. The purpose of the program is to assist
19municipalities in planning, managing, and implementing programs for the
20revitalization of business areas. The corporation shall do downtown areas and
21historic commercial districts, including by doing
all of the following:
AB68-SSA1,2574 22Section 2574. 238.127 (2) (a) of the statutes is repealed.
AB68-SSA1,2575 23Section 2575. 238.127 (2) (ac) of the statutes is created to read:
AB68-SSA1,1187,2524 238.127 (2) (ac) Assisting communities in restoring and retaining the historic
25character of their downtown areas and historic commercial districts.
AB68-SSA1,2576
1Section 2576. 238.127 (2) (ag) of the statutes is created to read:
AB68-SSA1,1188,42 238.127 (2) (ag) Promoting business investment, assisting in retaining existing
3small businesses, and promoting new businesses in downtown areas and historic
4commercial districts.
AB68-SSA1,2577 5Section 2577. 238.127 (2) (an) of the statutes is created to read:
AB68-SSA1,1188,66 238.127 (2) (an) Assisting in strengthening the local tax base.
AB68-SSA1,2578 7Section 2578. 238.127 (2) (ar) of the statutes is created to read:
AB68-SSA1,1188,98 238.127 (2) (ar) Assisting in the creation of employment opportunities in
9downtown areas and historic commercial districts.
AB68-SSA1,2579 10Section 2579. 238.127 (2) (aw) of the statutes is created to read:
AB68-SSA1,1188,1211 238.127 (2) (aw) Enhancing the economic viability of downtown areas and
12historic commercial districts.
AB68-SSA1,2580 13Section 2580. 238.127 (2) (c) of the statutes is repealed.
AB68-SSA1,2581 14Section 2581. 238.127 (2) (d) of the statutes is repealed.
AB68-SSA1,2582 15Section 2582. 238.127 (2) (e) of the statutes is renumbered 238.127 (3) and
16amended to read:
AB68-SSA1,1189,217 238.127 (3) Annually, the corporation shall select, upon application, up to 5
18municipalities to participate in the state main street program. The program for each
19municipality shall conclude after 3 years, except that the program for each
20municipality selected after July 29, 1995, shall conclude after 5 years. The
21corporation shall select program participants representing various geographical
22regions and populations. A municipality may apply to participate, and the
23corporation may select a municipality for participation, more than one time. In
24selecting a municipality, however, the corporation may give priority to those

1municipalities that have not previously participated
that are not participating in the
2program at the time of application
.
AB68-SSA1,2583 3Section 2583. 238.127 (2) (f) of the statutes is repealed.
AB68-SSA1,2584 4Section 2584. 238.127 (2) (h) of the statutes is renumbered 238.127 (4) and
5amended to read:
AB68-SSA1,1189,106 238.127 (4) Provide The corporation shall provide training, technical
7assistance and information on the revitalization of business areas downtown areas
8and historic commercial districts
to municipalities which that do not participate in
9the state main street program. The corporation may charge reasonable fees for the
10services and information provided under this paragraph.
AB68-SSA1,2585 11Section 2585. 238.127 (2) (j) of the statutes is repealed.
AB68-SSA1,2586 12Section 2586. 238.13 (2) (a) 2. (intro.) of the statutes is amended to read:
AB68-SSA1,1189,1613 238.13 (2) (a) 2. (intro.) All Unless the corporation determines under its policies
14and procedures that the case has received sufficient closure from the department of
15natural resources, all
of the following are unknown, cannot be located, or are
16financially unable to pay the cost of environmental remediation activities:
AB68-SSA1,2587 17Section 2587. 238.13 (2) (a) 4. of the statutes is created to read:
AB68-SSA1,1189,1918 238.13 (2) (a) 4. The recipient is not the party who caused the environmental
19contamination that is the basis for the grant request.
AB68-SSA1,2588 20Section 2588. 238.13 (5) of the statutes is amended to read:
AB68-SSA1,1189,2321 238.13 (5) Before the corporation awards When making a grant under this
22section, the corporation shall consider the recommendations of consult with the
23department of natural resources.
AB68-SSA1,2589 24Section 2589. 238.133 (2) (c) of the statutes is amended to read:
AB68-SSA1,1190,6
1238.133 (2) (c) The Unless the corporation determines under its policies and
2procedures that the case has received sufficient closure from the department of
3natural resources, the
corporation may only award grants under this section if the
4person that caused the environmental contamination that is the basis for the grant
5request is unknown, cannot be located or is financially unable to pay the cost of the
6eligible activities.
AB68-SSA1,2590 7Section 2590. 238.137 of the statutes is created to read:
AB68-SSA1,1190,13 8238.137 Pandemic recovery. The corporation shall aid in the state's
9economic recovery from the COVID-19 global pandemic by providing financial
10assistance to small businesses adversely affected by the pandemic, including for the
11retention of current employees and the rehiring of former employees. The
12corporation shall, as necessary, coordinate with the Department of Revenue in the
13administration of programs under this section.
AB68-SSA1,2591 14Section 2591. 238.139 of the statutes is created to read:
AB68-SSA1,1190,18 15238.139 Financial assistance for underserved communities. The
16corporation shall expend $5,000,000 annually to provide grants, loans, and other
17assistance to underserved communities in this state, including members of minority
18groups, woman-owned businesses, and individuals and businesses in rural areas.
AB68-SSA1,2592 19Section 2592. 238.145 of the statutes is created to read:
AB68-SSA1,1190,21 20238.145 Venture capital fund of funds program. (1) Definitions. In this
21section:
AB68-SSA1,1190,2322 (a) “Investment manager” means the person with whom the oversight board
23enters into a contract under sub. (4).
AB68-SSA1,1190,2424 (b) “Oversight board” means the oversight board created under sub. (2) (c).
AB68-SSA1,1191,4
1(2) Establishment of program. The corporation shall establish and administer
2a fund of funds program to invest moneys in venture capital funds that invest in
3businesses located in this state, subject to the requirements of this section. In
4establishing the program, the corporation shall do all of the following:
AB68-SSA1,1191,55 (a) Create a fund of funds.
AB68-SSA1,1191,66 (b) Provide that the fund of funds will continuously reinvest its assets.
AB68-SSA1,1191,87 (c) Create an oversight board to conduct any activity as required by this section
8or as directed by the corporation.
AB68-SSA1,1191,14 9(3) Investments in venture capital funds. (a) The investment manager shall
10request from the corporation monies to make investments through the program
11established under sub. (2) and to pay the investment manager's management fee,
12and the corporation shall, subject to the approval of the secretary of the department
13of administration, pay the monies to the investment manager from the appropriation
14under s. 20.192 (1) (c).
AB68-SSA1,1191,1615 (b) The oversight board shall establish investment policies for the program
16established under sub. (2), subject to all of the following conditions:
AB68-SSA1,1191,2017 1. All moneys paid to the investment manager under par. (a) to make
18investments shall be committed for investment to venture capital funds, subject to
19the requirements of this section, no later than 60 months after the creation of the
20fund of funds under sub. (2) (a).
AB68-SSA1,1191,2321 2. No more than $25,000,000 of the total moneys paid to the investment
22manager under par. (a) to make investments may be invested in any single venture
23capital fund.
AB68-SSA1,1191,2524 3. At least 20 percent of the investments made through the program shall be
25directed to any combination of the following:
AB68-SSA1,1192,2
1a. Businesses located in parts of this state that typically do not receive
2significant investment from venture capital funds.
AB68-SSA1,1192,53 b. Businesses that are at least 51 percent owned by one or more members of a
4racial minority group and the management and daily business operations of which
5are controlled by one or more members of a racial minority group.
AB68-SSA1,1192,86 c. Businesses that are at least 51 percent owned by one or more women and the
7management and daily business operations of which are controlled by one or more
8women.
AB68-SSA1,1192,99 (c) No investment may be made through the program in a lobbying or law firm.
AB68-SSA1,1192,14 10(4) Investment manager. The oversight board shall contract with an
11investment manager who meets the qualifications established by the corporation.
12The contract shall establish the investment manager's compensation, including any
13management fee. A management fee may not annually exceed 1 percent of the total
14assets under management in the program established under sub. (2).
AB68-SSA1,1192,18 15(5) Venture capital fund requirements. The investment manager shall
16contract with each venture capital fund that receives moneys through the program
17established under sub. (2). Each contract shall require the venture capital fund to
18do all of the following:
AB68-SSA1,1192,2119 (a) Make new investments in an amount equal to the amount of moneys it
20receives through the program in one or more businesses who are headquartered in
21this state and whose operations are primarily in this state.
AB68-SSA1,1193,322 (b) At least match any moneys it receives through the program and invests in
23a business described in par. (a) with an investment in that business of moneys the
24venture capital fund has raised from sources other than the program. The
25investment manager shall ensure that, on average, for every $1 a venture capital

1fund receives through the program and invests in a business described in par. (a), the
2venture capital fund invests $2 in that business from sources other than the
3program.
AB68-SSA1,1193,54 (c) Provide to the investment manager the information necessary for the
5investment manager to complete the reports under sub. (6) (a) and (c).
AB68-SSA1,1193,9 6(6) Reports of the investment manager; public disclosures. (a) Annually, no
7later than 120 days after the end of the investment manager's fiscal year, the
8investment manager shall submit to the corporation a report for that fiscal year that
9includes all of the following:
AB68-SSA1,1193,1110 1. An audit of the investment manager's financial statements performed by an
11independent certified public accountant.
AB68-SSA1,1193,1312 2. The investment manager's internal rate of return from investments made
13through the program established under sub. (2).
AB68-SSA1,1193,1514 3. For each venture capital fund that contracts with the investment manager
15under sub. (5), all of the following:
AB68-SSA1,1193,1616 a. The name and address of the venture capital fund.
AB68-SSA1,1193,1817 b. The amounts invested in the venture capital fund through the program
18established under sub. (2).
AB68-SSA1,1193,2019 c. An accounting of any fee the venture capital fund paid to itself or any
20principal or manager of the venture capital fund.
AB68-SSA1,1193,2221 d. The venture capital fund's average internal rate of return on its investments
22of the moneys it received through the program established under sub. (2).
AB68-SSA1,1193,2423 4. For each business in which a venture capital fund held an investment of
24moneys received through the program established under sub. (2), all of the following:
AB68-SSA1,1193,2525 a. The name and address of the business.
AB68-SSA1,1194,1
1b. A description of the nature of the business.
AB68-SSA1,1194,22 c. The identification of the venture capital fund.
AB68-SSA1,1194,43 d. The amount of the investment and the amount invested by the venture
4capital fund from funding sources other than the program.
AB68-SSA1,1194,65 e. The internal rate of return realized by the venture capital fund upon the
6venture capital fund's exit from the investment in the business.
AB68-SSA1,1194,107 f. A statement of the number of employees the business employed when the
8venture capital fund first invested moneys received through the program and the
9number of employees the business employed on the first day and last day of the
10investment manager's fiscal year.
AB68-SSA1,1194,1311 (b) No later than 10 days after it receives the investment manager's report
12under par. (a), the corporation shall submit the report to the chief clerk of each house
13of the legislature, for distribution to the legislature under s. 13.172 (2).
AB68-SSA1,1194,1514 (c) Quarterly, the investment manager shall submit to the oversight board a
15report for the preceding quarter that includes all of the following:
AB68-SSA1,1194,1716 1. An identification of each venture capital fund under contract with the
17investment manager under sub. (5).
AB68-SSA1,1194,2018 2. An identification of each business in which a venture capital fund held an
19investment of moneys received through the program established under sub. (2) and
20a statement of the amount of the investment in each business.
AB68-SSA1,1194,2421 3. A statement of the number of employees the business employed when the
22venture capital fund first invested moneys received through the program established
23under sub. (2) and the number of employees the business employed on the last day
24of the quarter.
AB68-SSA1,1195,2
1(d) The oversight board shall make the reports under par. (c) readily accessible
2to the public on the corporation's Internet site.
AB68-SSA1,1195,4 3(7) Policies and procedures. The corporation shall establish policies and
4procedures to administer this section.
AB68-SSA1,2593 5Section 2593. 238.29 of the statutes is created to read:
AB68-SSA1,1195,8 6238.29 Tribal economic development. The corporation shall establish and
7administer economic development programs to promote small business economic
8development benefitting American Indian tribes or bands in this state.
AB68-SSA1,2594 9Section 2594. 238.30 (2m) (a) of the statutes is amended to read:
AB68-SSA1,1195,1610 238.30 (2m) (a) Except as provided in par. (b) and s. 238.308 (1) (b), “full-time
11job" means a regular, nonseasonal full-time position in which an individual, as a
12condition of employment, is required to work at least 2,080 hours per year, including
13paid leave and holidays, and for which the individual receives pay that is equal to
14at least 150 percent of the federal minimum wage and benefits that are not required
15by federal or state law. “Full-time job" does not include initial training before an
16employment position begins.
AB68-SSA1,2595 17Section 2595. 238.306 (3) of the statutes is repealed.
AB68-SSA1,2596 18Section 2596. 238.308 (1) of the statutes is renumbered 238.308 (1) (intro.)
19and amended to read:
AB68-SSA1,1195,2020 238.308 (1) Definition Definitions. (intro.) In this section,:
Loading...
Loading...