AB 858

This bill creates certain requirements for contracts between the Wisconsin

Economic Development Corporation (WEDC) and recipients of grants, loans, or tax

credits from WEDC. Under the bill, WEDC may not enter into a contract for a grant,

loan, or tax credit before all of the following occurs:

1. WEDC verifies the applicant's number of full-time employees, through

payroll records or other business records WEDC deems sufficient, for evaluating the

creation or retention of full-time jobs.

2. WEDC's underwriting staff completes a review of the application for the

grant, loan, or tax credit, including an evaluation of all statutory requirements and

all requirements under WEDC's policies and procedures that apply to the grant,

loan, or tax credit.

The bill also requires that all terms of each contract WEDC executes must, at

the time the contract is executed, be in compliance with all applicable state laws and

all applicable WEDC policies and procedures.

Finally, the bill specifies that each contract WEDC executes must require the

award recipient to submit official payroll records, or other business records WEDC

deems sufficient, to WEDC for the purpose of accounting for jobs created or retained.

WEDC is required to adopt policies and procedures for verifying and evaluating the

records.