Amendment SSA1-AB68

AB68-SSA1,1186,12 234.45 (1) (c) “Credit period” means the period of 6 10 taxable years beginning with the taxable year in which a qualified development is placed in service. For purposes of this paragraph, if a qualified development consists of more than one building, the qualified development is placed in service in the taxable year in which the last building of the qualified development is placed in service.

AB68-SSA1,2569 Section 2569. 234.45 (1) (e) of the statutes is amended to read:

AB68-SSA1,1186,23 234.45 (1) (e) “Qualified development” means a qualified low-income housing project under section 42 (g) of the Internal Revenue Code that is financed with tax-exempt bonds, pursuant to section 42 (i) (2) described in section 42 (h) (4) (A) of the Internal Revenue Code, allocated the credit under section 42 of the Internal Revenue Code, and located in this state; except that the authority may waive, in the qualified allocation plan under section 42 (m) (1) (B) of the Internal Revenue Code, the requirements of tax-exempt bond financing and federal credit allocation to the extent the authority anticipates that sufficient volume cap under section 146 of the Internal Revenue Code will not be available to finance low-income housing projects in any year.

AB68-SSA1,2570 Section 2570. 234.45 (4) of the statutes is amended to read:

AB68-SSA1,1187,7 234.45 (4) Allocation limits. In any calendar year, the aggregate amount of all state tax credits for which the authority certifies persons in allocation certificates issued under sub. (3) in that year may not exceed $42,000,000 $100,000,000, including all amounts each person is eligible to claim for each year of the credit period, plus the total amount of all unallocated state tax credits from previous calendar years and plus the total amount of all previously allocated state tax credits that have been revoked or cancelled or otherwise recovered by the authority.

AB68-SSA1,2571 Section 2571. 238.07 (1) of the statutes is amended to read:

AB68-SSA1,1187,12 238.07 (1) Annually, by January October 1, the board shall submit to the chief clerk of each house of the legislature, for distribution to the legislature under s. 13.172 (2), a report identifying the economic development projects that the board intends to develop and implement during the current calendar fiscal year.

AB68-SSA1,2572 Section 2572. 238.127 (1) (a) of the statutes is repealed.

AB68-SSA1,2573 Section 2573. 238.127 (2) (intro.) of the statutes is amended to read:

AB68-SSA1,1187,21 238.127 (2) (intro.) The corporation shall establish and administer a state main street program to coordinate state and local participation in programs offered by in accordance with guidelines of the national main street center , created by the national trust for historic preservation,. The purpose of the program is to assist municipalities in planning, managing, and implementing programs for the revitalization of business areas. The corporation shall do downtown areas and historic commercial districts, including by doing all of the following:

AB68-SSA1,2574 Section 2574. 238.127 (2) (a) of the statutes is repealed.

AB68-SSA1,2575 Section 2575. 238.127 (2) (ac) of the statutes is created to read:

AB68-SSA1,1187,25 238.127 (2) (ac) Assisting communities in restoring and retaining the historic character of their downtown areas and historic commercial districts.

AB68-SSA1,2576 Section 2576. 238.127 (2) (ag) of the statutes is created to read:

AB68-SSA1,1188,4 238.127 (2) (ag) Promoting business investment, assisting in retaining existing small businesses, and promoting new businesses in downtown areas and historic commercial districts.

AB68-SSA1,2577 Section 2577. 238.127 (2) (an) of the statutes is created to read:

AB68-SSA1,1188,6 238.127 (2) (an) Assisting in strengthening the local tax base.

AB68-SSA1,2578 Section 2578. 238.127 (2) (ar) of the statutes is created to read:

AB68-SSA1,1188,9 238.127 (2) (ar) Assisting in the creation of employment opportunities in downtown areas and historic commercial districts.

AB68-SSA1,2579 Section 2579. 238.127 (2) (aw) of the statutes is created to read:

AB68-SSA1,1188,12 238.127 (2) (aw) Enhancing the economic viability of downtown areas and historic commercial districts.

AB68-SSA1,2580 Section 2580. 238.127 (2) (c) of the statutes is repealed.

AB68-SSA1,2581 Section 2581. 238.127 (2) (d) of the statutes is repealed.

AB68-SSA1,2582 Section 2582. 238.127 (2) (e) of the statutes is renumbered 238.127 (3) and amended to read:

AB68-SSA1,1189,2 238.127 (3) Annually, the corporation shall select, upon application, up to 5 municipalities to participate in the state main street program. The program for each municipality shall conclude after 3 years, except that the program for each municipality selected after July 29, 1995, shall conclude after 5 years. The corporation shall select program participants representing various geographical regions and populations. A municipality may apply to participate, and the corporation may select a municipality for participation, more than one time. In selecting a municipality, however, the corporation may give priority to those municipalities that have not previously participated that are not participating in the program at the time of application.

AB68-SSA1,2583 Section 2583. 238.127 (2) (f) of the statutes is repealed.

AB68-SSA1,2584 Section 2584. 238.127 (2) (h) of the statutes is renumbered 238.127 (4) and amended to read:

AB68-SSA1,1189,10 238.127 (4) Provide The corporation shall provide training, technical assistance and information on the revitalization of business areas downtown areas and historic commercial districts to municipalities which that do not participate in the state main street program. The corporation may charge reasonable fees for the services and information provided under this paragraph.

AB68-SSA1,2585 Section 2585. 238.127 (2) (j) of the statutes is repealed.

AB68-SSA1,2586 Section 2586. 238.13 (2) (a) 2. (intro.) of the statutes is amended to read:

AB68-SSA1,1189,16 238.13 (2) (a) 2. (intro.) All Unless the corporation determines under its policies and procedures that the case has received sufficient closure from the department of natural resources, all of the following are unknown, cannot be located, or are financially unable to pay the cost of environmental remediation activities:

AB68-SSA1,2587 Section 2587. 238.13 (2) (a) 4. of the statutes is created to read:

AB68-SSA1,1189,19 238.13 (2) (a) 4. The recipient is not the party who caused the environmental contamination that is the basis for the grant request.

AB68-SSA1,2588 Section 2588. 238.13 (5) of the statutes is amended to read:

AB68-SSA1,1189,23 238.13 (5) Before the corporation awards When making a grant under this section, the corporation shall consider the recommendations of consult with the department of natural resources.

AB68-SSA1,2589 Section 2589. 238.133 (2) (c) of the statutes is amended to read:

AB68-SSA1,1190,6 238.133 (2) (c) The Unless the corporation determines under its policies and procedures that the case has received sufficient closure from the department of natural resources, the corporation may only award grants under this section if the person that caused the environmental contamination that is the basis for the grant request is unknown, cannot be located or is financially unable to pay the cost of the eligible activities.

AB68-SSA1,2590 Section 2590. 238.137 of the statutes is created to read:

AB68-SSA1,1190,13 238.137 Pandemic recovery. The corporation shall aid in the state's economic recovery from the COVID-19 global pandemic by providing financial assistance to small businesses adversely affected by the pandemic, including for the retention of current employees and the rehiring of former employees. The corporation shall, as necessary, coordinate with the Department of Revenue in the administration of programs under this section.

AB68-SSA1,2591 Section 2591. 238.139 of the statutes is created to read:

AB68-SSA1,1190,18 238.139 Financial assistance for underserved communities. The corporation shall expend $5,000,000 annually to provide grants, loans, and other assistance to underserved communities in this state, including members of minority groups, woman-owned businesses, and individuals and businesses in rural areas.

AB68-SSA1,2592 Section 2592. 238.145 of the statutes is created to read:

AB68-SSA1,1190,21 238.145 Venture capital fund of funds program. (1) Definitions. In this section:

AB68-SSA1,1190,23 (a) “Investment manager” means the person with whom the oversight board enters into a contract under sub. (4).

AB68-SSA1,1190,24 (b) “Oversight board” means the oversight board created under sub. (2) (c).

AB68-SSA1,1191,4 (2) Establishment of program. The corporation shall establish and administer a 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:

AB68-SSA1,1191,5 (a) Create a fund of funds.

AB68-SSA1,1191,6 (b) Provide that the fund of funds will continuously reinvest its assets.

AB68-SSA1,1191,8 (c) Create an oversight board to conduct any activity as required by this section or as directed by the corporation.

AB68-SSA1,1191,14 (3) Investments in venture capital funds. (a) The investment manager shall request from the corporation monies to make investments through the program established under sub. (2) and to pay the investment manager's management fee, and the corporation shall, subject to the approval of the secretary of the department of administration, pay the monies to the investment manager from the appropriation under s. 20.192 (1) (c).

AB68-SSA1,1191,16 (b) The oversight board shall establish investment policies for the program established under sub. (2), subject to all of the following conditions:

AB68-SSA1,1191,20 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).

AB68-SSA1,1191,23 2. No more than $25,000,000 of the total moneys paid to the investment manager under par. (a) to make investments may be invested in any single venture capital fund.

AB68-SSA1,1191,25 3. At least 20 percent of the investments made through the program shall be directed to any combination of the following:

AB68-SSA1,1192,2 a. Businesses located in parts of this state that typically do not receive significant investment from venture capital funds.

AB68-SSA1,1192,5 b. Businesses that are at least 51 percent owned by one or more members of a racial minority group and the management and daily business operations of which are controlled by one or more members of a racial minority group.

AB68-SSA1,1192,8 c. Businesses that are at least 51 percent owned by one or more women and the management and daily business operations of which are controlled by one or more women.

AB68-SSA1,1192,9 (c) No investment may be made through the program in a lobbying or law firm.

AB68-SSA1,1192,14 (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 program established under sub. (2).

AB68-SSA1,1192,18 (5) Venture capital fund requirements. The investment manager shall contract with each venture capital fund that receives moneys through the program established under sub. (2). Each contract shall require the venture capital fund to do all of the following:

AB68-SSA1,1192,21 (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.

AB68-SSA1,1193,3 (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.

AB68-SSA1,1193,5 (c) Provide to the investment manager the information necessary for the investment manager to complete the reports under sub. (6) (a) and (c).

AB68-SSA1,1193,9 (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:

AB68-SSA1,1193,11 1. An audit of the investment manager's financial statements performed by an independent certified public accountant.

AB68-SSA1,1193,13 2. The investment manager's internal rate of return from investments made through the program established under sub. (2).

AB68-SSA1,1193,15 3. For each venture capital fund that contracts with the investment manager under sub. (5), all of the following:

AB68-SSA1,1193,16 a. The name and address of the venture capital fund.

AB68-SSA1,1193,18 b. The amounts invested in the venture capital fund through the program established under sub. (2).

AB68-SSA1,1193,20 c. An accounting of any fee the venture capital fund paid to itself or any principal or manager of the venture capital fund.

AB68-SSA1,1193,22 d. The venture capital fund's average internal rate of return on its investments of the moneys it received through the program established under sub. (2).

AB68-SSA1,1193,24 4. For each business in which a venture capital fund held an investment of moneys received through the program established under sub. (2), all of the following:

AB68-SSA1,1193,25 a. The name and address of the business.

AB68-SSA1,1194,1 b. A description of the nature of the business.

AB68-SSA1,1194,2 c. The identification of the venture capital fund.

AB68-SSA1,1194,4 d. The amount of the investment and the amount invested by the venture capital fund from funding sources other than the program.

AB68-SSA1,1194,6 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.

AB68-SSA1,1194,10 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.

AB68-SSA1,1194,13 (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).

AB68-SSA1,1194,15 (c) Quarterly, the investment manager shall submit to the oversight board a report for the preceding quarter that includes all of the following:

AB68-SSA1,1194,17 1. An identification of each venture capital fund under contract with the investment manager under sub. (5).

AB68-SSA1,1194,20 2. An identification of each business in which a venture capital fund held an investment of moneys received through the program established under sub. (2) and a statement of the amount of the investment in each business.

AB68-SSA1,1194,24 3. A statement of the number of employees the business employed when the venture capital fund first invested moneys received through the program established under sub. (2) and the number of employees the business employed on the last day of the quarter.

AB68-SSA1,1195,2 (d) The oversight board shall make the reports under par. (c) readily accessible to the public on the corporation's Internet site.

AB68-SSA1,1195,4 (7) Policies and procedures. The corporation shall establish policies and procedures to administer this section.

AB68-SSA1,2593 Section 2593. 238.29 of the statutes is created to read:

AB68-SSA1,1195,8 238.29 Tribal economic development. The corporation shall establish and administer economic development programs to promote small business economic development benefitting American Indian tribes or bands in this state.

AB68-SSA1,2594 Section 2594. 238.30 (2m) (a) of the statutes is amended to read:

AB68-SSA1,1195,16 238.30 (2m) (a) Except as provided in par. (b) and s. 238.308 (1) (b), “full-time job" means a regular, nonseasonal full-time position in which an individual, as a condition of employment, is required to work at least 2,080 hours per year, including paid leave and holidays, and for which the individual receives pay that is equal to at least 150 percent of the federal minimum wage and benefits that are not required by federal or state law. “Full-time job" does not include initial training before an employment position begins.