Amendment SA1-SSA2-SB70

SB70-SSA2-SA1,178,16 124. Page 374, line 11: after that line insert:

SB70-SSA2-SA1,178,18 “ Section 316. 20.005 (3) (schedule) of the statutes: at the appropriate place, insert the following amounts for the purposes indicated: - See PDF for table

SB70-SSA2-SA1,317 Section 317. 20.192 (1) (c) of the statutes is created to read:

SB70-SSA2-SA1,179,5 20.192 (1) (c) Venture capital fund of funds program. As a continuing appropriation, the amounts in the schedule to meet the financial needs of the venture capital fund of funds program established under s. 238.145 (2), including management fees and the amounts necessary to make investments through the program.

SB70-SSA2-SA1,318 Section 318. 238.145 of the statutes is created to read:

SB70-SSA2-SA1,179,8 238.145 Venture capital fund of funds program. (1) Definitions. In this section:

SB70-SSA2-SA1,179,9 (a) “Fund of funds program” means the program established under sub. (2).

SB70-SSA2-SA1,179,11 (b) “Investment manager” means the person with whom the oversight board enters into a contract under sub. (4).

SB70-SSA2-SA1,179,12 (c) “Oversight board” means the oversight board created under sub. (2) (c).

SB70-SSA2-SA1,179,16 (2) Establishment of program. The corporation shall establish and administer a venture capital fund of funds program to invest moneys in venture capital funds that invest in businesses located in this state, subject to the requirements of this section. In establishing the program, the corporation shall do all of the following:

SB70-SSA2-SA1,179,17 (a) Create a fund of funds.

SB70-SSA2-SA1,179,19 (b) Provide that the assets of the fund of funds will continuously be reinvested in venture capital funds under the fund of funds program.

SB70-SSA2-SA1,179,21 (c) Create an oversight board to conduct any activity as required by this section or as directed by the corporation.

SB70-SSA2-SA1,180,2 (3) Investments in venture capital funds. (a) The investment manager shall request from the corporation moneys to make investments through the fund of funds program and to pay the investment manager's management fee, and the corporation shall, subject to the approval of the secretary of administration, pay the moneys to the investment manager from the appropriation under s. 20.192 (1) (c).

SB70-SSA2-SA1,180,4 (b) The oversight board shall establish investment policies for the fund of funds program, subject to all of the following conditions:

SB70-SSA2-SA1,180,8 1. All moneys paid to the investment manager under par. (a) to make investments shall be committed for investment to venture capital funds, subject to the requirements of this section, no later than 60 months after the creation of the fund of funds under sub. (2) (a).

SB70-SSA2-SA1,180,11 2. No more than $18,750,000 of the total moneys paid to the investment manager under par. (a) to make investments may be invested in any single venture capital fund.

SB70-SSA2-SA1,180,13 3. At least 20 percent of the investments made through the program shall be directed to any combination of the following:

SB70-SSA2-SA1,180,15 a. Businesses located in parts of this state that typically do not receive significant investment from venture capital funds.

SB70-SSA2-SA1,180,18 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-SSA2-SA1,180,21 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-SSA2-SA1,180,22 (c) No investment may be made through the program in a lobbying or law firm.

SB70-SSA2-SA1,181,2 (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-SSA2-SA1,181,6 (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-SSA2-SA1,181,9 (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-SSA2-SA1,181,16 (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-SSA2-SA1,181,18 (c) Provide to the investment manager the information necessary for the investment manager to complete the reports under sub. (6) (a) and (c).

SB70-SSA2-SA1,181,22 (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-SSA2-SA1,181,24 1. An audit of the investment manager's financial statements performed by an independent certified public accountant.

SB70-SSA2-SA1,182,2 2. The investment manager's internal rate of return from investments made through the fund of funds program.

SB70-SSA2-SA1,182,4 3. For each venture capital fund that contracts with the investment manager under sub. (5), all of the following:

SB70-SSA2-SA1,182,5 a. The name and address of the venture capital fund.

SB70-SSA2-SA1,182,7 b. The amounts invested in the venture capital fund through the fund of funds program.

SB70-SSA2-SA1,182,9 c. An accounting of any fee the venture capital fund paid to itself or any principal or manager of the venture capital fund.

SB70-SSA2-SA1,182,11 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-SSA2-SA1,182,13 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-SSA2-SA1,182,14 a. The name and address of the business.

SB70-SSA2-SA1,182,15 b. A description of the nature of the business.

SB70-SSA2-SA1,182,16 c. An identification of the venture capital fund.

SB70-SSA2-SA1,182,18 d. The amount of the investment and the amount invested by the venture capital fund from funding sources other than the program.

SB70-SSA2-SA1,182,20 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-SSA2-SA1,182,24 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-SSA2-SA1,183,3 (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-SSA2-SA1,183,5 (c) Quarterly, the investment manager shall submit to the oversight board a report for the preceding quarter that includes all of the following:

SB70-SSA2-SA1,183,7 1. An identification of each venture capital fund under contract with the investment manager under sub. (5).

SB70-SSA2-SA1,183,10 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-SSA2-SA1,183,14 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-SSA2-SA1,183,16 (d) The oversight board shall make the reports under par. (c) readily accessible to the public on the corporation's Internet site.

SB70-SSA2-SA1,183,18 (7) Policies and procedures. The corporation shall establish policies and procedures to administer this section.”.

SB70-SSA2-SA1,183,19 125. Page 374, line 11: after that line insert:

SB70-SSA2-SA1,183,20 “ Section 319. 40.05 (4) (a) 2. of the statutes is amended to read:

SB70-SSA2-SA1,184,10 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-SSA2-SA1,9313 Section 9313. Initial applicability; Employee Trust Funds.

SB70-SSA2-SA1,184,14 (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-SSA2-SA1,184,15 126. Page 374, line 11: after that line insert:

SB70-SSA2-SA1,184,16 “ Section 320. 20.192 (1) (a) of the statutes is amended to read:

SB70-SSA2-SA1,185,2 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-SSA2-SA1,185,3 127. Page 374, line 11: after that line insert:

SB70-SSA2-SA1,185,5 “ Section 9249. Fiscal changes; Wisconsin Economic Development Corporation.

SB70-SSA2-SA1,185,10 (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-SSA2-SA1,185,11 (a) The amount calculated under s. 20.192 (1) (a) plus $40,000,000.

SB70-SSA2-SA1,185,12 (b) $66,512,500.”.

SB70-SSA2-SA1,185,13 128. Page 374, line 11: after that line insert:

SB70-SSA2-SA1,185,15 “ Section 321. 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-SSA2-SA1,322 Section 322. 20.192 (1) (br) of the statutes is created to read:

SB70-SSA2-SA1,185,18 20.192 (1) (br) Main street bounceback grants. The amounts in the schedule for grants awarded under s. 238.129.

SB70-SSA2-SA1,323 Section 323. 238.129 of the statutes is created to read:

SB70-SSA2-SA1,186,4 238.129 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-SSA2-SA1,186,9 (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-SSA2-SA1,186,11 (b) The corporation may not award a grant under this section to a nonprofit organization.”.

SB70-SSA2-SA1,186,12 129. Page 374, line 11: after that line insert:

SB70-SSA2-SA1,186,13 “ Section 324. 71.78 (4) (m) of the statutes is amended to read:

SB70-SSA2-SA1,186,17 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-SSA2-SA1,325 Section 325. 71.78 (5) of the statutes is amended to read:

SB70-SSA2-SA1,186,24 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-SSA2-SA1,187,1 130. Page 374, line 11: after that line insert:

SB70-SSA2-SA1,187,3 “ Section 326. 238.03 (4) (b) (intro.) of the statutes is renumbered 238.03 (4) (b) and amended to read:

SB70-SSA2-SA1,187,6 238.03 (4) (b) The board shall establish policies and procedures for maintaining and expending any unassigned balance that satisfy all of the following requirements:.

SB70-SSA2-SA1,327 Section 327. 238.03 (4) (b) 1. of the statutes is renumbered 238.03 (4) (bm) and amended to read:

SB70-SSA2-SA1,187,11 238.03 (4) (bm) The policies and procedures established under par. (b) shall be consistent with best practices recommended by the Government Finance Officers Association.

SB70-SSA2-SA1,328 Section 328. 238.03 (4) (b) 2. of the statutes is repealed.”.

SB70-SSA2-SA1,187,13 131. Page 374, line 11: after that line insert:

SB70-SSA2-SA1,187,14 “ Section 329. 20.192 (1) (k) of the statutes is repealed.

SB70-SSA2-SA1,330 Section 330. 238.14 of the statutes is repealed.”.

SB70-SSA2-SA1,187,16 132. Page 374, line 11: after that line insert:

SB70-SSA2-SA1,187,18 “ Section 331. 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-SSA2-SA1,332 Section 332. 20.437 (2) (fm) of the statutes is created to read:

SB70-SSA2-SA1,188,2 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-SSA2-SA1,333 Section 333 . 20.437 (2) (fm) of the statutes, as affected by 2023 Wisconsin Act .... (this act), is repealed.