Amendment AA1-SB70

SB70-AA1,183,15 a. Businesses located in parts of this state that typically do not receive significant investment from venture capital funds.

SB70-AA1,183,18 b. Businesses that are at least 51 percent owned by one or more members of a racial minority group and whose management and daily business operations are controlled by one or more members of a racial minority group.

SB70-AA1,183,21 c. Businesses that are at least 51 percent owned by one or more women and whose management and daily business operations are controlled by one or more women.

SB70-AA1,183,22 (c) No investment may be made through the program in a lobbying or law firm.

SB70-AA1,184,2 (4) Investment manager. The oversight board shall contract with an investment manager who meets the qualifications established by the corporation. The contract shall establish the investment manager's compensation, including any management fee. A management fee may not annually exceed 1 percent of the total assets under management in the fund of funds program.

SB70-AA1,184,6 (5) Venture capital fund requirements. The investment manager shall contract with each venture capital fund that receives moneys through the fund of funds program. Each contract shall require the venture capital fund to do all of the following:

SB70-AA1,184,9 (a) Make new investments in an amount equal to the amount of moneys it receives through the program in one or more businesses who are headquartered in this state and whose operations are primarily in this state.

SB70-AA1,184,16 (b) At least match any moneys it receives through the program and invests in a business described in par. (a) with an investment in that business of moneys the venture capital fund has raised from sources other than the program. The investment manager shall ensure that, on average, for every $1 a venture capital fund receives through the program and invests in a business described in par. (a), the venture capital fund invests $2 in that business from sources other than the program.

SB70-AA1,184,18 (c) Provide to the investment manager the information necessary for the investment manager to complete the reports under sub. (6) (a) and (c).

SB70-AA1,184,22 (6) Reports of the investment manager; public disclosures. (a) Annually, no later than 120 days after the end of the investment manager's fiscal year, the investment manager shall submit to the corporation a report for that fiscal year that includes all of the following:

SB70-AA1,184,24 1. An audit of the investment manager's financial statements performed by an independent certified public accountant.

SB70-AA1,185,2 2. The investment manager's internal rate of return from investments made through the fund of funds program.

SB70-AA1,185,4 3. For each venture capital fund that contracts with the investment manager under sub. (5), all of the following:

SB70-AA1,185,5 a. The name and address of the venture capital fund.

SB70-AA1,185,7 b. The amounts invested in the venture capital fund through the fund of funds program.

SB70-AA1,185,9 c. An accounting of any fee the venture capital fund paid to itself or any principal or manager of the venture capital fund.

SB70-AA1,185,11 d. The venture capital fund's average internal rate of return on its investments of the moneys it received through the fund of funds program.

SB70-AA1,185,13 4. For each business in which a venture capital fund held an investment of moneys received through the fund of funds program, all of the following:

SB70-AA1,185,14 a. The name and address of the business.

SB70-AA1,185,15 b. A description of the nature of the business.

SB70-AA1,185,16 c. An identification of the venture capital fund.

SB70-AA1,185,18 d. The amount of the investment and the amount invested by the venture capital fund from funding sources other than the program.

SB70-AA1,185,20 e. The internal rate of return realized by the venture capital fund upon the venture capital fund's exit from the investment in the business.

SB70-AA1,185,24 f. A statement of the number of employees the business employed when the venture capital fund first invested moneys received through the program and the number of employees the business employed on the first day and last day of the investment manager's fiscal year.

SB70-AA1,186,3 (b) No later than 10 days after it receives the investment manager's report under par. (a), the corporation shall submit the report to the chief clerk of each house of the legislature, for distribution to the legislature under s. 13.172 (2).

SB70-AA1,186,5 (c) Quarterly, the investment manager shall submit to the oversight board a report for the preceding quarter that includes all of the following:

SB70-AA1,186,7 1. An identification of each venture capital fund under contract with the investment manager under sub. (5).

SB70-AA1,186,10 2. An identification of each business in which a venture capital fund held an investment of moneys received through the fund of funds program and a statement of the amount of the investment in each business.

SB70-AA1,186,14 3. A statement of the number of employees the business employed when the venture capital fund first invested moneys received through the fund of funds program and the number of employees the business employed on the last day of the quarter.

SB70-AA1,186,16 (d) The oversight board shall make the reports under par. (c) readily accessible to the public on the corporation's Internet site.

SB70-AA1,186,18 (7) Policies and procedures. The corporation shall establish policies and procedures to administer this section.”.

SB70-AA1,186,19 128. Page 374, line 11: after that line insert:

SB70-AA1,186,20 “ Section 332. 40.05 (4) (a) 2. of the statutes is amended to read:

SB70-AA1,187,10 40.05 (4) (a) 2. For an insured employee who is an eligible employee under s. 40.02 (25) (a) 2. or (b) 1m. or 2c., the employer shall pay required employer contributions toward the health insurance premium of the insured employee beginning on the date on which the employee becomes insured. For an insured state employee who is currently employed, but who is not a limited term appointment under s. 230.26 or an eligible employee under s. 40.02 (25) (a) 2. or (b) 1m. or 2c., the employer shall pay required employer contributions toward the health insurance premium of the insured employee beginning on the first day of the 3rd 2nd month beginning after the date on which the employee begins employment with the state, not including any leave of absence. For an insured employee who has a limited term appointment under s. 230.26, the employer shall pay required employer contributions toward the health insurance premium of the insured employee beginning on the first day of the 7th month beginning after the date on which the employee first becomes a participating employee.

SB70-AA1,9313 Section 9313. Initial applicability; Employee Trust Funds.

SB70-AA1,187,14 (1) Employer contribution for health insurance premiums. The treatment of s. 40.05 (4) (a) 2. first applies to state employees hired on the effective date of this subsection.”.

SB70-AA1,187,15 129. Page 374, line 11: after that line insert:

SB70-AA1,187,16 “ Section 333. 20.192 (1) (a) of the statutes is amended to read:

SB70-AA1,188,2 20.192 (1) (a) Operations and programs. A sum sufficient in each fiscal year equal to the amount obtained by subtracting from $41,550,700 $51,550,700 an amount equal to the sum of the amounts expended in that fiscal year from the appropriations under pars. (r) and (s), for the operations of the Wisconsin Economic Development Corporation and for funding economic development programs developed and implemented under s. 238.03. No more than $16,512,500 may be expended from this appropriation in any fiscal year, and moneys may be expended from this appropriation only if there are no unencumbered moneys available in the appropriation account under par. (r).”.

SB70-AA1,188,3 130. Page 374, line 11: after that line insert:

SB70-AA1,188,5 “ Section 9249. Fiscal changes; Wisconsin Economic Development Corporation.

SB70-AA1,188,10 (1k) GPR appropriation of the Wisconsin Economic Development Corporation. Notwithstanding the cap on expenditures specified in s. 20.192 (1) (a), in fiscal year 2023-24, the amount the Wisconsin Economic Development Corporation may expend from the appropriation under s. 20.192 (1) (a) for the purposes for which the appropriation is made is equal to the lesser of the following:

SB70-AA1,188,11 (a) The amount calculated under s. 20.192 (1) (a) plus $40,000,000.

SB70-AA1,188,12 (b) $66,512,500.”.

SB70-AA1,188,13 131. Page 374, line 11: after that line insert:

SB70-AA1,188,15 “ Section 334. 20.005 (3) (schedule) of the statutes: at the appropriate place, insert the following amounts for the purposes indicated: - See PDF for table - See PDF for table

SB70-AA1,335 Section 335. 20.192 (1) (br) of the statutes is created to read:

SB70-AA1,188,18 20.192 (1) (br) Main street bounceback grants. The amounts in the schedule for grants awarded under s. 238.129.

SB70-AA1,336 Section 336. 238.129 of the statutes is created to read:

SB70-AA1,189,4 238.129 Main street bounceback grants. (1) Grants. From the appropriation under s. 20.192 (1) (br), the corporation may award grants to provide assistance to businesses opening a new location or expanding operations in a vacant commercial space.

SB70-AA1,189,9 (2) Eligibility. (a) Subject to par. (b), the corporation shall establish eligibility requirements and other policies and procedures for the grants awarded under sub. (1) that are substantially similar to the eligibility requirements and policies and procedures in effect on June 30, 2023, for the Wisconsin Tomorrow Main Street Bounceback Grant program administered by the corporation.

SB70-AA1,189,11 (b) The corporation may not award a grant under this section to a nonprofit organization.”.

SB70-AA1,189,12 132. Page 374, line 11: after that line insert:

SB70-AA1,189,13 “ Section 337. 71.78 (4) (m) of the statutes is amended to read:

SB70-AA1,189,17 71.78 (4) (m) The chief executive officer of the Wisconsin Economic Development Corporation and employees of the corporation to the extent necessary to administer the development zone program economic development programs under subch. II of ch. 238.

SB70-AA1,338 Section 338. 71.78 (5) of the statutes is amended to read:

SB70-AA1,189,24 71.78 (5) Agreement with department. Copies of returns and claims specified in sub. (1) and related schedules, exhibits, writings or audit reports shall not be furnished to the persons listed under sub. (4), except persons under sub. (4) (e), (k), (n), (o) and (q) or under an agreement between the department of revenue and another agency of government or the Wisconsin Economic Development Corporation.”.

SB70-AA1,190,1 133. Page 374, line 11: after that line insert:

SB70-AA1,190,3 “ Section 339. 238.03 (4) (b) (intro.) of the statutes is renumbered 238.03 (4) (b) and amended to read:

SB70-AA1,190,6 238.03 (4) (b) The board shall establish policies and procedures for maintaining and expending any unassigned balance that satisfy all of the following requirements:.

SB70-AA1,340 Section 340. 238.03 (4) (b) 1. of the statutes is renumbered 238.03 (4) (bm) and amended to read:

SB70-AA1,190,11 238.03 (4) (bm) The policies and procedures established under par. (b) shall be consistent with best practices recommended by the Government Finance Officers Association.

SB70-AA1,341 Section 341. 238.03 (4) (b) 2. of the statutes is repealed.”.

SB70-AA1,190,13 134. Page 374, line 11: after that line insert:

SB70-AA1,190,14 “ Section 342. 20.192 (1) (k) of the statutes is repealed.

SB70-AA1,343 Section 343. 238.14 of the statutes is repealed.”.

SB70-AA1,190,16 135. Page 374, line 11: after that line insert:

SB70-AA1,190,18 “ Section 344. 20.005 (3) (schedule) of the statutes: at the appropriate place, insert the following amounts for the purposes indicated: - See PDF for table - See PDF for table

SB70-AA1,345 Section 345. 20.437 (2) (fm) of the statutes is created to read:

SB70-AA1,191,2 20.437 (2) (fm) Early childhood education center. Biennially, the amounts in the schedule for payments under 2023 Wisconsin Act .... (this act), section 9106 (1).

SB70-AA1,346 Section 346 . 20.437 (2) (fm) of the statutes, as affected by 2023 Wisconsin Act .... (this act), is repealed.

SB70-AA1,347 Section 347. 49.175 (1) (qm) of the statutes is amended to read:

SB70-AA1,191,10 49.175 (1) (qm) Quality care for quality kids. For the child care quality improvement activities specified in ss. 49.155 (1g) and 49.257, $16,683,700 in each fiscal year and the establishment of an early childhood education center under 2023 Wisconsin Act ... (this act), section 9106 (1 ), $42,850,900 in fiscal year 2023-24 and $42,647,700 in fiscal year 2024-25.

SB70-AA1,9106 Section 9106. Nonstatutory provisions; Children and Families.

SB70-AA1,191,16 (1) Early childhood education center. From the appropriation account under s. 20.437 (2) (fm) and the allocation under s. 49.175 (1) (qm), the department of children and families shall provide $1,680,000 in fiscal year 2023-24 to Wellpoint Care Network to establish an early childhood education center in the city of Milwaukee.

SB70-AA1,9406 Section 9406. Effective dates; Children and Families.

SB70-AA1,191,19 (1) Early childhood education center. The repeal of s. 20.437 (2) (fm) takes effect on July 1, 2025.”.

SB70-AA1,191,20 136. Page 374, line 11: after that line insert:

SB70-AA1,191,21 “ Section 348. 20.923 (4) (d) 2. of the statutes is created to read:

SB70-AA1,191,22 20.923 (4) (d) 2. Administration, department of: chief equity officer.

SB70-AA1,349 Section 349. 230.08 (2) (yg) of the statutes is created to read:

SB70-AA1,191,24 230.08 (2) (yg) The chief equity officer in the department of administration.”.

SB70-AA1,192,1 137. Page 374, line 11: after that line insert:

SB70-AA1,192,2 “ Section 350. 49.163 (2) (am) 4. of the statutes is repealed.

SB70-AA1,351 Section 351. 49.163 (2) (am) 5. of the statutes is amended to read:

SB70-AA1,192,6 49.163 (2) (am) 5. Be ineligible Have not filed for unemployment insurance benefits or have filed but is not eligible to receive unemployment insurance benefits.”.

SB70-AA1,192,7 138. Page 374, line 11: after that line insert:

SB70-AA1,192,9 “ Section 352. 20.005 (3) (schedule) of the statutes: at the appropriate place, insert the following amounts for the purposes indicated: - See PDF for table

SB70-AA1,353 Section 353. 20.437 (1) (bm) of the statutes is created to read: