AB 701

Under current law, the Wisconsin Economic Development Corporation (WEDC)

administers, develops, and implements economic development programs that have

the purpose of encouraging the establishment and growth of businesses in this state,

including programs under which WEDC allocates tax credits. Each year, WEDC

submits a report by October l to the Joint Legislative Audit Committee and each

house of the legislature that provides information about the progress of WEDC's

economic development programs during the previous fiscal year. That report must

contain all of the following:

1. A description of each program.

2. A comparison of expected and actual program outcomes.

3. The number of grants made under each program.

4. The number of loans made under each program.

5. The amount of each grant or loan.

6. The recipient of each grant or loan.

7. The sum total of all grants and loans awarded to and received by each

recipient under an economic development program.

8. Any recommended changes to each program.

This bill requires WEDC to submit the following additional information in its

annual report:

1. Quantifiable performance measures directly related to the purpose of each

economic development program, including an accounting of the location, by

municipality, of each job created or retained in the state in the previous fiscal year

as a result of the program and an accounting of the industry classification, by

municipality, of each job created or retained in the state in the previous fiscal year

as a result of the program.

2. The amount of tax benefits that were allocated by WEDC or that WEDC

verified to the Department of Revenue (DOR) under each program in the previous

fiscal year.

3. An identification of each recipient of a tax benefit that was allocated to the

recipient by WEDC or that WEDC verified to DOR during the previous fiscal year.