SB483,,10 (c) “Gap payment” means payment of the amount specified in sub. (3) (a), which is intended to substantially equal the total estimated taxes imposed under ch. 71 in calendar years 2021, 2022, and 2023 on the payroll of the professional baseball team and of visiting professional baseball franchises using the professional baseball park facilities.

SB483,,11 (d) “Professional baseball team” has the meaning given in s. 229.65 (6m).

SB483,,12 (3) Grant. Subject to sub. (4), the department shall award a grant to a district to assist in the development, construction, improvement, repair, and maintenance of baseball park facilities. The grant shall consist of the following:

SB483,,13 (a) The gap payment of $35,800,000 upon execution of the lease and nonrelocation agreements satisfying s. 229.6802.

SB483,,14 (b) The payment of $25,000,000 upon execution of the lease and nonrelocation agreements satisfying s. 229.6802. The district shall maintain the moneys paid under this paragraph in a separate account in the baseball park facilities improvement segregated fund established under s. 229.687 and may expend the moneys only for the purpose of winterizing the baseball park facilities.

SB483,,15 (c) Twenty-two consecutive annual payments beginning in 2024, subject to the following:

SB483,,16 1. The initial payment in 2024 shall equal $13,400,000.

SB483,,17 2. Except as provided in subd. 3., the amount of each subsequent annual payment shall increase from the initial payment at the rate of 4 percent per year compounded annually.

SB483,,18 3. No annual payment may exceed $20,000,000, and beginning on July 1, 2041, no annual payment may exceed $10,000,000.

SB483,,19 4. No annual payment may be made after expiration or termination of the lease specified in s. 229.6802 (1).

SB483,,20 (4) Contract requirements. The department may not award a grant under sub. (3) unless s. 229.6802 has been satisfied.

SB483,,21 (5) Loans to a local professional baseball park district. (a) Upon a majority vote of all current members appointed to the board of a district and eligible to vote on the matter, the department shall issue loans to the district to assist in the development, construction, improvement, repair, and maintenance of baseball park facilities. The department shall issue each loan in the amount approved by the board no later than 10 days after receipt of the board’s request for the loan. The department may not issue more than a total of $50,000,000 in loans under this paragraph.

SB483,,22 (b) Interest on each loan issued under par. (a) shall accrue monthly at a rate equal to the state investment fund earnings rate during the immediately preceding month, as certified by the secretary.

SB483,,23 (c) The district shall pay all interest accruing on each loan issued under par. (a) on a quarterly basis to the secretary for deposit in the general fund. The outstanding balance of each loan issued under par. (a) shall be paid no later than 15 years after the date of issuance or upon expiration or termination of the lease specified in s. 229.6802 (1), whichever is earlier.

SB483,,24 (d) At least quarterly, the department shall submit a report to the joint committee on finance specifying the outstanding principal and interest owed by the district on each loan issued under par. (a).

SB483,,25 (e) The department may not issue a loan under this subsection after December 31, 2045.

SB483,2 Section 2. 16.58 (3) of the statutes is amended to read:

SB483,,27 16.58 (3) The department may provide financial consulting services to a local exposition district created under subch. II of ch. 229 or a local professional baseball park district created under subch. III of ch. 229.

SB483,3 Section 3. 25.17 (1) (es) of the statutes is created to read:

SB483,,29 25.17 (1) (es) Funds of a local professional baseball park district created under subch. III of ch. 229 (s. 229.68 (9)), but subject to the terms of the contract under s. 229.68 (9);

SB483,4 Section 4. 77.54 (9a) (gm) of the statutes is created to read:

SB483,,31 77.54 (9a) (gm) A local professional baseball park district under subch. III of ch. 229.

SB483,5 Section 5. 77.54 (41) of the statutes is amended to read:

SB483,,33 77.54 (41) The sales price from the sale of building materials, supplies and equipment to; and the storage, use or other consumption of those kinds of property by; owners, contractors, subcontractors or builders if that property is acquired solely for or used solely in, the construction, improvement, renovation, repair, maintenance, or development of property that would be exempt under s. 70.11 (36).

SB483,6 Section 6. 77.705 of the statutes, as affected by 2023 Wisconsin Act 19, is repealed.

SB483,7 Section 7. 77.707 (1) of the statutes is amended to read:

SB483,,36 77.707 (1) Retailers and the department of revenue may not collect a tax under s. 77.705, 2021 stats., for any local professional baseball park district created under subch. III of ch. 229 after the last day of the fiscal quarter in which the local professional baseball park district board makes a certification to the department of revenue under s. 229.685 (2), 2021 stats., or after August 31, 2020, whichever is earlier, except that the department of revenue may collect from retailers taxes that accrued before the termination date and fees, interest and penalties that relate to those taxes. Except as provided under s. 77.60 (9), the department of revenue may not issue any assessment nor act on any claim for a refund or any claim for an adjustment under s. 77.585 after the end of the calendar year that is 4 years after the year in which a local professional baseball park district tax has terminated. The department of revenue shall estimate the amount of the refunds, including interest, that the department may need to pay during that 4-year period and retain that amount from the taxes collected for the district after the termination date. Any amount that remains after the payment of refunds shall be distributed to the counties based on the population of each county that is part of the district.

SB483,8 Section 8. 77.707 (1) of the statutes, as affected by 2023 Wisconsin Act .... (this act), is repealed.

SB483,9 Section 9. 77.707 (2) of the statutes is renumbered 77.707.