AB129,27,1211 71.28 (8s) Badger jobs fund bonds credit. (a) Definition. In this subsection,
12"claimant" means a person who files a claim under this subsection.

AB129,27,1713 (b) Filing claims. Subject to the limitations provided in this subsection and s.
14239.11, for taxable years beginning after December 31, 2016, a claimant who
15purchases bonds issued under s. 239.11 (2) and who has been awarded a credit under
16s. 239.14, may claim as a credit against the tax imposed under s. 71.23, up to the
17amount of the tax, the amount determined under s. 239.14.

AB129,28,218 (c) Limitations. Partnerships, limited liability companies, and tax-option
19corporations may not claim the credit under this subsection, but the eligibility for,
20and the amount of, the credit are based on their purchase of bonds issued under s.
21239.11 (2) for which a credit has been awarded under s. 239.14. A partnership,
22limited liability company, or tax-option corporation shall compute the amount of
23credit that each of its partners, members, or shareholders may claim and shall
24provide that information to each of them. Partners, members of limited liability

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1companies, and shareholders of tax-option corporations may claim the credit in
2proportion to their ownership interests.

AB129,28,83 (d) Carry-forward. 1. If a credit computed under this subsection is not entirely
4offset against Wisconsin income or franchise taxes otherwise due, the unused
5balance may be carried forward and credited against Wisconsin income or franchise
6taxes otherwise due for the following taxable years to the extent not offset by these
7taxes otherwise due in all intervening years between the year in which the expense
8was incurred and the year in which the carry-forward credit is claimed.

AB129,28,109 2. The amount of the carry-forward computed under subd. 1. shall be reduced
10by the amount of any credit transferred under par. (e).

AB129,28,1811 (e) Sale of credit. A person who is awarded a credit under s. 239.14, or to whom
12a credit is transferred as provided under this paragraph, may sell or otherwise
13transfer the credit to another person who is subject to the tax imposed under s. 71.02,
1471.23, or 71.43 if the person notifies the department of revenue and the Wisconsin
15Venture Capital Authority created under ch. 239 of the transfer and includes with
16the notification a copy of the transfer documents. No credit may be sold or
17transferred under this paragraph until 180 days after the date on which the person
18becomes eligible to claim the credit.

AB129,28,2019 (f) Administration. 1. Subsection (4) (e), (g), and (h), as it applies to the credit
20under sub. (4), applies to the credit under this subsection.

AB129,28,2121 2. The department shall promulgate rules to administer this subsection.

AB129,28,2323 71.30 (3) (dn) Badger jobs fund bonds credit under s. 71.28 (8s).

AB129,29,4

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171.34 (1k) (g) An addition shall be made for credits computed by a tax-option
2corporation under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1dm), (1ds), (1dx), (1dy),
3(3), (3g), (3h), (3n), (3p), (3q), (3r), (3rm), (3rn), (3t), (3w), (5e), (5f), (5g), (5h), (5i), (5j),
4(5k), (5r), (5rm), and (8r), and (8s) and passed through to shareholders.

AB129,29,137 71.45 (2) (a) 10. By adding to federal taxable income the amount of credit
8computed under s. 71.47 (1dd) to (1dy), (3g), (3h), (3n), (3p), (3q), (3r), (3rm), (3rn),
9(3w), (5e), (5f), (5g), (5h), (5i), (5j), (5k), (5r), (5rm), (8r), (8s), and (9s) and not passed
10through by a partnership, limited liability company, or tax-option corporation that
11has added that amount to the partnership's, limited liability company's, or
12tax-option corporation's income under s. 71.21 (4) or 71.34 (1k) (g) and the amount
13of credit computed under s. 71.47 (1), (3), (3t), (4), (4m), and (5).

AB129,29,1615 71.45 (2) (a) 10c. By adding to federal taxable income the amount of credits
16received from another person under ss. 71.07 (8s) (e), 71.28 (8s) (e), 71.47 (8s) (e).

AB129,29,2018 71.45 (2) (a) 10d. By adding to federal taxable income the amount received for
19the sale or transfer of credits under ss. 71.07 (8s) (e), 71.28 (8s) (e), and 71.47 (8s) (e),
20including the fair market value of property received.

AB129,29,2322 71.45 (2) (a) 10e. By subtracting from federal taxable income the amount of
23credits sold or transferred under ss. 71.07 (8s) (e), 71.28 (8s) (e), and 71.47 (8s) (e).

AB129,30,2

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171.47 (8s) Badger jobs fund bonds credit. (a) Definition. In this subsection,
2"claimant" means a person who files a claim under this subsection.

AB129,30,73 (b) Filing claims. Subject to the limitations provided in this subsection and s.
4239.11, for taxable years beginning after December 31, 2016, a claimant who
5purchases bonds issued under s. 239.11 (2) and who has been awarded a credit under
6s. 239.14, may claim as a credit against the tax imposed under s. 71.43, up to the
7amount of the tax, the amount determined under s. 239.14.

AB129,30,168 (c) Limitations. Partnerships, limited liability companies, and tax-option
9corporations may not claim the credit under this subsection, but the eligibility for,
10and the amount of, the credit are based on their purchase of bonds issued under s.
11239.11 (2) for which a credit has been awarded under s. 239.14. A partnership,
12limited liability company, or tax-option corporation shall compute the amount of
13credit that each of its partners, members, or shareholders may claim and shall
14provide that information to each of them. Partners, members of limited liability
15companies, and shareholders of tax-option corporations may claim the credit in
16proportion to their ownership interests.

AB129,30,2217 (d) Carry-forward. 1. If a credit computed under this subsection is not entirely
18offset against Wisconsin income or franchise taxes otherwise due, the unused
19balance may be carried forward and credited against Wisconsin income or franchise
20taxes otherwise due for the following taxable years to the extent not offset by these
21taxes otherwise due in all intervening years between the year in which the expense
22was incurred and the year in which the carry-forward credit is claimed.

AB129,30,2423 2. The amount of the carry-forward computed under subd. 1. shall be reduced
24by the amount of any credit transferred under par. (e).

AB129,31,8

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1(e) Sale of credit. A person who is awarded a credit under s. 239.14, or to whom
2a credit is transferred as provided under this paragraph, may sell or otherwise
3transfer the credit to another person who is subject to the tax imposed under s. 71.02,
471.23, or 71.43 if the person notifies the department of revenue and the Wisconsin
5Venture Capital Authority created under ch. 239 of the transfer and includes with
6the notification a copy of the transfer documents. No credit may be sold or
7transferred under this paragraph until 180 days after the date on which the person
8becomes eligible to claim the credit.

AB129,31,109 (f) Administration. 1. Section 71.28 (4) (e), (g), and (h), as it applies to the credit
10under s. 71.28 (4), applies to the credit under this subsection.

AB129,31,1111 2. The department shall promulgate rules to administer this subsection.

AB129,31,1313 71.49 (1) (dn) Badger jobs fund bonds credit under s. 71.47 (8s).

AB129,31,20 1573.033 Jobs now fund and badger jobs fund investments; withholding
16tax determinations. (1) (a) The department of revenue, in consultation with the
17Wisconsin Venture Capital Authority created under ch. 239, shall determine the
18amount of the withholding taxes under subch. X of ch. 71 paid by each business that
19receives an investment under s. 239.13 (2) for the year prior to the first year in which
20each business receives the investment.

AB129,32,321 (b) Each year, for 15 years following the first year in which a business receives
22an investment under s. 239.13 (2), the department shall credit to the appropriation
23account under s. 20.195 (1) (g) an amount equal to 50 percent of the increase, if any,
24in withholding taxes under subch. X of ch. 71 paid by all businesses that receive
25investments under s. 239.13 (2) over the amount determined for all such businesses

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1under par. (a). The department shall credit the amounts determined under this
2subsection on a quarterly basis based on its estimate of the total annual increase in
3the withholding taxes described in this subsection.

AB129,32,8 4(2) (a) The department of revenue, in consultation with the Wisconsin Venture
5Capital Authority created under ch. 239, shall determine the amount of the
6withholding taxes under subch. X of ch. 71 paid by each business that receives an
7investment under s. 239.23 (2) for the year prior to the first year in which each
8business receives the investment.

AB129,32,169 (b) Each year, for 15 years following the first year in which a business receives
10an investment under s. 239.23 (2), the department shall credit to the appropriation
11account under s. 20.195 (1) (g) an amount equal to 50 percent of the increase, if any,
12in withholding taxes under subch. X of ch. 71 paid by all businesses that receive
13investments under s. 239.23 (2) over the amount determined for all such businesses
14under par. (a). The department shall credit the amounts determined under this
15subsection on a quarterly basis based on its estimate of the total annual increase in
16the withholding taxes described in this subsection.

AB129,32,19 1876.634 Credit for jobs now fund investments. (1) Definitions. In this
19section:

AB129,32,2020 (a) "Allocation date" has the meaning given in s. 239.20 (2).

AB129,32,2121 (b) "Certified jobs now fund" has the meaning given in s. 239.20 (3).

AB129,32,2222 (c) "Designated capital" has the meaning given in s. 239.20 (4).

AB129,33,3 23(2) Credit. Subject to the limitations provided in this section and s. 239.22, for
24taxable years beginning after December 31, 2013, an insurer who makes an
25investment of designated capital and who has been awarded a credit under s. 239.22

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1(2) (a), may claim as a credit against the fees imposed under s. 76.60, 76.63, 76.65,
276.66, or 76.67, up to the amount of such fees, the amount determined under s. 239.22
3(2) (b).

AB129,33,9 4(3) Carry-forward. If the credit under sub. (2) is not entirely offset against the
5fees under s. 76.60, 76.63, 76.65, 76.66 or 76.67 otherwise due, the unused balance
6may be carried forward and credited against those fees in the following years to the
7extent that it is not offset by those fees otherwise due in all the years between the
8year in which the initial credit is claimed and the year in which the carry-forward
9credit is claimed.

AB129,33,17 10(4) Recapture. If a certified jobs now fund in which the insurer's designated
11capital has been invested is decertified under s. 239.26 (2) (b) and the jobs now fund
12has not made the investments required under s. 239.23 (4) (a) and (b) within 4 years
13after the allocation date for the insurer's investment, any insurer that has received
14a credit under this section with the same allocation date with respect to such
15decertified jobs now fund shall repay the credit amount to the commissioner of
16insurance, for deposit into the general fund, and may not claim any more credits
17under this section with respect to the decertified jobs now fund.

AB129,34,3 18(5) Sale of credit. An insurer who is awarded a credit under s. 239.22 (2) (a),
19or to whom a credit is sold or transferred as provided under this subsection, may sell
20or otherwise transfer the credit to another insurer who is subject to the fees imposed
21under s. 76.60, 76.63, 76.65, 76.66, or 76.67 if the insurer notifies the commissioner
22of insurance and the Wisconsin Venture Capital Authority created under ch. 239 of
23the sale or transfer and includes with the notification a copy of the sale or transfer
24documents. If a credit that has been sold or transferred under this subsection is
25subject to recapture under sub. (4), the person who claimed the credit is liable for the

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1repayment provided under sub. (4). No credit may be sold or transferred under this
2subsection until 180 days after the date on which the person becomes eligible to claim
3the credit.

AB129,34,145 76.67 (2) If any domestic insurer is licensed to transact insurance business in
6another state, this state may not require similar insurers domiciled in that other
7state to pay taxes greater in the aggregate than the aggregate amount of taxes that
8a domestic insurer is required to pay to that other state for the same year less the
9credits under ss. 76.634, 76.635, 76.636, 76.637, 76.638, and 76.655, except that the
10amount imposed shall not be less than the total of the amounts due under ss. 76.65
11(2) and 601.93 and, if the insurer is subject to s. 76.60, 0.375% of its gross premiums,
12as calculated under s. 76.62, less offsets allowed under s. 646.51 (7) or under ss.
1376.634, 76.635, 76.636, 76.637, 76.638, and 76.655 against that total, and except that
14the amount imposed shall not be less than the amount due under s. 601.93.

AB129,34,2117 77.54 (9a) (a) This state or any agency thereof, the University of Wisconsin
18Hospitals and Clinics Authority, the Wisconsin Aerospace Authority, the Health
19Insurance Risk-Sharing Plan Authority, the Wisconsin Economic Development
20Corporation, the Wisconsin Venture Capital Authority, and the Fox River
21Navigational System Authority.

AB129,35,1323 77.92 (4) "Net business income," with respect to a partnership, means taxable
24income as calculated under section 703 of the Internal Revenue Code; plus the items
25of income and gain under section 702 of the Internal Revenue Code, including taxable

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1state and municipal bond interest and excluding nontaxable interest income or
2dividend income from federal government obligations; minus the items of loss and
3deduction under section 702 of the Internal Revenue Code, except items that are not
4deductible under s. 71.21; plus guaranteed payments to partners under section 707
5(c) of the Internal Revenue Code; plus the credits claimed under s. 71.07 (2dd), (2de),
6(2di), (2dj), (2dL), (2dm), (2dr), (2ds), (2dx), (2dy), (3g), (3h), (3n), (3p), (3q), (3r),
7(3rm), (3rn), (3s), (3t), (3w), (5e), (5f), (5g), (5h), (5i), (5j), (5k), (5r), (5rm), and (8r),
8and (8s); and plus or minus, as appropriate, transitional adjustments, depreciation
9differences, and basis differences under s. 71.05 (13), (15), (16), (17), and (19); but
10excluding income, gain, loss, and deductions from farming. "Net business income,"
11with respect to a natural person, estate, or trust, means profit from a trade or
12business for federal income tax purposes and includes net income derived as an
13employee as defined in section 3121 (d) (3) of the Internal Revenue Code.

AB129,35,2516 100.45 (1) (dm) "State agency" means any office, department, agency,
17institution of higher education, association, society, or other body in state
18government created or authorized to be created by the constitution or any law which
19is entitled to expend moneys appropriated by law, including the legislature and the
20courts, the Wisconsin Housing and Economic Development Authority, the Bradley
21Center Sports and Entertainment Corporation, the University of Wisconsin
22Hospitals and Clinics Authority, the Wisconsin Health and Educational Facilities
23Authority, the Wisconsin Aerospace Authority, the Wisconsin Economic
24Development Corporation, the Wisconsin Venture Capital Authority, and the Fox
25River Navigational System Authority.

AB129,36,133 101.177 (1) (d) "State agency" means any office, department, agency,
4institution of higher education, association, society, or other body in state
5government created or authorized to be created by the constitution or any law, that
6is entitled to expend moneys appropriated by law, including the legislature and the
7courts, the Wisconsin Housing and Economic Development Authority, the Bradley
8Center Sports and Entertainment Corporation, the University of Wisconsin
9Hospitals and Clinics Authority, the Wisconsin Aerospace Authority, the Wisconsin
10Economic Development Corporation, the Wisconsin Venture Capital Authority, and
11the Wisconsin Health and Educational Facilities Authority, but excluding the Health
12Insurance Risk-Sharing Plan Authority and the Lower Fox River Remediation
13Authority.

AB129,36,2516 230.03 (3) "Agency" means any board, commission, committee, council, or
17department in state government or a unit thereof created by the constitution or
18statutes if such board, commission, committee, council, department, unit, or the
19head thereof, is authorized to appoint subordinate staff by the constitution or
20statute, except a legislative or judicial board, commission, committee, council,
21department, or unit thereof or an authority created under subch. II of ch. 114 or
22subch. III of ch. 149 or under ch. 231, 232, 233, 234, 235, 237, 238, 239, or 279.
23"Agency" does not mean any local unit of government or body within one or more local
24units of government that is created by law or by action of one or more local units of
25government.

AB129,37,7 7239.01 Definitions. In this chapter, except as otherwise provided:

AB129,37,8 8(1) "Authority" means the Wisconsin Venture Capital Authority.

AB129,37,9 9(2) "Board" means the board of directors of the authority.

AB129,37,12 10239.02 Creation and organization of authority. (1) There is created a
11public body corporate and politic to be known as the "Wisconsin Venture Capital
12Authority." The members of the board shall consist of the following:

AB129,37,1413 (a) The chief executive officer of the Wisconsin Economic Development
14Corporation.

AB129,37,1715 (b) Four persons from the private sector, at least 3 of whom shall have venture
16capital, investment banking, or substantial entrepreneurial experience, nominated
17by the governor and appointed with the advice and consent of the senate.

AB129,37,1918 (c) One member appointed by the speaker of the assembly who shall have
19venture capital, investment banking, or substantial entrepreneurial experience.

AB129,37,2120 (d) One member appointed by the senate majority leader who shall have
21venture capital, investment banking, or substantial entrepreneurial experience.

AB129,37,23 22(2) The members of the board appointed by the governor, the speaker of the
23assembly, and the senate majority leader shall serve 3-year terms.

AB129,38,2 24(3) A majority of the members of the board constitutes a quorum for the purpose
25of conducting its business and exercising its powers and for all other purposes,

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1notwithstanding the existence of any vacancies. Action may be taken by the board
2upon a vote of a majority of the members present.

AB129,38,4 3(4) A vacancy on the board shall be filled in the same manner as the original
4appointment to the board for the remainder of the unexpired term, if any.

AB129,38,7 5(5) A member of the board may not be compensated for the member's services
6but shall be reimbursed for actual and necessary expenses, including travel
7expenses, incurred in the performance of the member's duties.

AB129,38,11 8(6) No cause of action may arise against and no civil liability may be imposed
9upon a member of the board for any act or omission in the performance of the
10member's powers and duties under this chapter, unless the person asserting liability
11proves that the act or omission constitutes willful misconduct.

AB129,38,13 12(7) Annually, the governor shall appoint one member as chairperson of the
13board.

AB129,38,18 14(8) The board may hire an executive director. The board may delegate to the
15executive director or any other employee of the authority any powers or duties the
16board considers proper. All powers and duties assigned to the authority under this
17chapter shall be exercised or carried out by the board, unless the board delegates the
18power or duty to an employee of the authority.

AB129,38,22 19239.03 Powers of authority. The authority shall have all the powers
20necessary or convenient to carry out the purposes and provisions of this chapter. In
21addition to all other powers granted the authority under this chapter, the authority
22may specifically:

AB129,38,24 23(1) Adopt, amend, and repeal any bylaws, policies, and procedures for the
24regulation of its affairs and the conduct of its business.

AB129,38,25 25(2) Have a seal and alter the seal at pleasure.

AB129,39,1

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1(3) Maintain an office.

AB129,39,2 2(4) Sue and be sued.

AB129,39,4 3(5) Accept gifts, grants, loans, or other contributions from private or public
4sources.

AB129,39,6 5(6) Establish the annual budget of the authority and monitor its fiscal
6management.

AB129,39,9 7(7) Execute contracts and other instruments required for the operation of the
8authority, including contracts with the Wisconsin Economic Development
9Corporation.

AB129,39,11 10(8) Employ any officers, agents, and employees that it may require and
11determine their qualifications, duties, and compensation.

AB129,39,12 12(9) Issue notes, bonds, and any other obligations.

AB129,39,13 13(10) Make loans and provide grants.

AB129,39,14 14(11) Incur debt.

AB129,39,15 15(12) Procure liability insurance.