SB696,8,44 71.47 (5bm) Qualified purchases credit. (a) Definitions. In this subsection:

SB696,8,55 1. "Claimant" means a person who files a claim under this subsection.

SB696,8,76 2. "Qualified new business venture" means a business that is certified under
7s. 238.15 (1).

SB696,8,88 3. "Sales price" has the meaning given in s. 77.51 (15b).

SB696,8,99 4. "Tangible personal property" has the meaning given in s. 77.51 (20).

SB696,8,1510 (b) Filing claims. For taxable years beginning after December 31, 2013, and
11subject to the limitations provided in this subsection, a claimant may claim as a
12credit against the tax imposed under s. 71.43, up to the amount of those taxes, an
13amount, as certified under s. 238.155, equal to 25 percent of the sales price of the
14tangible personal property, goods under s. 77.52 (1) (d), and services that the
15claimant purchased from a qualified new business venture in the taxable year.

SB696,8,1716 (c) Limitations. 1. The maximum amount that a claimant may claim under this
17subsection for a taxable year is $125,000.

SB696,8,1918 2. No credit may be allowed under this subsection unless the claimant includes
19with the claimant's return a copy of the claimant's certification under s. 238.155.

SB696,8,2520 3. The credits under this subsection may not be claimed by a partnership,
21except a publicly traded partnership treated as a corporation under s. 71.22 (1k),
22limited liability company, except a limited liability company treated as a corporation
23under s. 71.22 (1k), or tax-option corporation or by partners, including partners of
24a publicly traded partnership, members of a limited liability company or
25shareholders of a tax-option corporation.

SB696,9,2

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1(d) Administration. Section 71.28 (4) (e) to (h), as it applies to the credit under
2s. 71.28 (4), applies to the credit under this subsection.

SB696,9,44 71.49 (1) (bp) Qualified purchases credit under s. 71.47 (5bm).

SB696,9,127 76.638 (2) (a) Filing claims. For taxable years beginning after December 31,
82008, and before January 1, 2014, subject to the limitations provided under this
9subsection and s. 238.15 or s. 560.205, 2009 stats., an insurer may claim as a credit
10against the fees imposed under s. 76.60, 76.63, 76.65, 76.66, or 76.67, 25 percent of
11the insurer's investment paid to a fund manager that the fund manager invests in
12a business certified under s. 238.15 or s. 560.205 (1), 2009 stats.

SB696,9,2114 76.638 (2) (b) For taxable years beginning after December 31, 2013, subject to
15the limitations provided under this subsection and s. 238.15, an insurer may claim
16as a credit against the fees imposed under s. 76.60, 76.63, 76.65, 76.66, or 76.67, with
17regard to the first $1,000,000 invested by the insurer, 40 percent of the insurer's
18investment paid to a fund manager that the fund manager invests in a business
19certified under s. 238.15 and, with regard to any amount invested by the insurer in
20excess of that first $1,000,000, 25 percent of the insurer's investment paid to a fund
21manager that the fund manager invests in a business certified under s. 238.15.

SB696,9,23 2376.639 Qualified purchases credit. (1) Definitions. In this section:

SB696,9,2524 (a) "Qualified new business venture" means a business that is certified under
25s. 238.15 (1).

SB696,10,1

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1(b) "Sales price" has the meaning given in s. 77.51 (15b).

SB696,10,22 (c) "Tangible personal property" has the meaning given in s. 77.51 (20).

SB696,10,8 3(2) Filing claims. For taxable years beginning after December 31, 2013, and
4subject to the limitations provided in this section, an insurer may claim as a credit
5against the fees imposed under s. 76.60, 76.63, 76.65, 76.66, or 76.67, an amount, as
6certified under s. 238.155, equal to 25 percent of the sales price of the tangible
7personal property, goods under s. 77.52 (1) (d), and services that the insurer
8purchased from a qualified new business venture in the taxable year.

SB696,10,10 9(3) Limitations. 1. The maximum amount that an insurer may claim under
10this section for a taxable year is $125,000.

SB696,10,1211 2. No credit may be allowed under this section unless the insurer includes with
12the insurer's return a copy of the insurer's certification under s. 238.155.

SB696,10,18 13(4) Carry-forward. If the credit under sub. (2) is not entirely offset against the
14fees under s. 76.60, 76.63, 76.65, 76.66, or 76.67 otherwise due, the unused balance
15may be carried forward and credited against those fees for the following 15 years to
16the extent that it is not offset by those fees otherwise due in all the years between
17the year in which the expense was made and the year in which the carry-forward
18credit is claimed.

SB696,10,2320 238.15 (1) (f) 1. b. Processing or assembling products, including medical
21devices, pharmaceuticals, computer software, computer hardware, semiconductors,
22any other innovative technology products, or other products that are produced using
23manufacturing methods that are enabled by applying proprietary technology.

SB696,11,2

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1238.15 (1) (f) 1. c. Services Innovative services that are enabled by applying
2proprietary technology.

SB696,11,74 238.15 (1) (f) 2. It is undertaking pre-commercialization activity related to
5proprietary technology that includes conducting research, developing a new product
6or business process, or developing a service that is principally reliant on applying
7proprietary technology.

SB696,11,149 238.15 (1) (g) It is not primarily engaged in real estate development, insurance,
10banking, lending, lobbying, or political consulting, professional services provided by
11attorneys, accountants, business consultants, physicians, or health care
12consultants, wholesale or retail trade, leisure, hospitality, transportation, or
13construction, except construction of power production plants that derive energy from
14a renewable resource, as defined in s. 196.378 (1) (h).

SB696,12,516 238.15 (2) Early stage seed investment tax credits. The corporation shall
17implement a program to certify investment fund managers for purposes of ss. 71.07
18(5b), 71.28 (5b), 71.47 (5b), and 76.638. An investment fund manager desiring
19certification shall submit an application to the corporation. The investment fund
20manager shall specify in the application the investment amount that the manager
21wishes to raise and the corporation may certify the manager and determine the
22amount that qualifies for purposes of ss. 71.07 (5b), 71.28 (5b), 71.47 (5b), and 76.638.
23In determining whether to certify an investment fund manager, the corporation shall
24consider the investment fund manager's experience in managing venture capital
25funds, the past performance of investment funds managed by the applicant, the

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1expected level of investment in the investment fund to be managed by the applicant,
2and any other relevant factors. The corporation may not consider the expected level
3of investment in the investment fund to be managed. The corporation may certify
4only investment fund managers that commit to consider placing investments in
5businesses certified under sub. (1).

SB696,12,207 238.15 (3) (e) Transfer. A person who is eligible to claim a credit under s. 71.07
8(5b), 71.28 (5b), 71.47 (5b), or 76.638 may sell or otherwise transfer the credit to
9another person who is subject to the taxes or fees imposed under s. 71.02, 71.23,
1071.47, or subch. III of ch. 76, if the person receives prior authorization from the
11investment fund manager and the manager then notifies the corporation and the
12department of revenue of the transfer and submits with the notification a copy of the
13transfer documents. A person who is eligible to claim a credit under s. 71.07 (5d) may
14sell or otherwise transfer the credit to another person who is subject to the taxes or
15fees imposed under s. 71.02 or 71.08 if the person notifies the corporation and the
16department of revenue of the transfer and submits with the notification a copy of the
17transfer documents. No person may sell or otherwise transfer a credit as provided
18in this paragraph more than once in a 12-month period. The corporation may charge
19any person selling or otherwise transferring a credit under this paragraph a fee equal
20to 1 percent of the credit amount sold or transferred.

SB696,12,25 22238.155 Qualified purchases tax credit. (1) Definition. In this section,
23"qualified purchase" means the purchase from a qualified new business venture, as
24defined in s. 238.15 (1), of tangible personal property, as defined in s. 77.51 (20), goods
25under s. 77.52 (1) (d), or services.

SB696,13,5

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1(2) Certification program. (a) The corporation shall develop and implement
2an economic development program to certify qualified purchases for purposes of the
3tax credits under ss. 71.28 (5bm), 71.47 (5bm), and 76.639. A person desiring
4certification under this section shall submit an application to the corporation in each
5taxable year for which the person desires certification.

SB696,13,116 (b) Subject to the limitations under s. 71.28 (5bm), 71.47 (5bm), and 76.639, the
7corporation shall certify for each person submitting an application under par. (a) the
8amount that may be claimed as a tax credit under s. 71.28 (5bm), 71.47 (5bm), or
976.639, if the person submits evidence satisfactory to the corporation demonstrating
10the person's qualified purchases and that the person is otherwise eligible to claim the
11tax credit. The corporation shall provide the person with a copy of the certification.