SB463-ASA1,4,1310 (e) If, after investigation and an opportunity for hearing, a state agency
11determines that a grant recipient has misused the grant or obtained or attempted
12to obtain the grant through fraud or deceit, the state agency may do any of the
13following:

SB463-ASA1,4,1414 1. Recover payments made to the recipient.

SB463-ASA1,4,1515 2. Withhold payments to be made to the recipient.

SB463-ASA1,4,1616 3. Assess a forfeiture against the recipient.

SB463-ASA1,4,2018 20.835 (2) (ba) Early stage seed and angel investment credits. A sum sufficient
19to make the payments under ss. 71.07 (5b) (d) 4. and (5d) (d) 5., 71.28 (5b) (d) 4., and
2071.47 (5b) (d) 4.

SB463-ASA1,4,2422 71.07 (5b) (d) 1. Section For taxable years beginning before January 1, 2012,
23s. 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit
24under this subsection.

SB463-ASA1,5,3

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171.07 (5b) (d) 1m. For taxable years beginning after December 31, 2011, s.
271.28 (4) (e), (g), and (h), as it applies to the credit under s. 71.28 (4), applies to the
3credit under this subsection.

SB463-ASA1,5,106 71.07 (5b) (d) 3. For Except as provided under s. 238.15 (3) (d) (intro.), for
7investments made after December 31, 2007, if an investment for which a claimant
8claims a credit under par. (b) is held by the claimant for less than 3 years, the
9claimant shall pay to the department, in the manner prescribed by the department,
10the amount of the credit that the claimant received related to the investment.

SB463-ASA1,5,1712 71.07 (5b) (d) 4. For taxable years beginning after December 31, 2011, if the
13allowable amount of the claim under par. (b) exceeds the tax otherwise due under s.
1471.02 or 71.08, the amount of the claim not used to offset the tax due shall be certified
15by the department of revenue to the department of administration for payment by
16check, share draft, or other draft drawn from the appropriation account under s.
1720.835 (2) (ba).

SB463-ASA1,5,2521 71.07 (5d) (d) 1. For Except as provided under s. 238.15 (3) (d) (intro.), for
22investments made after December 31, 2007, if an investment for which a claimant
23claims a credit under par. (b) is held by the claimant for less than 3 years, the
24claimant shall pay to the department, in the manner prescribed by the department,
25the amount of the credit that the claimant received related to the investment.

SB463-ASA1,6,42 71.07 (5d) (d) 2. Section For taxable years beginning before January 1, 2012,
3s. 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit
4under this subsection.

SB463-ASA1,6,86 71.07 (5d) (d) 2m. For taxable years beginning after December 31, 2011, s.
771.28 (4) (e), (g), and (h), as it applies to the credit under s. 71.28 (4), applies to the
8credit under this subsection.

SB463-ASA1,6,1510 71.07 (5d) (d) 5. For taxable years beginning after December 31, 2011, if the
11allowable amount of the claim under par. (b) exceeds the tax otherwise due under s.
1271.02 or 71.08, the amount of the claim not used to offset the tax due shall be certified
13by the department of revenue to the department of administration for payment by
14check, share draft, or other draft drawn from the appropriation account under s.
1520.835 (2) (ba).

SB463-ASA1,6,1817 71.10 (4) (gwb) Early stage seed investment credit under s. 71.07 (5b), except
18as provided under par. (i).

SB463-ASA1,6,2120 71.10 (4) (gx) Angel investment credit under s. 71.07 (5d), except as provided
21under par. (i).

SB463-ASA1,7,1123 71.10 (4) (i) The total of claim of right credit under s. 71.07 (1), farmland
24preservation credit under ss. 71.57 to 71.61, farmland preservation credit, 2010 and
25beyond under s. 71.613, homestead credit under subch. VIII, farmland tax relief

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1credit under s. 71.07 (3m), dairy manufacturing facility investment credit under s.
271.07 (3p), jobs tax credit under s. 71.07 (3q), meat processing facility investment
3credit under s. 71.07 (3r), woody biomass harvesting and processing credit under s.
471.07 (3rm), food processing plant and food warehouse investment credit under s.
571.07 (3rn), early stage seed investment credit under s. 71.07 (5b) (d) 4., angel
6investment credit under s. 71.07 (5d) (d) 5., film production services credit under s.
771.07 (5f), film production company investment credit under s. 71.07 (5h), veterans
8and surviving spouses property tax credit under s. 71.07 (6e), enterprise zone jobs
9credit under s. 71.07 (3w), beginning farmer and farm asset owner tax credit under
10s. 71.07 (8r), earned income tax credit under s. 71.07 (9e), estimated tax payments
11under s. 71.09, and taxes withheld under subch. X.

SB463-ASA1,7,1513 71.28 (5b) (d) 1. Subsection For taxable years beginning before January 1,
142012, sub. (4) (e) to (h), as it applies to the credit under sub. (4), applies to the credit
15under this subsection.

SB463-ASA1,7,1917 71.28 (5b) (d) 1m. For taxable years beginning after December 31, 2011, sub.
18(4) (e), (g), and (h), as it applies to the credit under sub. (4), applies to the credit under
19this subsection.

SB463-ASA1,8,222 71.28 (5b) (d) 3. For Except as provided under s. 238.15 (3) (d) (intro.), for
23investments made after December 31, 2007, if an investment for which a claimant
24claims a credit under par. (b) is held by the claimant for less than 3 years, the

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1claimant shall pay to the department, in the manner prescribed by the department,
2the amount of the credit that the claimant received related to the investment.

SB463-ASA1,8,94 71.28 (5b) (d) 4. For taxable years beginning after December 31, 2011, if the
5allowable amount of the claim under par. (b) exceeds the tax otherwise due under s.
671.23, the amount of the claim not used to offset the tax due shall be certified by the
7department of revenue to the department of administration for payment by check,
8share draft, or other draft drawn from the appropriation account under s. 20.835 (2)
9(ba).

SB463-ASA1,8,1211 71.30 (3) (eop) Early stage seed investment credit under s. 71.28 (5b), except
12as provided under par. (f).

SB463-ASA1,8,2314 71.30 (3) (f) The total of farmland preservation credit under subch. IX,
15farmland tax relief credit under s. 71.28 (2m), dairy manufacturing facility
16investment credit under s. 71.28 (3p), jobs credit under s. 71.28 (3q), meat processing
17facility investment credit under s. 71.28 (3r), woody biomass harvesting and
18processing credit under s. 71.28 (3rm), food processing plant and food warehouse
19investment credit under s. 71.28 (3rn), enterprise zone jobs credit under s. 71.28
20(3w), early stage seed investment credit under s. 71.28 (5b) (d) 4., film production
21services credit under s. 71.28 (5f), film production company investment credit under
22s. 71.28 (5h), beginning farmer and farm asset owner tax credit under s. 71.28 (8r),
23and estimated tax payments under s. 71.29.

SB463-ASA1,9,3

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171.47 (5b) (d) 1. Section For taxable years beginning before January 1, 2012,
2s. 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit
3under this subsection.

SB463-ASA1,9,75 71.47 (5b) (d) 1m. For taxable years beginning after December 31, 2011, s.
671.28 (4) (e), (g), and (h), as it applies to the credit under s. 71.28 (4), applies to the
7credit under this subsection.

SB463-ASA1,9,1410 71.47 (5b) (d) 3. For Except as provided under s. 238.15 (3) (d) (intro.), for
11investments made after December 31, 2007, if an investment for which a claimant
12claims a credit under par. (b) is held by the claimant for less than 3 years, the
13claimant shall pay to the department, in the manner prescribed by the department,
14the amount of the credit that the claimant received related to the investment.

SB463-ASA1,9,2116 71.47 (5b) (d) 4. For taxable years beginning after December 31, 2011, if the
17allowable amount of the claim under par. (b) exceeds the tax otherwise due under s.
1871.43, the amount of the claim not used to offset the tax due shall be certified by the
19department of revenue to the department of administration for payment by check,
20share draft, or other draft drawn from the appropriation account under s. 20.835 (2)
21(ba).

SB463-ASA1,9,2423 71.49 (1) (eop) Early stage seed investment credit under s. 71.47 (5b), except
24as provided under par. (f).

SB463-ASA1,10,10

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171.49 (1) (f) The total of farmland preservation credit under subch. IX,
2farmland tax relief credit under s. 71.47 (2m), dairy manufacturing facility
3investment credit under s. 71.47 (3p), jobs credit under s. 71.47 (3q), meat processing
4facility investment credit under s. 71.47 (3r), woody biomass harvesting and
5processing credit under s. 71.47 (3rm), food processing plant and food warehouse
6investment credit under s. 71.47 (3rn), enterprise zone jobs credit under s. 71.47
7(3w), early stage seed investment credit under s. 71.47 (5b) (d) 4., film production
8services credit under s. 71.47 (5f), film production company investment credit under
9s. 71.47 (5h), beginning farmer and farm asset owner tax credit under s. 71.47 (8r),
10and estimated tax payments under s. 71.48.

SB463-ASA1,10,2113 73.03 (63) Notwithstanding the amount limitations specified under s. 71.07
14(5d) (c) 1. and s. 238.15 (3) (d) or s. 560.205 (3) (d), 2009 stats., in consultation with
15the department of commerce or the Wisconsin Economic Development Corporation,
16to carry forward to subsequent taxable years unclaimed credit amounts of the early
17stage seed investment credits under ss. 71.07 (5b), 71.28 (5b), 71.47 (5b), and 76.638
18and the angel investment credit under s. 71.07 (5d). Annually, no later than July 1,
19the department of commerce or the Wisconsin Economic Development Corporation
20shall submit to the department of revenue its recommendations for the carry forward
21of credit amounts as provided under this subsection.

SB463-ASA1,11,724 238.15 (1) Angel investment tax credits. (intro.) The corporation shall
25implement a program to certify businesses for purposes of s. 71.07 (5d). A business

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1desiring certification shall submit an application to the corporation in each taxable
2year for which the business desires certification. The business shall specify in its
3application the investment amount it wishes to raise and the corporation may certify
4the business and determine the amount that qualifies for purposes of s. 71.07 (5d).
5 A business may be certified under this subsection, and may maintain such
6certification, The corporation may certify or recertify a business for purposes of s.
771.07 (5d) only if the business satisfies all of the following conditions:

SB463-ASA1,11,1110 238.15 (1) (h) It At the time it is initially certified under this subsection, it has
11less than 100 employees.

SB463-ASA1,11,1514 238.15 (1) (j) It At the time it is initially certified under this subsection, it has
15been in operation in this state for not more than 10 consecutive years.

SB463-ASA1,11,2018 238.15 (1) (km) It has not received aggregate private equity investment in cash
19of more than $10,000,000 prior to being before it is initially certified under this
20subsection.

SB463-ASA1,12,322 238.15 (1) (m) 1. It agrees that it will not relocate outside of this state during
23the 3 years after it receives an investment for which a person may claim a tax credit
24under s. 71.07 (5d) and agrees to pay the corporation a penalty, in an amount
25determined under subd. 2., if the business relocates outside of this state during that

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13-year period. For the purposes of this paragraph, a business relocates outside of
2this state when the business locates more than 51 percent of any of the following
3outside of this state:

SB463-ASA1,12,44 a. The business's employees.

SB463-ASA1,12,55 b. The business's total payroll.

SB463-ASA1,12,76 c. The activities of the business's headquarters, as determined by the
7corporation.

SB463-ASA1,12,88 2. The amount of a penalty payment under subd. 1. is any of the following:

SB463-ASA1,12,109 a. If the relocation occurs less than 12 months after the investment, 100 percent
10of the tax credit that was claimed under s. 71.07 (5d) as the result of the investment.

SB463-ASA1,12,1311 b. If the relocation occurs 12 months or more after the investment but less than
1224 months after the investment, 80 percent of the tax credit that was claimed under
13s. 71.07 (5d) as the result of the investment.

SB463-ASA1,12,1614 c. If the relocation occurs occurs 24 months or more after the investment but
15less than 36 months after the investment, 60 percent of the tax credit that was
16claimed under s. 71.07 (5d) as the result of the investment.

SB463-ASA1,13,2419 238.15 (3) (d) Rules. (intro.) The corporation, in consultation with the
20department of revenue, shall adopt rules to administer this section. The rules shall
21further define "bona fide angel investment" for purposes of s. 71.07 (5d) (a) 1. The
22rules shall limit the aggregate amount of tax credits under s. 71.07 (5d) that may be
23claimed for investments in businesses certified under sub. (1) at $3,000,000 per
24calendar year for calendar years beginning after December 31, 2004, and before
25January 1, 2008, $5,500,000 per calendar year for calendar years beginning after

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1December 31, 2007, and before January 1, 2010, $6,500,000 for calendar year 2010,
2and $20,000,000 per calendar year for calendar years beginning after December 31,
32010, plus, for taxable years beginning after December 31, 2010, an additional
4$250,000 for tax credits that may be claimed for investments in nanotechnology
5businesses certified under sub. (1). The rules shall also limit the aggregate amount
6of the tax credits under ss. 71.07 (5b), 71.28 (5b), 71.47 (5b), and 76.638 that may be
7claimed for investments paid to fund managers certified under sub. (2) at $3,500,000
8per calendar year for calendar years beginning after December 31, 2004, and before
9January 1, 2008, $6,000,000 per calendar year for calendar years beginning after
10December 31, 2007, and before January 1, 2010, $8,000,000 for calendar year 2010,
11and $20,500,000 per calendar year for calendar years beginning after December 31,
122010, plus, for taxable years beginning after December 31, 2010, an additional
13$250,000 for tax credits that may be claimed for investments in nanotechnology
14businesses certified under sub. (1). The rules shall also provide that, for calendar
15years beginning after December 31, 2007, no a person may receive who receives a
16credit under ss. 71.07 (5b) and (5d), 71.28 (5b), 71.47 (5b), or 76.638 unless the
17person's must keep the investment is kept in a certified business, or with a certified
18fund manager, for no less than 3 years, unless the person's investment becomes
19worthless, as determined by the corporation, during the 3-year period or the person
20has kept the investment for no less than 12 months and a bona fide liquidity event,
21as determined by the corporation, occurs during the 3-year period. The rules shall
22permit the corporation to reallocate credits under this section that are unused in any
23calendar year to a person eligible for tax benefits, as defined under s. 238.16 (1) (d),
24if all of the following apply: