AB 761

Under this bill, the Wisconsin Economic Development Corporation (WEDC)

may allocate at least 25 percent, but no more than 50 percent, of the unallocated early

stage seed investment tax credits to certified investment fund managers so that the

fund managers may allocate the credits to persons who make investments in certified

businesses for which early stage seed investment credits may be claimed. A fund

manager who receives the unallocated credits must allocate the entire amount to

investors and no investor may claim the credits unless the total amount committed

for investment equals or exceeds 100 percent of the amount of the credits allocated

to the fund manager. Under the bill, the fund manager must pay 50 percent of all

distributions from the investments as a return of capital, or a return on capital, to

the state, less the amount of certain fees and costs.

Under the bill, a fund manager who receives unallocated early stage seed

investment credits must report to WEDC the subsequent allocation of those credits

no later than 10 days after the fund manager allocates the credits to investors.

WEDC then submits the report to the joint committee on finance. The fund manager

must also submit an annual report to WEDC that contains the name of each business

receiving an investment and the investment amount, the number of jobs created or

retained by the business, and any other information required by WEDC. WEDC also

submits that report to the joint committee on finance.