Amendment ASA1-AB627

AB627-ASA1,8,3 238.308 (1) Definition Definitions. (intro.) In this section, “eligible:

AB627-ASA1,8,5 (a) “Eligible employee" means a person employed in a full-time job by a person certified under sub. (2).

AB627-ASA1,29 Section 29. 238.308 (1) (b) of the statutes is created to read:

AB627-ASA1,8,10 238.308 (1) (b) For taxable years beginning after December 31, 2023, “full-time job” means a nonseasonal job for which the annual pay is more than the amount determined by multiplying 2,080 by 150 percent of the federal minimum wage and for which the person is offered retirement, health, and other benefits.

AB627-ASA1,30 Section 30. 238.308 (2) (c) of the statutes is created to read:

AB627-ASA1,8,14 238.308 (2) (c) The corporation shall approve or deny the certification of a person under par. (a) within 90 days after receiving a person's application for certification.

AB627-ASA1,31 Section 31. 238.308 (3) of the statutes is renumbered 238.308 (3) (a) and amended to read:

AB627-ASA1,8,22 238.308 (3) (a) A For taxable years beginning before January 1, 2024, a person is eligible to receive tax benefits if, in each year for which the person claims tax benefits under this section, the person increases net employment in this state in the person's business above the net employment in this state in the person's business during the year before the person was certified under sub. (2), as determined by the corporation under its policies and procedures.

AB627-ASA1,32 Section 32. 238.308 (3) (b) of the statutes is created to read:

AB627-ASA1,9,3 238.308 (3) (b) For taxable years beginning after December 31, 2023, a person is eligible to receive tax benefits if, in each year for which the person claims tax benefits under this section, all of the following conditions are met:

AB627-ASA1,9,6 1. The person makes a capital investment in the person's business, and the person either creates new full-time jobs or retains existing full-time jobs, as determined by the corporation under its policies and procedures.

AB627-ASA1,9,10 2. The person does not decrease net employment in this state in the person's business below the net employment in this state in the person's business during the year before the person is certified under sub. (2), as determined by the corporation under its policies and procedures.

AB627-ASA1,33 Section 33. 238.308 (4) (a) 6. of the statutes is created to read:

AB627-ASA1,9,16 238.308 (4) (a) 6. For taxable years beginning after December 31, 2023, an amount equal to up to 15 percent of the person's investment in workforce housing, as defined in s. 234.66 (1) (i), for employees and up to 15 percent of the person's investment in establishing an employee child care program for employees. Such investments may include only capital expenditures made by the person.

AB627-ASA1,34 Section 34. 238.308 (4) (b) of the statutes is amended to read:

AB627-ASA1,9,20 238.308 (4) (b) The corporation may allocate up to $22,000,000 in tax benefits under this section each year. Any unused allocation may be carried forward, including unused allocations from closed awards.

AB627-ASA1,35 Section 35. 238.308 (5) (a) of the statutes is amended to read:

AB627-ASA1,9,24 238.308 (5) (a) The corporation may require a person to repay any tax benefits the person claims for a year in which the person failed to employ an eligible employee required by an agreement comply with a contract under sub. (2) (b) (a) 2.

AB627-ASA1,36 Section 36. 238.399 (1) (am) (intro.) of the statutes is created to read:

AB627-ASA1,10,1 238.399 (1) (am) (intro.) For taxable years beginning before January 1, 2024:

AB627-ASA1,37 Section 37. 238.399 (1) (ar) of the statutes is created to read:

AB627-ASA1,10,4 238.399 (1) (ar) For taxable years beginning after December 31, 2023, “full-time employee” means an individual employed in a full-time job.

AB627-ASA1,38 Section 38. 238.399 (1) (as) of the statutes is created to read:

AB627-ASA1,10,9 238.399 (1) (as) For taxable years beginning after December 31, 2023, “full-time job” means a nonseasonal job for which the annual pay is more than the amount determined by multiplying 2,080 by 150 percent of the federal minimum wage and for which the person is offered retirement, health, and other benefits.

AB627-ASA1,39 Section 39. 238.399 (5) (f) of the statutes is amended to read:

AB627-ASA1,10,16 238.399 (5) (f) No For taxable years beginning before January 1, 2024, no more than one financial services technology business that, after completing a competitive corporate relocation process, retains its corporate headquarters in this state and retains at least 93 percent of its full-time employees in this state who were identified as being full-time employees of the business in the base year, as determined by the corporation.

AB627-ASA1,40 Section 40. 238.399 (6) (d) of the statutes is amended to read:

AB627-ASA1,10,22 238.399 (6) (d) The corporation may require a business to repay any tax benefits the business claims for a year in which the business failed to maintain employment levels or a significant capital investment in property required by an agreement under sub. (5) (c) comply with an agreement entered into with the corporation.

AB627-ASA1,41 Section 41. Initial applicability.

AB627-ASA1,11,2 (1) The treatment of ss. 71.07 (3w) (a) 6., 71.28 (3w) (a) 6., and 71.47 (3w) (a) 6. first applies to taxable years beginning after December 31, 2023.

AB627-ASA1,11,3 (End)