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Bills · 2023-2024 Regular Session

AB 890

Became law Official bill text Atom feed

Relating to: fund of funds investment program. (FE)

Administration department of — Budget and fiscal issues Business 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 requires the investment manager of the Badger fund of funds to do all

of the following: 1) hold in escrow gross proceeds from its investments of $25,000,000

received in fiscal year 2013-14 and its investments of $25,000,000 received in fiscal

year 2023-24 until the manager has allocated 90 percent of the gross proceeds to

investments in venture capital funds headquartered in this state; and 2) provide a

progress report no later than March 1, 2024, to the joint committee on finance.

This bill also provides that the investment manager's management fee may not

exceed 1 percent of the sum of the following: the $25,000,000 received by the

investment manager from the state in fiscal year 2013-14 and the first $5,000,000

raised from other sources; the $25,000,000 received by the investment manager from

the state in fiscal year 2023-24; and any amounts reinvested by the Badger fund of

funds through the proceeds of its prior investments.

What it would cost

Fiscal estimates filed by state agencies, as official PDFs

Sponsors

Introduced by: Dittrich (R) , Duchow (R) , Moses (R) , O'Connor (R) , Penterman (R) , Wittke (R) , Zimmerman (R)

6 cosponsors

Felzkowski (R) , Feyen (R) , Gustafson (R) , Rettinger (R) , Shankland (D) , Testin (R)

Votes

Assembly: Report passage recommended by Committee on State Affairs, Ayes 14, Noes 0

Passed 14–0 Jan 22, 2024 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 3, Noes 2

Passed 3–2 Feb 9, 2024 official source full page

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

Full history

  1. Jan 2, 2024 · Assembly

    Introduced by Representatives Wittke, Zimmerman, Dittrich, Duchow, Moses, O'Connor and Penterman; cosponsored by Senators Testin, Felzkowski and Feyen

  2. Jan 2, 2024 · Assembly

    Read first time and referred to Committee on State Affairs

  3. Jan 3, 2024 · Assembly

    Representative Rettinger added as a coauthor

  4. Jan 10, 2024 · Assembly

    Public hearing held

  5. Jan 17, 2024 · Assembly

    Executive action taken

  6. Jan 17, 2024 · Assembly

    Representative Shankland added as a coauthor

  7. Jan 22, 2024 · Assembly

    Report passage recommended by Committee on State Affairs, Ayes 14, Noes 0

  8. Jan 22, 2024 · Assembly

    Referred to committee on Rules

  9. Jan 22, 2024 · Assembly

    Fiscal estimate received

  10. Jan 23, 2024 · Assembly

    Made a special order of business at 10:28 AM on 1-25-2024 pursuant to Assembly Resolution 23

  11. Jan 25, 2024 · Assembly

    Read a second time

  12. Jan 25, 2024 · Assembly

    Ordered to a third reading

  13. Jan 25, 2024 · Assembly

    Rules suspended

  14. Jan 25, 2024 · Assembly

    Read a third time and passed

  15. Jan 25, 2024 · Assembly

    Representative Gustafson added as a coauthor

  16. Jan 25, 2024 · Assembly

    Ordered immediately messaged

  17. Jan 25, 2024 · Senate

    Received from Assembly

  18. Jan 26, 2024 · Senate

    Read first time and referred to committee on Senate Organization

  19. Jan 26, 2024 · Senate

    Available for scheduling

  20. Feb 9, 2024 · Senate

    Public hearing requirement waived by committee on Senate Organization, pursuant to Senate Rule 18 (1m), Ayes 3, Noes 2

  21. Feb 9, 2024 · Senate

    Placed on calendar 2-13-2024 pursuant to Senate Rule 18(1)

  22. Feb 13, 2024 · Senate

    Read a second time

  23. Feb 13, 2024 · Senate

    Referred to joint committee on Finance

  24. Feb 13, 2024 · Senate

    Rules suspended to withdraw from joint committee on Finance and take up

  25. Feb 13, 2024 · Senate

    Ordered to a third reading

  26. Feb 13, 2024 · Senate

    Rules suspended to give bill its third reading

  27. Feb 13, 2024 · Senate

    Read a third time and concurred in

  28. Feb 13, 2024 · Senate

    Ordered immediately messaged

  29. Feb 13, 2024 · Assembly

    Received from Senate concurred in

  30. Feb 16, 2024 · Assembly

    Report correctly enrolled on 2-16-2024

  31. Feb 26, 2024 · Assembly

    Presented to the Governor on 2-26-2024 by directive of the Speaker

  32. Mar 1, 2024 · Assembly

    Report approved by the Governor on 2-29-2024. 2023 Wisconsin Act 98

  33. Mar 1, 2024 · Assembly

    Published 3-1-2024