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Bills · 2013-2014 Regular Session

AB 181

Became law Official bill text Atom feed

Relating to: venture capital investment program. (FE)

Administration, department of — Budget and fiscal issues Business Contracts Economic development corporation, wisconsin Investment board Investment, government fund Legislative audit bureau Legislature — Finance, joint committee on Reports

  1. Introduced, completed
  2. Passes Assembly, completed
  3. Passes Senate, completed
  4. Governor signs, completed
  5. Law, completed

Unfamiliar terms? Glossary

What this bill does

Plain-language analysis by the nonpartisan Legislative Reference Bureau

This bill directs the Wisconsin Economic Development Corporation (WEDC) to

establish an economic development program that operates like what is often referred

to as a "fund of funds." Typically, under a fund of funds investment model, an

investment fund invests moneys with other investment funds that in turn invest

those moneys directly in operating businesses. Under this bill, WEDC must contract

with an investment manager to manage investments in venture capital funds and

Wisconsin businesses.

Before WEDC contracts with an investment manager, WEDC and the State of

Wisconsin Investment Board (SWIB) must form a committee to select the investment

manager. A majority of the committee's members must be representatives of SWIB.

WEDC's proposed contract with the investment manager is subject to passive review

by the Joint Committee on Finance (JCF). However, under the bill, JCF's review of

the contract is limited to determining whether the contract is contrary to the bill or

fails to implement an applicable provision of the bill.

The bill requires WEDC to pay $25,000,000 to the investment manager for

investments in venture capital funds. The bill also requires the investment manager

to contribute to those investments $300,000 of its own moneys and $5,000,000 raised

from other funding sources. The investment manager must attempt to invest all of

those moneys within 24 months after the date the investment manager executes the

contract with the corporation, and the investment manager must invest those

moneys in at least four different venture capital funds. The investment manager

may not invest more than $10,000,000 in any one venture capital fund.

The bill requires the investment manager to contract with each venture capital

fund that receives moneys under the program created in the bill. Under that

contract, each venture capital fund must do all of the following:

1. Invest all of the moneys the venture capital fund receives under the program

in businesses that are headquartered in Wisconsin and employ at least 50 percent

of their full-time employees in Wisconsin and invest at least one-half of those

moneys in businesses that employ fewer than 150 full-time employees when the

venture capital fund first invests in the business under the program. If, within three

years after the venture capital fund makes an investment in a business under the

program, the business relocates its headquarters outside of Wisconsin or fails to

employ at least 50 percent of its full-time employees in Wisconsin, the venture

capital fund must recover the total amount of moneys the venture capital fund

invested in the business under the program, including any matching funds, and

reinvest those moneys in one or more eligible businesses, subject to the bill's

requirements.

2. Invest at least one-half of those moneys in businesses within 24 months after

the venture capital fund receives the moneys and invest all of the moneys in

businesses within 48 months.

What it would cost

Fiscal estimates filed by state agencies, as official PDFs

Sponsors

Introduced by: A. Ott (R) , Bies (R) , Brooks (R) , Clark (D) , Endsley (R) , Honadel (R) , J. Ott (R) , Jagler (R) , Kahl (D) , Kleefisch (R) , Klenke (R) , Kolste (D) , Kuglitsch (R) , LeMahieu (R) , Nygren (R) , Petryk (R) , Sargent (D) , Schraa (R) , Smith (D) , Stone (R) , Suder (R) , Tauchen (R) , Tittl (R)

9 cosponsors

Darling (R) , Gudex (R) , L. Taylor (D) , Leibham (R) , Miller (D) , Schultz (R) , Strachota (R) , T. Cullen (D) , Williams, Hintz, Berceau and Vruwink

Votes

Assembly: Report Assembly Amendment 1 adoption recommended by Committee on Jobs, Economy and Mining, Ayes 13, Noes 1

Passed 13–1 May 14, 2013 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Assembly: Report Assembly Amendment 3 adoption recommended by Committee on Jobs, Economy and Mining, Ayes 8, Noes 6

Passed 8–6 May 14, 2013 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Assembly: Report Assembly Amendment 4 adoption recommended by Committee on Jobs, Economy and Mining, Ayes 14, Noes 0

Passed 14–0 May 14, 2013 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Assembly: Report passage as amended recommended by Committee on Jobs, Economy and Mining, Ayes 8, Noes 6

Passed 8–6 May 14, 2013 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Assembly: Assembly Amendment 1 to Assembly Substitute Amendment 1 laid on table, Ayes 57, Noes 38

Passed 57–38 Jun 6, 2013 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Assembly: Assembly Amendment 2 to Assembly Substitute Amendment 1 laid on table, Ayes 57, Noes 37

Passed 57–37 Jun 6, 2013 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Assembly: Assembly Amendment 3 to Assembly Substitute Amendment 1 laid on table, Ayes 57, Noes 37

Passed 57–37 Jun 6, 2013 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Assembly: Read a third time and passed, Ayes 91, Noes 2, Paired 4

Passed 91–2 Jun 6, 2013 official source full page

Aye · 91

Nay · 2

Not voting · 2

Senate: Report adoption of Senate Amendment 1 recommended by Committee on Economic Development and Local Government, Ayes 5, Noes 0

Passed 5–0 Jun 12, 2013 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Senate: Report concurrence as amended recommended by Committee on Economic Development and Local Government, Ayes 5, Noes 0

Passed 5–0 Jun 12, 2013 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Senate: Referred to Joint Committee on Finance by Committee on Senate Organization, pursuant to Senate Rule 41 (1)(e), Ayes 5, Noes 0

Passed 5–0 Jun 17, 2013 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Senate: Withdrawn from joint committee on Finance and made Available for Scheduling by committee on Senate Organization, pursuant to Senate Rule 41 (1)(e), Ayes 5, Noes 0

Passed 5–0 Jun 17, 2013 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Senate: Public hearing requirement waived by committee on Senate Organization, pursuant to Senate Rule 18 (1m), Ayes 5, Noes 0

Passed 5–0 Jun 17, 2013 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Senate: Senate Amendment 3 laid on table, Ayes 18, Noes 14

Passed 18–14 Jun 18, 2013 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Senate: Senate Amendment 4 laid on table, Ayes 18, Noes 14

Passed 18–14 Jun 18, 2013 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Senate: Senate Substitute Amendment 1 laid on table, Ayes 19, Noes 13

Passed 19–13 Jun 18, 2013 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Senate: Read a third time and concurred in as amended, Ayes 29, Noes 3

Passed 29–3 Jun 18, 2013 official source full page

Not voting · 1

Full history

  1. Apr 29, 2013 · Assembly

    Introduced by Representatives Kuglitsch, Clark, Suder, Tauchen, Klenke, J. Ott, Petryk, Kahl, LeMahieu, A. Ott, Jagler, Honadel, Kolste, Bies, Smith, Brooks, Kleefisch, Tittl, Nygren, Sargent, Endsley, Schraa and Stone; cosponsored by Senators Darling, T. Cullen, Leibham, Gudex, Schultz and L. Taylor

  2. Apr 29, 2013 · Assembly

    Read first time and referred to Committee on Jobs, Economy and Mining

  3. Apr 30, 2013 · Assembly

    Representative Strachota added as a coauthor

  4. May 1, 2013 · Assembly

    Public hearing held

  5. May 2, 2013 · Assembly

    Fiscal estimate received

  6. May 2, 2013 · Assembly

    Fiscal estimate received

  7. May 6, 2013 · Assembly

    Assembly Amendment 1 offered by Representatives Kuglitsch and Clark

  8. May 8, 2013 · Assembly

    Assembly Amendment 2 offered by Representatives Zamarripa and Bernard Schaber

  9. May 9, 2013 · Assembly

    Assembly Amendment 3 offered by Representative Bernard Schaber

  10. May 10, 2013 · Assembly

    Executive action taken

  11. May 10, 2013 · Assembly

    Assembly Amendment 4 offered by Representative Clark

  12. May 14, 2013 · Assembly

    Report Assembly Amendment 1 adoption recommended by Committee on Jobs, Economy and Mining, Ayes 13, Noes 1

  13. May 14, 2013 · Assembly

    Report Assembly Amendment 3 adoption recommended by Committee on Jobs, Economy and Mining, Ayes 8, Noes 6

  14. May 14, 2013 · Assembly

    Report Assembly Amendment 4 adoption recommended by Committee on Jobs, Economy and Mining, Ayes 14, Noes 0

  15. May 14, 2013 · Assembly

    Report passage as amended recommended by Committee on Jobs, Economy and Mining, Ayes 8, Noes 6

  16. May 14, 2013 · Assembly

    Referred to Committee on Rules

  17. May 14, 2013 · Assembly

    Made a special order of business at 1:02 PM on 6-4-2013 pursuant to Assembly Resolution 10

  18. May 16, 2013 · Assembly

    Fiscal estimate received

  19. May 29, 2013 · Assembly

    Assembly Substitute Amendment 1 offered by Representatives Kuglitsch and Clark

  20. Jun 6, 2013 · Assembly

    Emergency statement attached by Governor pursuant to s. 16.47(2), Wisconsin Statutes

  21. Jun 6, 2013 · Assembly

    Fiscal estimate received

  22. Jun 6, 2013 · Assembly

    Fiscal estimate received

  23. Jun 6, 2013 · Assembly

    Read a second time

  24. Jun 6, 2013 · Assembly

    Assembly Amendment 1 to Assembly Substitute Amendment 1 offered by Representatives Zamarripa, Barca, Genrich and Bewley

  25. Jun 6, 2013 · Assembly

    Assembly Amendment 1 to Assembly Substitute Amendment 1 laid on table, Ayes 57, Noes 38

  26. Jun 6, 2013 · Assembly

    Assembly Amendment 2 to Assembly Substitute Amendment 1 offered by Representatives Berceau, C. Taylor, Sargent, Genrich, Richards, Pope and Goyke

  27. Jun 6, 2013 · Assembly

    Assembly Amendment 2 to Assembly Substitute Amendment 1 laid on table, Ayes 57, Noes 37

  28. Jun 6, 2013 · Assembly

    Assembly Amendment 3 to Assembly Substitute Amendment 1 offered by Representatives Hintz, C. Taylor, Zamarripa, Pasch, Barca, Bewley and Genrich

  29. Jun 6, 2013 · Assembly

    Assembly Amendment 3 to Assembly Substitute Amendment 1 laid on table, Ayes 57, Noes 37

  30. Jun 6, 2013 · Assembly

    Assembly Substitute Amendment 1 adopted

  31. Jun 6, 2013 · Assembly

    Ordered to a third reading

  32. Jun 6, 2013 · Assembly

    Rules suspended

  33. Jun 6, 2013 · Assembly

    Read a third time and passed, Ayes 91, Noes 2, Paired 4

  34. Jun 6, 2013 · Assembly

    Ordered immediately messaged

  35. Jun 7, 2013 · Senate

    Received from Assembly

  36. Jun 11, 2013 · Senate

    Read first time and referred to committee on Economic Development and Local Government

  37. Jun 11, 2013 · Senate

    Senate Amendment 1 offered by Senator Gudex

  38. Jun 12, 2013 · Senate

    Senate Amendment 2 offered by Senator Lassa

  39. Jun 12, 2013 · Senate

    Executive action taken

  40. Jun 12, 2013 · Senate

    Report adoption of Senate Amendment 1 recommended by Committee on Economic Development and Local Government, Ayes 5, Noes 0

  41. Jun 12, 2013 · Senate

    Report concurrence as amended recommended by Committee on Economic Development and Local Government, Ayes 5, Noes 0

  42. Jun 12, 2013 · Senate

    Available for scheduling

  43. Jun 17, 2013 · Senate

    Referred to Joint Committee on Finance by Committee on Senate Organization, pursuant to Senate Rule 41 (1)(e), Ayes 5, Noes 0

  44. Jun 17, 2013 · Senate

    Withdrawn from joint committee on Finance and made Available for Scheduling by committee on Senate Organization, pursuant to Senate Rule 41 (1)(e), Ayes 5, Noes 0

  45. Jun 17, 2013 · Senate

    Public hearing requirement waived by committee on Senate Organization, pursuant to Senate Rule 18 (1m), Ayes 5, Noes 0

  46. Jun 17, 2013 · Senate

    Placed on calendar 6-18-2013 pursuant to Senate Rule 18(1)

  47. Jun 18, 2013 · Senate

    Senate Substitute Amendment 1 offered by Senators Lassa, Hansen, Erpenbach, Harris, Shilling, Wirch, C. Larson and L. Taylor

  48. Jun 18, 2013 · Senate

    Senate Amendment 3 offered by Senators L. Taylor, Carpenter, Shilling, Miller, Wirch, C. Larson, Hansen, Erpenbach and Harris

  49. Jun 18, 2013 · Senate

    Senate Amendment 4 offered by Senators Hansen, Erpenbach, Carpenter, Vinehout, Harris, Shilling, Lehman, Miller, T. Cullen, Wirch, Risser, C. Larson, Lassa and L. Taylor

  50. Jun 18, 2013 · Senate

    Senator Miller added as a cosponsor

  51. Jun 18, 2013 · Senate

    Read a second time

  52. Jun 18, 2013 · Senate

    Senate Substitute Amendment 1 laid on table, Ayes 19, Noes 13

  53. Jun 18, 2013 · Senate

    Senate Amendment 1 adopted

  54. Jun 18, 2013 · Senate

    Senate Amendment 3 laid on table, Ayes 18, Noes 14

  55. Jun 18, 2013 · Senate

    Senate Amendment 4 laid on table, Ayes 18, Noes 14

  56. Jun 18, 2013 · Senate

    Ordered to a third reading

  57. Jun 18, 2013 · Senate

    Rules suspended

  58. Jun 18, 2013 · Senate

    Read a third time and concurred in as amended, Ayes 29, Noes 3

  59. Jun 18, 2013 · Senate

    Ordered immediately messaged

  60. Jun 18, 2013 · Assembly

    Received from Senate amended and concurred in as amended (Senate amendment 1 adopted)

  61. Jun 18, 2013 · Assembly

    Representatives Williams, Hintz, Berceau and Vruwink added as coauthors

  62. Jun 18, 2013 · Assembly

    Senate Amendment 1 concurred in

  63. Jun 18, 2013 · Assembly

    Action ordered immediately messaged

  64. Jun 26, 2013 · Assembly

    Report correctly enrolled on 6-26-2013

  65. Jul 17, 2013 · Assembly

    Presented to the Governor on 7-17-2013

  66. Jul 18, 2013 · Assembly

    Report approved by the Governor with partial veto on 7-18-2013. 2013 Wisconsin Act 41

  67. Jul 18, 2013 · Assembly

    Published 7-19-2013

  68. May 20, 2014 · Assembly

    Partial veto placed on calendar 5-20-2014 pursuant to Joint Rule 82 (2)(a)

  69. May 20, 2014 · Assembly

    Partial veto failed to pass notwithstanding the objections of the Governor pursuant to Joint Rule 82