AB68,1370,2423
d. The amount of the investment and the amount invested by the venture
24capital fund from funding sources other than the program.
AB68,1371,2
1e. The internal rate of return realized by the venture capital fund upon the
2venture capital fund's exit from the investment in the business.
AB68,1371,63
f. A statement of the number of employees the business employed when the
4venture capital fund first invested moneys received through the program and the
5number of employees the business employed on the first day and last day of the
6investment manager's fiscal year.
AB68,1371,97
(b) No later than 10 days after it receives the investment manager's report
8under par. (a), the corporation shall submit the report to the chief clerk of each house
9of the legislature, for distribution to the legislature under s. 13.172 (2).
AB68,1371,1110
(c) Quarterly, the investment manager shall submit to the oversight board a
11report for the preceding quarter that includes all of the following:
AB68,1371,1312
1. An identification of each venture capital fund under contract with the
13investment manager under sub. (5).
AB68,1371,1614
2. An identification of each business in which a venture capital fund held an
15investment of moneys received through the program established under sub. (2) and
16a statement of the amount of the investment in each business.
AB68,1371,2017
3. A statement of the number of employees the business employed when the
18venture capital fund first invested moneys received through the program established
19under sub. (2) and the number of employees the business employed on the last day
20of the quarter.
AB68,1371,2221
(d) The oversight board shall make the reports under par. (c) readily accessible
22to the public on the corporation's Internet site.
AB68,1371,24
23(7) Policies and procedures. The corporation shall establish policies and
24procedures to administer this section.
AB68,2550
25Section
2550. 238.29 of the statutes is created to read:
AB68,1372,3
1238.29 Tribal economic development. The corporation shall establish and
2administer economic development programs to promote small business economic
3development benefitting American Indian tribes or bands in this state.
AB68,2551
4Section
2551. 238.30 (2m) (a) of the statutes is amended to read:
AB68,1372,115
238.30
(2m) (a) Except as provided in par. (b)
and s. 238.308 (1) (b), “full-time
6job" means a regular, nonseasonal full-time position in which an individual, as a
7condition of employment, is required to work at least 2,080 hours per year, including
8paid leave and holidays, and for which the individual receives pay that is equal to
9at least 150 percent of the federal minimum wage and benefits that are not required
10by federal or state law. “Full-time job" does not include initial training before an
11employment position begins.
AB68,2552
12Section
2552. 238.306 (3) of the statutes is repealed.
AB68,2553
13Section
2553. 238.308 (1) of the statutes is renumbered 238.308 (1) (intro.)
14and amended to read:
AB68,1372,1515
238.308
(1) Definition Definitions. (intro.) In this section
,:
AB68,1372,17
16(a) “
eligible Eligible employee" means a person employed in a full-time job by
17a person certified under sub. (2).
AB68,2554
18Section
2554. 238.308 (1) (b) of the statutes is created to read:
AB68,1372,2019
238.308
(1) (b) 1. Except as provided in subd. 2., “full-time job” has the meaning
20given in s. 238.30 (2m).
AB68,1373,221
2. a. For contracts executed by the corporation under this section after
22December 31, 2021, “full-time job” means, except as provided in subd. 2. b., a regular,
23nonseasonal full-time position in which an individual, as a condition of employment,
24is required to work at least 2,080 hours per year, including paid leave and holidays,
25and for which the individual receives pay that is equal to at least $27,900 and
1benefits that are not required by federal or state law. “Full-time job" does not include
2initial training before an employment position begins.
AB68,1373,83
b. The corporation may grant exceptions to the requirement under subd. 2. a.
4that a full-time job means a position in which an individual, as a condition of
5employment, is required to work at least 2,080 hours per year if the annual pay for
6the position exceeds $27,900 and an individual in the position is offered retirement,
7health, and other benefits that are equivalent to the retirement, health, and other
8benefits offered to an individual who is required to work at least 2,080 hours per year.
AB68,2555
9Section
2555. 238.308 (4) (a) 1. of the statutes is amended to read:
AB68,1373,2210
238.308
(4) (a) 1. An amount equal to up to 10 percent of the amount of wages
11that the person paid to an eligible employee in the taxable year.
For contracts
12executed by the corporation after December 31, 2021, the amount of wages taken into
13account under this subdivision may not exceed $123,000 per eligible employee per
14year. Beginning on January 1, 2023, the dollar amount under this subdivision shall
15be increased each year by a percentage equal to the percentage change between the
16U.S. consumer price index for all urban consumers, U.S. city average, for the month
17of August of the previous year and the U.S. consumer price index for all urban
18consumers, U.S. city average, for the month of August of the year before the previous
19year, as determined by the federal department of labor. Each amount that is revised
20under this subdivision shall be rounded to the nearest multiple of $10 if the revised
21amount is not a multiple of $10 or, if the revised amount is a multiple of $5, such an
22amount shall be increased to the next higher multiple of $10.
AB68,2556
23Section
2556. 238.308 (4) (a) 3. of the statutes is amended to read:
AB68,1374,624
238.308
(4) (a) 3. An amount equal to up to 50 percent of the person's training
25costs incurred to undertake activities to
enhance an eligible employee's general
1knowledge, employability, and flexibility in the workplace; to develop skills unique
2to the person's workplace or equipment; or to develop skills that will increase the
3quality of the person's product upgrade or improve the job-related skills of an eligible
4employee, train an eligible employee on the use of job-related new technologies, or
5provide job-related training to an eligible employee whose employment with the
6person represents the employee's first full-time job.
AB68,2557
7Section
2557. 238.308 (4) (a) 5. of the statutes is amended to read:
AB68,1374,138
238.308
(4) (a) 5. An amount, as determined by the corporation, equal to a
9percentage of the amount of wages that the person paid to an eligible employee in the
10taxable year, if the position in which the eligible employee was employed was created
11or retained in connection with the person's location or retention of the person's
12corporate headquarters in Wisconsin
and the job duties associated with the eligible
13employee's position involve the performance of corporate headquarters functions.
AB68,2558
14Section
2558. 238.308 (4) (a) 6. of the statutes is created to read: