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SB70-AA1,183,1514 a. Businesses located in parts of this state that typically do not receive
15significant investment from venture capital funds.
SB70-AA1,183,1816 b. Businesses that are at least 51 percent owned by one or more members of a
17racial minority group and whose management and daily business operations are
18controlled by one or more members of a racial minority group.
SB70-AA1,183,2119 c. Businesses that are at least 51 percent owned by one or more women and
20whose management and daily business operations are controlled by one or more
21women.
SB70-AA1,183,2222 (c) No investment may be made through the program in a lobbying or law firm.
SB70-AA1,184,2 23(4) Investment manager. The oversight board shall contract with an
24investment manager who meets the qualifications established by the corporation.
25The contract shall establish the investment manager's compensation, including any

1management fee. A management fee may not annually exceed 1 percent of the total
2assets under management in the fund of funds program.
SB70-AA1,184,6 3(5) Venture capital fund requirements. The investment manager shall
4contract with each venture capital fund that receives moneys through the fund of
5funds program. Each contract shall require the venture capital fund to do all of the
6following:
SB70-AA1,184,97 (a) Make new investments in an amount equal to the amount of moneys it
8receives through the program in one or more businesses who are headquartered in
9this state and whose operations are primarily in this state.
SB70-AA1,184,1610 (b) At least match any moneys it receives through the program and invests in
11a business described in par. (a) with an investment in that business of moneys the
12venture capital fund has raised from sources other than the program. The
13investment manager shall ensure that, on average, for every $1 a venture capital
14fund receives through the program and invests in a business described in par. (a), the
15venture capital fund invests $2 in that business from sources other than the
16program.
SB70-AA1,184,1817 (c) Provide to the investment manager the information necessary for the
18investment manager to complete the reports under sub. (6) (a) and (c).
SB70-AA1,184,22 19(6) Reports of the investment manager; public disclosures. (a) Annually, no
20later than 120 days after the end of the investment manager's fiscal year, the
21investment manager shall submit to the corporation a report for that fiscal year that
22includes all of the following:
SB70-AA1,184,2423 1. An audit of the investment manager's financial statements performed by an
24independent certified public accountant.
SB70-AA1,185,2
12. The investment manager's internal rate of return from investments made
2through the fund of funds program.
SB70-AA1,185,43 3. For each venture capital fund that contracts with the investment manager
4under sub. (5), all of the following:
SB70-AA1,185,55 a. The name and address of the venture capital fund.
SB70-AA1,185,76 b. The amounts invested in the venture capital fund through the fund of funds
7program.
SB70-AA1,185,98 c. An accounting of any fee the venture capital fund paid to itself or any
9principal or manager of the venture capital fund.
SB70-AA1,185,1110 d. The venture capital fund's average internal rate of return on its investments
11of the moneys it received through the fund of funds program.
SB70-AA1,185,1312 4. For each business in which a venture capital fund held an investment of
13moneys received through the fund of funds program, all of the following:
SB70-AA1,185,1414 a. The name and address of the business.
SB70-AA1,185,1515 b. A description of the nature of the business.
SB70-AA1,185,1616 c. An identification of the venture capital fund.
SB70-AA1,185,1817 d. The amount of the investment and the amount invested by the venture
18capital fund from funding sources other than the program.
SB70-AA1,185,2019 e. The internal rate of return realized by the venture capital fund upon the
20venture capital fund's exit from the investment in the business.
SB70-AA1,185,2421 f. A statement of the number of employees the business employed when the
22venture capital fund first invested moneys received through the program and the
23number of employees the business employed on the first day and last day of the
24investment manager's fiscal year.
SB70-AA1,186,3
1(b) No later than 10 days after it receives the investment manager's report
2under par. (a), the corporation shall submit the report to the chief clerk of each house
3of the legislature, for distribution to the legislature under s. 13.172 (2).
SB70-AA1,186,54 (c) Quarterly, the investment manager shall submit to the oversight board a
5report for the preceding quarter that includes all of the following:
SB70-AA1,186,76 1. An identification of each venture capital fund under contract with the
7investment manager under sub. (5).
SB70-AA1,186,108 2. An identification of each business in which a venture capital fund held an
9investment of moneys received through the fund of funds program and a statement
10of the amount of the investment in each business.
SB70-AA1,186,1411 3. A statement of the number of employees the business employed when the
12venture capital fund first invested moneys received through the fund of funds
13program and the number of employees the business employed on the last day of the
14quarter.
SB70-AA1,186,1615 (d) The oversight board shall make the reports under par. (c) readily accessible
16to the public on the corporation's Internet site.
SB70-AA1,186,18 17(7) Policies and procedures. The corporation shall establish policies and
18procedures to administer this section.”.
SB70-AA1,186,19 19128. Page 374, line 11: after that line insert:
SB70-AA1,186,20 20 Section 332. 40.05 (4) (a) 2. of the statutes is amended to read:
SB70-AA1,187,1021 40.05 (4) (a) 2. For an insured employee who is an eligible employee under s.
2240.02 (25) (a) 2. or (b) 1m. or 2c., the employer shall pay required employer
23contributions toward the health insurance premium of the insured employee
24beginning on the date on which the employee becomes insured. For an insured state

1employee who is currently employed, but who is not a limited term appointment
2under s. 230.26 or an eligible employee under s. 40.02 (25) (a) 2. or (b) 1m. or 2c., the
3employer shall pay required employer contributions toward the health insurance
4premium of the insured employee beginning on the first day of the 3rd 2nd month
5beginning after the date on which the employee begins employment with the state,
6not including any leave of absence. For an insured employee who has a limited term
7appointment under s. 230.26, the employer shall pay required employer
8contributions toward the health insurance premium of the insured employee
9beginning on the first day of the 7th month beginning after the date on which the
10employee first becomes a participating employee.
SB70-AA1,9313 11Section 9313. Initial applicability; Employee Trust Funds.
SB70-AA1,187,1412 (1) Employer contribution for health insurance premiums. The treatment of
13s. 40.05 (4) (a) 2. first applies to state employees hired on the effective date of this
14subsection.”.
SB70-AA1,187,15 15129. Page 374, line 11: after that line insert:
SB70-AA1,187,16 16 Section 333. 20.192 (1) (a) of the statutes is amended to read:
SB70-AA1,188,217 20.192 (1) (a) Operations and programs. A sum sufficient in each fiscal year
18equal to the amount obtained by subtracting from $41,550,700 $51,550,700 an
19amount equal to the sum of the amounts expended in that fiscal year from the
20appropriations under pars. (r) and (s), for the operations of the Wisconsin Economic
21Development Corporation and for funding economic development programs
22developed and implemented under s. 238.03. No more than $16,512,500 may be
23expended from this appropriation in any fiscal year, and moneys may be expended

1from this appropriation only if there are no unencumbered moneys available in the
2appropriation account under par. (r).”.
SB70-AA1,188,3 3130. Page 374, line 11: after that line insert:
SB70-AA1,188,5 4 Section 9249. Fiscal changes; Wisconsin Economic Development
5Corporation.
SB70-AA1,188,106 (1k) GPR appropriation of the Wisconsin Economic Development
7Corporation.
Notwithstanding the cap on expenditures specified in s. 20.192 (1) (a),
8in fiscal year 2023-24, the amount the Wisconsin Economic Development
9Corporation may expend from the appropriation under s. 20.192 (1) (a) for the
10purposes for which the appropriation is made is equal to the lesser of the following:
SB70-AA1,188,1111 (a) The amount calculated under s. 20.192 (1) (a) plus $40,000,000.
SB70-AA1,188,1212 (b) $66,512,500.”.
SB70-AA1,188,13 13131. Page 374, line 11: after that line insert:
SB70-AA1,188,15 14 Section 334. 20.005 (3) (schedule) of the statutes: at the appropriate place,
15insert the following amounts for the purposes indicated: - See PDF for table PDF - See PDF for table PDF
SB70-AA1,335 16Section 335. 20.192 (1) (br) of the statutes is created to read:
SB70-AA1,188,1817 20.192 (1) (br) Main street bounceback grants. The amounts in the schedule
18for grants awarded under s. 238.129.
SB70-AA1,336 19Section 336. 238.129 of the statutes is created to read:
SB70-AA1,189,4
1238.129 Main street bounceback grants. (1) Grants. From the
2appropriation under s. 20.192 (1) (br), the corporation may award grants to provide
3assistance to businesses opening a new location or expanding operations in a vacant
4commercial space.
SB70-AA1,189,9 5(2) Eligibility. (a) Subject to par. (b), the corporation shall establish eligibility
6requirements and other policies and procedures for the grants awarded under sub.
7(1) that are substantially similar to the eligibility requirements and policies and
8procedures in effect on June 30, 2023, for the Wisconsin Tomorrow Main Street
9Bounceback Grant program administered by the corporation.
SB70-AA1,189,1110 (b) The corporation may not award a grant under this section to a nonprofit
11organization.”.
SB70-AA1,189,12 12132. Page 374, line 11: after that line insert:
SB70-AA1,189,13 13 Section 337. 71.78 (4) (m) of the statutes is amended to read:
SB70-AA1,189,1714 71.78 (4) (m) The chief executive officer of the Wisconsin Economic
15Development Corporation and employees of the corporation to the extent necessary
16to administer the development zone program economic development programs under
17subch. II of ch. 238.
SB70-AA1,338 18Section 338. 71.78 (5) of the statutes is amended to read:
SB70-AA1,189,2419 71.78 (5) Agreement with department. Copies of returns and claims specified
20in sub. (1) and related schedules, exhibits, writings or audit reports shall not be
21furnished to the persons listed under sub. (4), except persons under sub. (4) (e), (k),
22(n), (o) and (q) or under an agreement between the department of revenue and
23another agency of government or the Wisconsin Economic Development
24Corporation
.”.
SB70-AA1,190,1
1133. Page 374, line 11: after that line insert:
SB70-AA1,190,3 2 Section 339. 238.03 (4) (b) (intro.) of the statutes is renumbered 238.03 (4)
3(b) and amended to read:
SB70-AA1,190,64 238.03 (4) (b) The board shall establish policies and procedures for maintaining
5and expending any unassigned balance that satisfy all of the following
6requirements:
.
SB70-AA1,340 7Section 340. 238.03 (4) (b) 1. of the statutes is renumbered 238.03 (4) (bm) and
8amended to read:
SB70-AA1,190,119 238.03 (4) (bm) The policies and procedures established under par. (b) shall be
10consistent with best practices recommended by the Government Finance Officers
11Association.
SB70-AA1,341 12Section 341. 238.03 (4) (b) 2. of the statutes is repealed.”.
SB70-AA1,190,13 13134. Page 374, line 11: after that line insert:
SB70-AA1,190,14 14 Section 342. 20.192 (1) (k) of the statutes is repealed.
SB70-AA1,343 15Section 343. 238.14 of the statutes is repealed.”.
SB70-AA1,190,16 16135. Page 374, line 11: after that line insert:
SB70-AA1,190,18 17 Section 344. 20.005 (3) (schedule) of the statutes: at the appropriate place,
18insert the following amounts for the purposes indicated: - See PDF for table PDF - See PDF for table PDF
SB70-AA1,345 19Section 345. 20.437 (2) (fm) of the statutes is created to read:
SB70-AA1,191,2
120.437 (2) (fm) Early childhood education center. Biennially, the amounts in
2the schedule for payments under 2023 Wisconsin Act .... (this act), section 9106 (1).
SB70-AA1,346 3Section 346 . 20.437 (2) (fm) of the statutes, as affected by 2023 Wisconsin Act
4.... (this act), is repealed.
SB70-AA1,347 5Section 347. 49.175 (1) (qm) of the statutes is amended to read:
SB70-AA1,191,106 49.175 (1) (qm) Quality care for quality kids. For the child care quality
7improvement activities specified in ss. 49.155 (1g) and 49.257, $16,683,700 in each
8fiscal year
and the establishment of an early childhood education center under 2023
9Wisconsin Act ... (this act), section 9106 (1 ), $42,850,900 in fiscal year 2023-24 and
10$42,647,700 in fiscal year 2024-25
.
SB70-AA1,9106 11Section 9106. Nonstatutory provisions; Children and Families.
SB70-AA1,191,1612 (1) Early childhood education center. From the appropriation account under
13s. 20.437 (2) (fm) and the allocation under s. 49.175 (1) (qm), the department of
14children and families shall provide $1,680,000 in fiscal year 2023-24 to Wellpoint
15Care Network to establish an early childhood education center in the city of
16Milwaukee.
SB70-AA1,9406 17Section 9406. Effective dates; Children and Families.
SB70-AA1,191,1918 (1) Early childhood education center. The repeal of s. 20.437 (2) (fm) takes
19effect on July 1, 2025.”.
SB70-AA1,191,20 20136. Page 374, line 11: after that line insert:
SB70-AA1,191,21 21 Section 348. 20.923 (4) (d) 2. of the statutes is created to read:
SB70-AA1,191,2222 20.923 (4) (d) 2. Administration, department of: chief equity officer.
SB70-AA1,349 23Section 349. 230.08 (2) (yg) of the statutes is created to read:
SB70-AA1,191,2424 230.08 (2) (yg) The chief equity officer in the department of administration.”.
SB70-AA1,192,1
1137. Page 374, line 11: after that line insert:
SB70-AA1,192,2 2 Section 350. 49.163 (2) (am) 4. of the statutes is repealed.
SB70-AA1,351 3Section 351. 49.163 (2) (am) 5. of the statutes is amended to read:
SB70-AA1,192,64 49.163 (2) (am) 5. Be ineligible Have not filed for unemployment insurance
5benefits or have filed but is not eligible
to receive unemployment insurance
6benefits.”.
SB70-AA1,192,7 7138. Page 374, line 11: after that line insert:
SB70-AA1,192,9 8 Section 352. 20.005 (3) (schedule) of the statutes: at the appropriate place,
9insert the following amounts for the purposes indicated: - See PDF for table PDF
SB70-AA1,353 10Section 353. 20.437 (1) (bm) of the statutes is created to read:
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