SB1100,17,7 (b) By January 1, 2026, the board shall submit a report of its activities and recommendations regarding making the plan permanent to the governor and the appropriate standing committees of the legislature under s. 13.172 (3).

SB1100,17,11 (14) Standard of responsibility. Members of the board and any 3rd-party administrators of the plan shall discharge their duties as fiduciaries with respect to the trust fund under s. 25.52 for the interest of eligible employees who participate in the plan as follows:

SB1100,17,14 (a) To administer assets of the trust fund solely for the purpose of providing benefits to eligible employees who are enrolled in the plan at a reasonable cost and not for any other purpose.

SB1100,17,18 (b) To manage the money and property of the trust fund with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a similar capacity, with the same resources, and familiar with like matters exercises in the conduct of an enterprise of a like character with like aims.

SB1100,17,21 (15) Assistance. The office of the state treasurer shall provide the board with any assistance necessary to carry out this section, including staff, equipment, and office space.

SB1100,3 Section 3 . 16.705 (9) of the statutes is amended to read:

SB1100,18,5 16.705 (9) The department shall maintain a list of persons that are or have been a party to a contract with the state under this subchapter or s. 14.69 who have violated a provision of this subchapter or a contract under this subchapter or s. 14.69. The parties on the list are ineligible for state contracts and no state contract may be awarded to a party on the ineligible list. The department may remove any party from the ineligible list if the department determines that the party's practices comply with this subchapter or s. 14.69 and provide adequate safeguards against future violations of this subchapter or s. 14.69 or contracts under this subchapter or s. 14.69.

SB1100,4 Section 4 . 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 - See PDF for table - See PDF for table

SB1100,5 Section 5 . 20.517 of the statutes is created to read:

SB1100,18,10 20.517 WisEARNS. There is appropriated to the WisEARNS board for the following programs:

SB1100,18,13 (1) WisEARNS plan. (a) Establishment and administration of plan. Biennially, the amounts in the schedule to establish and administer the plan under s. 14.69.

SB1100,18,16 (q) Administrative expenses; WisEARNS plan administration trust fund. From the WisEARNS plan administration trust fund, all moneys deposited in that fund under s. 14.69 (7) (b) for the operating expenses of the board.

SB1100,19,2 (r) Gifts and grants; WisEARNS plan administration trust fund. From the WisEARNS plan administration trust fund, all moneys received as contributions, gifts, grants, and bequests for that trust fund under s. 14.69 (6) (b) to carry out the purposes for which made and received.

SB1100,6 Section 6. 20.923 (4) (c) 7. of the statutes is created to read:

SB1100,19,4 20.923 (4) (c) 7. State treasurer; WisEARNS board: executive director.

SB1100,7 Section 7 . 25.52 of the statutes is created to read:

SB1100,19,9 25.52 WisEARNS plan administration trust fund. There is established a separate nonlapsible trust fund designated as the WisEARNS plan administration trust fund, to consist of all moneys deposited in that fund under s. 14.69 (6) (b) and (7) (b).

SB1100,8 Section 8 . 71.05 (6) (a) 15. of the statutes is amended to read:

SB1100,19,16 71.05 (6) (a) 15. Except as provided under s. 71.07 (3p) (c) 5., the amount of the credits computed under s. 71.07 (2dm), (2dx), (2dy), (3g), (3h), (3n), (3q), (3s), (3t), (3w), (3wm), (3y), (4k), (4n), (4s), (4w), (5e), (5i), (5j), (5k), (5r), (5rm), (6n), and (10) and not passed through by a partnership, limited liability company, or tax-option corporation that has added that amount to the partnership's, company's, or tax-option corporation's income under s. 71.21 (4) or 71.34 (1k) (g).

SB1100,9 Section 9 . 71.07 (4s) of the statutes is created to read:

SB1100,19,19 71.07 (4s) Retirement plan startup costs tax credit. (a) Definitions. In this subsection:

SB1100,19,21 1. “Claimant” means an eligible employer, as defined in section 45E (c) of the Internal Revenue Code, that files a claim under this subsection.

SB1100,19,23 2. “First credit year” has the meaning given in section 45E (d) (3) of the Internal Revenue Code.

SB1100,19,25 3. “Qualified startup costs” has the meaning given in section 45E (d) (1) of the Internal Revenue Code.

SB1100,20,4 (b) Filing claims. Subject to the limitations provided in this subsection, a claimant may claim as a credit against the taxes imposed under s. 71.02, up to the amount of the tax, an amount equal to 50 percent of the qualified startup costs paid or incurred by the claimant during the taxable year.

SB1100,20,6 (c) Limitations. 1. The credit claimed under this subsection in a taxable year may not exceed the greater of the following:

SB1100,20,7 a. $500.

SB1100,20,10 b. The lesser of $250 for each employee of the claimant who is not a highly compensated employee, as defined in section 414 (q) of the Internal Revenue Code, or $5,000.

SB1100,20,12 2. The credit under this subsection may be claimed only for 3 consecutive taxable years beginning with the first credit year.