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(4) The department, in consultation with the department of revenue, shall promulgate rules to administer this section.
20,3577k Section 3577k. 560.205 (1) (g) of the statutes is amended to read:
560.205 (1) (g) It is not engaged in real estate development, insurance, banking, lending, lobbying, political consulting, professional services provided by attorneys, accountants, business consultants, physicians, or health care consultants, wholesale or retail trade, leisure, hospitality, transportation, or construction, except construction of power production plants that derive energy from a renewable resource, as defined in s. 196.378 (1) (h).
20,3578 Section 3578. 560.205 (3) (d) of the statutes is amended to read:
560.205 (3) (d) Rules. The department of commerce, in consultation with the department of revenue, shall promulgate rules to administer this section. The rules shall further define "bona fide angel investment" for purposes of s. 71.07 (5d) (a) 1. The rules shall limit the aggregate amount of tax credits under s. 71.07 (5d) that may be claimed for investments in businesses certified under sub. (1) at $3,000,000 per calendar year for calendar years beginning after December 31, 2004. The, and $5,500,000 per calendar year for calendar years beginning after December 31, 2007. The rules shall also limit the aggregate amount of the tax credits under ss. 71.07 (5b), 71.28 (5b), and 71.47 (5b) that may be claimed for investments paid to fund managers certified under sub. (2) at $3,500,000 per calendar year for calendar years beginning after December 31, 2004, and $6,000,000 per calendar year for calendar years beginning after December 31, 2007. The rules shall also provide that, for calendar years beginning after December 31, 2007, no person may receive a credit under ss. 71.07 (5b) and (5d), 71.28 (5b), or 71.47 (5b) unless the person's investment is kept in a certified business, or with a certified fund manager, for no less than 3 years.
20,3578h Section 3578h. 560.207 of the statutes is created to read:
560.207 Dairy manufacturing facility investment credit. (1) The department of commerce shall implement a program to certify taxpayers as eligible for the dairy manufacturing facility investment credit under ss. 71.07 (3p), 71.28 (3p), and 71.47 (3p).
(2) If the department of commerce certifies a taxpayer under sub. (1), the department of commerce shall determine the amount of credits to allocate to that taxpayer. The total amount of dairy manufacturing facility investment credits allocated to taxpayers in fiscal year 2007-08 may not exceed $600,000 and the total amount of dairy manufacturing facility investment credits allocated to taxpayers in fiscal year 2008-09, and in each fiscal year thereafter, may not exceed $700,000.
(3) The department of commerce shall inform the department of revenue of every taxpayer certified under sub. (1) and the amount of credits allocated to the taxpayer.
(4) The department of commerce, in consultation with the department of revenue, shall promulgate rules to administer this section.
20,3580 Section 3580. 560.26 of the statutes is repealed.
20,3581 Section 3581. 560.275 (4) (e) of the statutes is amended to read:
560.275 (4) (e) Entrepreneurial and technology transfer grants. The total amount of grants under sub. (2) (e) may not exceed $500,000 $600,000 in any fiscal year.
20,3581a Section 3581a. Subchapter II (title) of chapter 560 [precedes 560.30] of the statutes is renumbered 560.29 (title).
20,3581b Section 3581b. 560.30 (intro.) of the statutes is renumbered 560.29 (1) (intro.) and amended to read:
560.29 Certified capital companies. (1) Definitions. (intro.) In this subchapter section:
20,3581c Section 3581c. 560.30 (1) of the statutes is repealed.
20,3581d Section 3581d. 560.30 (2) of the statutes is renumbered 560.29 (1) (a) and amended to read:
560.29 (1) (a) "Certified capital company" means a person that has been certified by the department under s. 560.31, 2005 stats., and that has not been decertified under s. 560.37 (3) or (3m), 2005 stats.
20,3581e Section 3581e. 560.30 (3) of the statutes is repealed.
20,3581f Section 3581f. 560.30 (4) of the statutes is renumbered 560.29 (1) (b) and amended to read:
560.29 (1) (b) "Certified capital investment" means an investment in a certified capital company that is certified under s. 560.32 (2), 2005 stats., and that fully funds either the investor's equity interest in a certified capital company, a qualified debt instrument that a certified capital company issues, or both.
20,3581g Section 3581g. 560.30 (5) of the statutes is renumbered 560.29 (1) (c).
20,3581h Section 3581h. 560.30 (6) of the statutes is renumbered 560.29 (1) (d).
20,3581i Section 3581i. 560.30 (7) of the statutes is renumbered 560.29 (1) (e).
20,3581j Section 3581j. 560.30 (8) of the statutes is renumbered 560.29 (1) (f) and amended to read:
560.29 (1) (f) "Qualified business" means a business which is a qualified business under s. 560.33, 2005 stats.
20,3581k Section 3581k. 560.30 (9) of the statutes is repealed.
20,3581L Section 3581L. 560.30 (10) of the statutes is repealed.
20,3581m Section 3581m. 560.30 (11) of the statutes is renumbered 560.29 (1) (g) and amended to read:
560.29 (1) (g) "Qualified investment" means an investment in a qualified business by a certified capital company that meets the requirements under s. 560.34 (1), 2005 stats.
20,3581n Section 3581n. 560.31 of the statutes is repealed.
20,3581o Section 3581o. 560.32 of the statutes is repealed.
20,3581p Section 3581p. 560.33 of the statutes is repealed.
20,3581q Section 3581q. 560.34 of the statutes is repealed.
20,3581r Section 3581r. 560.35 (title) of the statutes is renumbered 560.29 (2) (title).
20,3581s Section 3581s. 560.35 (1) (intro.) of the statutes is renumbered 560.29 (2) (a) (intro.).
20,3581t Section 3581t. 560.35 (1m) of the statutes is renumbered 560.29 (2) (b) and amended to read:
560.29 (2) (b) Violation of agreements by qualified businesses. As soon as practicable after the receipt of information by the certified capital company that a qualified business has violated an agreement made under s. 560.34 (1) (b) to (e), 2005 stats., the certified capital company shall notify the department of the violation and the facts giving rise to the violation.
20,3581u Section 3581u. 560.35 (2) of the statutes is renumbered 560.29 (2) (c).
20,3581v Section 3581v. 560.35 (3) of the statutes is renumbered 560.29 (2) (d) and amended to read:
560.29 (2) (d) Financial statements. Within 90 days of the end of the certified capital company's fiscal year, the certified capital company shall provide to the department a copy of its annual audited financial statements, including the opinion of an independent certified public accountant. The audit shall address the methods of operation and conduct of the business of the certified capital company to determine whether the certified capital company is complying with this subchapter section and the rules promulgated under this subchapter subchapter II of ch. 560, 2005 stats., including whether certified capital has been invested in the manner required under s. 560.34, 2005 stats. The financial statements provided under this subsection shall be segregated by investment pool and shall be separately audited on that basis to allow the department to determine whether the certified capital company is in compliance with s. 560.34 (1m), 2005 stats.
20,3581w Section 3581w. 560.35 (4) of the statutes is renumbered 560.29 (2) (e) and amended to read:
560.29 (2) (e) Fees. On or before January 31 annually, a certified capital company shall pay a nonrefundable certification fee of $5,000 to the department, unless January 31 falls within 6 months of the date on which the certified capital company was certified under s. 560.31, 2005 stats.
20,3581x Section 3581x. 560.35 (5) of the statutes is renumbered 560.29 (2) (f).
20,3581y Section 3581y. 560.36 of the statutes is repealed.
20,3581z Section 3581z. 560.37 of the statutes is repealed.
20,3581za Section 3581za. 560.38 of the statutes is repealed.
20,3582 Section 3582. 560.60 (1m) of the statutes is repealed.
20,3583 Section 3583. 560.60 (1v) of the statutes is repealed.
20,3584 Section 3584. 560.60 (3) of the statutes is repealed.
20,3585 Section 3585. 560.60 (3m) of the statutes is created to read:
560.60 (3m) "Eligible activities" means any of the following:
(a) Capital financing.
(b) Worker training.
(c) Entrepreneurial development.
(d) Providing assistance to technology-based businesses or to businesses at a foreign trade show or event.
(e) Promoting urban or regional economic development.
(f) Establishing revolving loan funds.
(g) Providing working capital.
(h) Promoting employee ownership through all of the following:
1. Conducting feasibility studies to investigate the reorganization or new incorporation of existing businesses as employee-owned businesses.
2. Implementing feasibility studies under subd. 1.
20,3586 Section 3586. 560.60 (4) of the statutes is amended to read:
560.60 (4) "Eligible recipient" means a governing body or a person who is eligible to receive a grant or loan under s. 560.62, a grant or loan under s. 560.63 or a grant or loan under s. 560.65 560.61.
20,3587 Section 3587. 560.60 (8) of the statutes is repealed.
20,3588 Section 3588. 560.60 (10) of the statutes is repealed.
20,3589 Section 3589. 560.60 (11) of the statutes is repealed.
20,3590 Section 3590. 560.60 (13) of the statutes is repealed.
20,3591 Section 3591. 560.60 (15) of the statutes is amended to read:
560.60 (15) "Small business" means a business operating for profit, with 250 or fewer than 100 employees, including employees of any subsidiary or affiliated organization.
20,3592 Section 3592. 560.60 (17) of the statutes is repealed.
20,3593 Section 3593. 560.60 (18m) of the statutes is repealed.
20,3594 Section 3594. 560.605 (1) (intro.) of the statutes is amended to read:
560.605 (1) (intro.) The Upon receipt of an application by an eligible recipient, the board may consider any of the following in determining whether to award a grant or loan under s. 560.61 upon the receipt and consideration of an application by an eligible recipient for a project under ss. 560.62 to 560.66, if the board determines all of the following:
20,3595 Section 3595. 560.605 (1) (a) of the statutes is amended to read:
560.605 (1) (a) The Whether the project serves a public purpose.
20,3596 Section 3596. 560.605 (1) (b) of the statutes is amended to read:
560.605 (1) (b) The Whether the project will retain or increase employment in this state.
20,3597 Section 3597. 560.605 (1) (c) of the statutes is amended to read:
560.605 (1) (c) The Whether the project is not likely to might not occur without the grant or loan.
20,3598 Section 3598. 560.605 (1) (d) of the statutes is amended to read:
560.605 (1) (d) Financing Whether financing is unavailable available from any other another source on reasonably equivalent terms.
20,3599 Section 3599. 560.605 (1) (e) of the statutes is amended to read:
560.605 (1) (e) Except as provided in s. 560.68 (6), the eligible recipient receiving the grant or loan will contribute, from The extent to which the project will be financed with funds not provided by this state, not less than 25% of the cost of the project.
20,3600 Section 3600. 560.605 (1) (f) of the statutes is repealed.
20,3601 Section 3601. 560.605 (1) (g) of the statutes is amended to read:
560.605 (1) (g) Funds Whether funds from the grant or loan under s. 560.62, 560.63, 560.65 or 560.66 will not be used to pay overhead costs, except as provided in s. 560.65 (1m) (b), or to replace funds from any other another source.
20,3602 Section 3602. 560.605 (1) (h) of the statutes is amended to read:
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