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Bills from the 2009–10 session

Senate Bill 692

An income and franchise tax credit for investments in a community development financial institution and granting rule-making authority

Topics: Commerce, Department of, Financial institution, Franchise: Taxation, Income tax: Credit, Insurance

Stopped before the full Senate voted

The recommended passing it, but the full Senate never voted on it. To try again, a lawmaker would have to start a new bill.

  1. Introduced, passed

    Apr 16, 2010

  2. Committee, passed

    Approved

  3. Senate vote, stopped here

    Stopped here. The full Senate never voted on it.

  4. Assembly vote, not reached

  5. Governor, not reached

  6. Law, not reached

Latest entry in the official record, Apr 30, 2010: “Fiscal estimate received”

Read the bill

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What it would have done

Summary by the , the Legislature's nonpartisan drafting office. It's their wording, not ours.

Under this bill, the Department of Commerce (Commerce) may certify a person who makes a qualified investment in a registered community development financial institution (CDFI) to receive a credit against state income and franchise taxes and against license fees paid by insurers. The bill defines a CDFI as an entity that is organized under the laws of this state and has been certified by the Community Development Financial Institutions Fund established under federal law (fund) as meeting certain eligibility requirements. The bill permits Commerce to register a CDFI that applies to Commerce and complies with annual reporting requirements.

The bill defines a "qualified investment" as a loan or deposit that pays no interest of at least $10,000 that is made for a minimum of 60 months and over which the CDFI retains complete control for the duration of the investment period.

Read the full summary

Commerce may revoke the registration of a CDFI that fails to comply with annual reporting requirements or that no longer meets the eligibility requirement for certification by the fund. Commerce may certify up to $500,000 in tax credits in any calendar year.

A person certified to receive tax credits may claim, in two consecutive years, five percent of the person's qualified investment, if the investment is at least $10,000, but not more than $150,000, or six percent of the person's qualified investment, if the investment is more than $150,000, but not more than $500,000. If the person withdraws the qualified investment from the CDFI before the end of the investment period and does not reinvest the qualified investment in another CDFI, the person must repay a portion of the credit amounts that the person received by adding the portion to the person's tax or fee liability in a subsequent year. However, the portion that the person must repay depends on when the person withdraws the investment during the investment period. The portion that the person must repay decreases the longer the person holds the investment during the investment period.

Who's behind it

3 senators are its ⁠. 2 are Democrats and 1 is a Republican.

15 more lawmakers ⁠.

See all 18 names

Authors (3)

Signed on in support (15)

What it would cost

State agencies filed a . Each opens as a PDF from the Legislature.

Versions and amendments

Every text the Legislature printed for this bill, including proposed changes. Each opens on the Legislature's site.

How lawmakers voted

There was one vote on this bill.

Senate Committee on Economic Development vote on an amendment

Passed, 7 to 0 · Apr 19, 2010

No member-by-member record exists for this vote. Committee votes and some older sessions record totals only.

Official motion: “Report introduction and adoption of Senate Amendment 1 recommended by committee on Economic Development, Ayes 7, Noes 0 by committee on Economic Development”. Official record · This vote on its own page

What happened

  1. Apr 30, 2010

    A state agency sent in its estimate of the cost.

  2. Apr 28, 2010

    The session ended, and the bill died with it.

  3. Apr 19, 2010

    The committee voted to recommend passing it, 7 to 0.

  4. Apr 19, 2010

    The committee held a public hearing.

  5. Apr 16, 2010

    Sent to the Senate Committee on Economic Development.

  6. Apr 16, 2010

    Introduced in the Senate.

See the official record, word for word
  1. Apr 16, 2010 · Senate

    Introduced by Senators Lassa, Taylor and Schultz;Cosponsored by Representatives Hilgenberg, Garthwaite, Molepske Jr., Fields, Zigmunt, Berceau, Vruwink, Brooks, Barca, Sinicki, Pasch, Richards, Schneider, Clark and Pope-Roberts

  2. Apr 16, 2010 · Senate

    Read first time and referred to committee on Economic Development

  3. Apr 19, 2010 · Senate

    Public hearing held

  4. Apr 19, 2010 · Senate

    Executive action taken

  5. Apr 19, 2010 · Senate

    Report introduction and adoption of Senate Amendment 1 recommended by committee on Economic Development, Ayes 7, Noes 0 by committee on Economic Development

  6. Apr 19, 2010 · Senate

    Report passage as amended recommended by committee on Economic Development, Ayes 7, Noes 0

  7. Apr 19, 2010 · Senate

    Available for scheduling

  8. Apr 28, 2010 · Senate

    Failed to pass pursuant to Senate Joint Resolution 1

  9. Apr 30, 2010 · Senate

    Fiscal estimate received

Terms on this page

Committee

A small group of lawmakers that looks at a bill first. Most bills never leave committee.

More in the glossary

Senate Joint Resolution 1

The session's calendar. Any bill not passed by its last voting day dies.

Official term: Failed to pass pursuant to SJR 1. More in the glossary

Legislative Reference Bureau

The Legislature's nonpartisan office that drafts bills and writes the summary at the top of each one.

Official term: LRB analysis. More in the glossary

Author

A lawmaker who formally puts a bill forward. The text itself is drafted by the Legislative Reference Bureau.

Official term: Author, coauthor. More in the glossary

Signed on in support

Lawmakers who back a bill without being one of its authors, often from the other chamber.

Official term: Cosponsor. More in the glossary

Cost estimate

A state agency's estimate of what a bill would cost or save.

Official term: Fiscal estimate. More in the glossary

Roll call

A vote where each lawmaker's yes or no is recorded by name.

Official term: Roll call vote. More in the glossary

From the Wisconsin Legislature's official record, checked Sep 15, 2026. See the source

Committee

A small group of lawmakers that looks at a bill first. Most bills never leave committee.

More in the glossary

Senate Joint Resolution 1

The session's calendar. Any bill not passed by its last voting day dies.

Official term: Failed to pass pursuant to SJR 1

More in the glossary

Legislative Reference Bureau

The Legislature's nonpartisan office that drafts bills and writes the summary at the top of each one.

Official term: LRB analysis

More in the glossary

Author

A lawmaker who formally puts a bill forward. The text itself is drafted by the Legislative Reference Bureau.

Official term: Author, coauthor

More in the glossary

Signed on in support

Lawmakers who back a bill without being one of its authors, often from the other chamber.

Official term: Cosponsor

More in the glossary

Cost estimate

A state agency's estimate of what a bill would cost or save.

Official term: Fiscal estimate

More in the glossary

Roll call

A vote where each lawmaker's yes or no is recorded by name.

Official term: Roll call vote

More in the glossary