Wisconsin 2023-2024 Regular Session

Wisconsin Assembly Bill AB890 Compare Versions

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1		-	Date of enactment: February 29, 2024
2		-	2023 Assembly Bill 890 Date of publication*: March 1, 2024
3		-	2023 WISCONSIN ACT 98
4		-	AN ACT to repeal 16.295 (4) (a) 2. and 16.295 (6) (b); to consolidate, renumber and amend 16.295 (4) (a) (intro.)
5		-	and 1.; to amend 16.295 (5) (c) 3., 16.295 (5) (d) 1., 16.295 (5) (d) 4., 16.295 (6) (a), 16.295 (7) (a) 2., 16.295 (7)
6		-	(a) 3. (intro.), 16.295 (7) (a) 3. b., 16.295 (7) (a) 3. d., 16.295 (7) (a) 4. (intro.), 16.295 (7) (a) 4. f., 16.295 (7) (c)
7		-	1., 16.295 (7) (c) 2., 16.295 (7) (c) 3. and 16.295 (8) (intro.); to repeal and recreate 16.295 (6) (c); and to create
8		-	16.295 (6) (d) of the statutes; relating to: fund of funds investment program.
9		-	The people of the state of Wisconsin, represented in
10		-	senate and assembly, do enact as follows:
11		-	SECTION 1. 16.295 (4) (a) (intro.) and 1. of the
12		-	statutes, as affected by 2023 Wisconsin Act 19, are con-
13		-	solidated, renumbered 16.295 (4) (a) and amended to
14		-	read:
15		-	16.295 (4) (a) Subject to sub. (3), the department
16		-	shall contract with the investment manager. The contract
17		-	shall establish the investment manager’s compensation,
18		-	including any management fee. Any management fee
19		-	may not exceed the following: 1. Annually, for no more
20		-	than 4 years, on an annual basis, 1 percent of the total
21		-	moneys designated under sub. (5) (b) 1. and 4., raised
22		-	under sub. (5) (b) 3., and reinvested under sub. (6) (c).
23		-	SECTION 2. 16.295 (4) (a) 2. of the statutes, as created
24		-	by 2023 Wisconsin Act 19, is repealed.
25		-	SECTION 3. 16.295 (5) (c) 3. of the statutes, as created
26		-	by 2023 Wisconsin Act 19, is amended to read:
27		-	16.295 (5) (c) 3. Of the moneys designated under par.
28		-	(b) 4., the investment manager shall commit all of those
29		-	moneys to at least 4 investments in venture capital funds
30		-	headquartered in this state within 24 months after the date
31		-	the investment manager receives the moneys.
32		-	SECTION 4. 16.295 (5) (d) 1. of the statutes, as
33		-	affected by 2023 Wisconsin Act 19, is amended to read:
34		-	16.295 (5) (d) 1. Make new investments in an amount
35		-	equal to the moneys it receives under par. (b) in one or
36		-	more businesses that are headquartered in this state and
37		-	employ at least 50 percent of their full−time employees,
38		-	including any subsidiary or other affiliated entity, in this
39		-	state, and invest at least one−half of those moneys in one
40		-	or more businesses that employ fewer than 150 full−time
41		-	employees, including any subsidiary or other affiliated
42		-	entity, when the venture capital fund first invests moneys
43		-	in the business under this section. The venture capital
44		-	fund’s contract with a business in which the venture capi-
45		-	tal fund makes an investment under this subdivision shall
46		-	require that, if within 3 years after the venture capital
47		-	fund makes that its initial investment, the business relo-
48		-	cates its headquarters outside of this state or fails to
49		-	employ at least 50 percent of its full−time employees,
50		-	including any subsidiary or other affiliated entity, in this
51		-	state, the business shall promptly pay to the venture capi-
52		-	tal fund an amount equal to the total amount of moneys
53		-	designated under par. (b) 1. and 4. that the venture capital
54		-	fund invested in the business. The venture capital fund
55		-	* Section 991.11, WISCONSIN STATUTES: Effective date of acts. “Every act and every portion of an act enacted by the legislature over the governor’s
56		-	partial veto which does not expressly prescribe the time when it takes effect shall take effect on the day after its date of publication.” − 2 −2023 Wisconsin Act 98 2023 Assembly Bill 890
57		-	shall reinvest those moneys in one or more businesses
58		-	that are eligible to receive an investment under this subdi-
59		-	vision, subject to the requirements of this section.
60		-	SECTION 5. 16.295 (5) (d) 4. of the statutes is
61		-	amended to read:
62		-	16.295 (5) (d) 4. At least match Ensure that any mon-
63		-	eys it receives under par. (b) and invests in a business is
64		-	accompanied with an investment in that business of mon-
65		-	eys the venture capital fund has raised from sources other
66		-	than the investment manager. The investment manager
67		-	venture capital fund shall ensure that, on average, for
68		-	every $1 a venture capital fund receives under par. (b) and
69		-	invests in a business, the venture capital fund invests $2
70		-	in that business from sources other than the investment
71		-	manager when measured across all individual businesses
72		-	receiving moneys under this paragraph, the venture capi-
73		-	tal fund at least matches any moneys it receives under par.
74		-	(b) with investments in such businesses the venture capi-
75		-	tal fund has raised from sources other than the investment
76		-	manager.
77		-	SECTION 6. 16.295 (6) (a) of the statutes is amended
78		-	to read:
79		-	16.295 (6) (a) The investment manager shall hold in
80		-	an escrow account at a bank with its headquarters in this
81		-	state its gross proceeds from all investments of the mon-
82		-	eys designated under sub. (5) (b) 1. and 4. until the invest-
83		-	ment manager satisfies allocates the proceeds as pro-
84		-	vided in par. (b) (c).
85		-	SECTION 7. 16.295 (6) (b) of the statutes is repealed.
86		-	SECTION 8. 16.295 (6) (c) of the statutes is repealed
87		-	and recreated to read:
88		-	16.295 (6) (c) Within 24 months after receiving any
89		-	proceeds from the investment of the moneys designated
90		-	under sub. (5) (b) 1. and 4., the investment manager shall
91		-	commit 90 percent of the gross proceeds to investments
92		-	in venture capital funds headquartered in this state.
93		-	SECTION 9. 16.295 (6) (d) of the statutes is created to
94		-	read:
95		-	16.295 (6) (d) 1. The investment manager shall
96		-	ensure that the gross proceeds resulting from investments
97		-	made with moneys designated under sub. (5) (b) 1. and
98		-	4. are reinvested so that when averaged across all venture
99		-	capital fund recipients, for every $1 of moneys reinvested
100		-	as set forth in par. (c), venture capital fund recipients must
101		-	receive $2 from sources other than the investment man-
102		-	ager. Any individual business that receives an invest-
103		-	ment made by the investment manager under par. (c) is
104		-	required to receive additional investments made by
105		-	sources other than the investment manager.
106		-	2. The investment manager shall contract with each
107		-	venture capital fund that receives moneys under par. (c).
108		-	Each contract shall require the venture capital fund to:
109		-	a. Make new investments in an amount equal to the
110		-	moneys it receives under par. (c) in one or more busi-
111		-	nesses that are headquartered in this state and employ at
112		-	least 50 percent of their full−time employees, including
113		-	any subsidiary or other affiliated entity, in this state, and
114		-	invest at least one−half of those moneys in one or more
115		-	businesses that employ fewer than 150 full−time employ-
116		-	ees, including any subsidiary or other affiliated entity,
117		-	when the venture capital fund makes its initial investment
118		-	of moneys in the business under this section. The venture
119		-	capital fund’s contract with a business in which the ven-
120		-	ture capital fund makes an investment under this subsec-
121		-	tion shall require that, if within 3 years after the venture
122		-	capital fund makes its initial investment, the business
123		-	relocates its headquarters outside of this state or fails to
124		-	employ at least 50 percent of its full−time employees,
125		-	including any subsidiary or other affiliated entity, in this
126		-	state, the business shall promptly pay to the venture capi-
127		-	tal fund an amount equal to the total amount of moneys
128		-	designated under par. (c) that the venture capital fund
129		-	invested in the business. The venture capital fund shall
130		-	reinvest those moneys in one or more businesses that are
131		-	eligible to receive an investment under this subdivision,
132		-	subject to the requirements of this section.
133		-	b. Invest all of the moneys it receives under par. (c)
134		-	in businesses in the agriculture, information technology,
135		-	engineered products, advanced manufacturing, medical
136		-	devices, or medical imaging industry and attempt to
137		-	ensure that all those moneys are invested in businesses
138		-	that are diverse with respect to geographic location
139		-	within this state.
140		-	c. Provide to the investment manager the information
141		-	necessary for the investment manager to complete the
142		-	annual report under sub. (7) (a) and the quarterly report
143		-	under sub. (7) (c).
144		-	d. Disclose to the investment manager and the depart-
145		-	ment any interest that the venture capital fund or an
146		-	owner, stockholder, partner, officer, director, member,
147		-	employee, or agent of the venture capital fund holds in a
148		-	business in which the venture capital fund invests or
149		-	intends to invest moneys received under par. (c).
150		-	SECTION 10. 16.295 (7) (a) 2. of the statutes is
151		-	amended to read:
152		-	16.295 (7) (a) 2. The investment manager’s internal
153		-	rate of return from investments under sub. subs. (5) (b)
154		-	and (6) (c).
155		-	SECTION 11. 16.295 (7) (a) 3. (intro.) of the statutes
156		-	is amended to read:
157		-	16.295 (7) (a) 3. (intro.) For each venture capital fund
158		-	that contracts with the investment manager under sub. (5)
159		-	(d) or (6) (d), all of the following:
160		-	SECTION 12. 16.295 (7) (a) 3. b. of the statutes is
161		-	amended to read:
162		-	16.295 (7) (a) 3. b. The amounts invested in the ven-
163		-	ture capital fund under sub. subs. (5) (b) and (6) (c).
164		-	SECTION 13. 16.295 (7) (a) 3. d. of the statutes is
165		-	amended to read:
166		-	16.295 (7) (a) 3. d. The venture capital fund’s average
167		-	internal rate of return on its investments of the moneys it
168		-	received under sub. (5) (b) or (6) (c). − 3 − 2023 Wisconsin Act 98 2023 Assembly Bill 890
169		-	SECTION 14. 16.295 (7) (a) 4. (intro.) of the statutes
170		-	is amended to read:
171		-	16.295 (7) (a) 4. (intro.) For each business in which
172		-	a venture capital fund held an investment of moneys the
173		-	venture capital fund received under sub. (5) (b) or (6) (c),
174		-	all of the following:
175		-	SECTION 15. 16.295 (7) (a) 4. f. of the statutes is
176		-	amended to read:
177		-	16.295 (7) (a) 4. f. A statement of the number of
178		-	employees the business employed when the venture capi-
179		-	tal fund first invested moneys in the business that the ven-
180		-	ture capital fund received under sub. (5) (b) or (6) (c), the
181		-	number of employees the business employed on the first
182		-	day of the investment manager’s fiscal year, and the num-
183		-	ber of employees the business employed on the last day
184		-	of the investment manager’s fiscal year.
185		-	SECTION 16. 16.295 (7) (c) 1. of the statutes is
186		-	amended to read:
187		-	16.295 (7) (c) 1. An identification of each venture
188		-	capital fund under contract with the investment manager
189		-	under sub. (5) (d) or (6) (d).
190		-	SECTION 17. 16.295 (7) (c) 2. of the statutes, as
191		-	affected by 2023 Wisconsin Act 19, is amended to read:
192		-	16.295 (7) (c) 2. An identification of each business
193		-	in which a venture capital fund held an investment of
194		-	moneys the venture capital fund received under sub. (5)
195		-	(b) or (6) (c) and a statement of the amount of the invest-
196		-	ment in each business that separately specifies the
197		-	amount of moneys designated under sub. (5) (b) 1. or 4.
198		-	that were contributed to the investment.
199		-	SECTION 18. 16.295 (7) (c) 3. of the statutes is
200		-	amended to read:
201		-	16.295 (7) (c) 3. A statement of the number of
202		-	employees the business employed when the venture capi-
203		-	tal fund first invested moneys in the business that the ven-
204		-	ture capital fund received under sub. (5) (b) or (6) (c) and
205		-	the number of employees the business employed at the
206		-	end of the quarter.
207		-	SECTION 19. 16.295 (8) (intro.) of the statutes is
208		-	amended to read:
209		-	16.295 (8) PROGRESS REPORTS. (intro.) In 2015 and,
210		-	2018, and 2024, no later than March 1, the department
211		-	shall submit reports to the joint committee on finance that
212		-	include all of the following:
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	3	+	2023 - 2024 LEGISLATURE
	4	+	2023 ASSEMBLY BILL 890
	5	+	January 2, 2024 - Introduced by Representatives WITTKE, ZIMMERMAN, DITTRICH,
	6	+	DUCHOW, MOSES, O'CONNOR and PENTERMAN, cosponsored by Senators TESTIN,
	7	+	FELZKOWSKI and FEYEN. Referred to Committee on State Affairs.
	8	+	*AUTHORS SUBJECT TO CHANGE*
	9	+	AN ACT to repeal 16.295 (4) (a) 2. and 16.295 (6) (b); to consolidate, renumber
	10	+	and amend 16.295 (4) (a) (intro.) and 1.; to amend 16.295 (5) (c) 3., 16.295 (5)
	11	+	(d) 1., 16.295 (5) (d) 4., 16.295 (6) (a), 16.295 (7) (a) 2., 16.295 (7) (a) 3. (intro.),
	12	+	16.295 (7) (a) 3. b., 16.295 (7) (a) 3. d., 16.295 (7) (a) 4. (intro.), 16.295 (7) (a) 4.
	13	+	f., 16.295 (7) (c) 1., 16.295 (7) (c) 2., 16.295 (7) (c) 3. and 16.295 (8) (intro.); to
	14	+	repeal and recreate 16.295 (6) (c); and to create 16.295 (6) (d) of the statutes;
	15	+	relating to: fund of funds investment program.
	16	+	Analysis by the Legislative Reference Bureau
	17	+	This bill requires the investment manager of the Badger fund of funds to do all
	18	+	of the following: 1) hold in escrow gross proceeds from its investments of $25,000,000
	19	+	received in fiscal year 2013-14 and its investments of $25,000,000 received in fiscal
	20	+	year 2023-24 until the manager has allocated 90 percent of the gross proceeds to
	21	+	investments in venture capital funds headquartered in this state; and 2) provide a
	22	+	progress report no later than March 1, 2024, to the joint committee on finance.
	23	+	This bill also provides that the investment manager's management fee may not
	24	+	exceed 1 percent of the sum of the following: the $25,000,000 received by the
	25	+	investment manager from the state in fiscal year 2013-14 and the first $5,000,000
	26	+	raised from other sources; the $25,000,000 received by the investment manager from
	27	+	the state in fiscal year 2023-24; and any amounts reinvested by the Badger fund of
	28	+	funds through the proceeds of its prior investments.
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	36	+	MIM:cjs
	37	+	ASSEMBLY BILL 890
	38	+	For further information see the state fiscal estimate, which will be printed as
	39	+	an appendix to this bill.
	40	+	The people of the state of Wisconsin, represented in senate and assembly, do
	41	+	enact as follows:
	42	+	SECTION 1. 16.295 (4) (a) (intro.) and 1. of the statutes, as affected by 2023
	43	+	Wisconsin Act 19, are consolidated, renumbered 16.295 (4) (a) and amended to read:
	44	+	16.295 (4) (a) Subject to sub. (3), the department shall contract with the
	45	+	investment manager. The contract shall establish the investment manager's
	46	+	compensation, including any management fee. Any management fee may not exceed
	47	+	the following: 1. Annually, for no more than 4 years, on an annual basis, 1 percent
	48	+	of the total moneys designated under sub. (5) (b) 1. and 4., raised under sub. (5) (b)
	49	+	3., and reinvested under sub. (6) (c).
	50	+	SECTION 2. 16.295 (4) (a) 2. of the statutes, as created by 2023 Wisconsin Act
	51	+	19, is repealed.
	52	+	SECTION 3. 16.295 (5) (c) 3. of the statutes, as created by 2023 Wisconsin Act
	53	+	19, is amended to read:
	54	+	16.295 (5) (c) 3. Of the moneys designated under par. (b) 4., the investment
	55	+	manager shall commit all of those moneys to at least 4 investments in venture capital
	56	+	funds headquartered in this state within 24 months after the date the investment
	57	+	manager receives the moneys.
	58	+	SECTION 4. 16.295 (5) (d) 1. of the statutes, as affected by 2023 Wisconsin Act
	59	+	19, is amended to read:
	60	+	16.295 (5) (d) 1. Make new investments in an amount equal to the moneys it
	61	+	receives under par. (b) in one or more businesses that are headquartered in this state
	62	+	and employ at least 50 percent of their full-time employees, including any subsidiary
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	86	+	SECTION 4
	87	+	ASSEMBLY BILL 890
	88	+	or other affiliated entity, in this state, and invest at least one-half of those moneys
	89	+	in one or more businesses that employ fewer than 150 full-time employees, including
	90	+	any subsidiary or other affiliated entity, when the venture capital fund first invests
	91	+	moneys in the business under this section. The venture capital fund's contract with
	92	+	a business in which the venture capital fund makes an investment under this
	93	+	subdivision shall require that, if within 3 years after the venture capital fund makes
	94	+	that its initial investment, the business relocates its headquarters outside of this
	95	+	state or fails to employ at least 50 percent of its full-time employees, including any
	96	+	subsidiary or other affiliated entity, in this state, the business shall promptly pay to
	97	+	the venture capital fund an amount equal to the total amount of moneys designated
	98	+	under par. (b) 1. and 4. that the venture capital fund invested in the business. The
	99	+	venture capital fund shall reinvest those moneys in one or more businesses that are
	100	+	eligible to receive an investment under this subdivision, subject to the requirements
	101	+	of this section.
	102	+	SECTION 5. 16.295 (5) (d) 4. of the statutes is amended to read:
	103	+	16.295 (5) (d) 4. At least match Ensure that any moneys it receives under par.
	104	+	(b) and invests in a business is accompanied with an investment in that business of
	105	+	moneys the venture capital fund has raised from sources other than the investment
	106	+	manager. The investment manager venture capital fund shall ensure that, on
	107	+	average, for every $1 a venture capital fund receives under par. (b) and invests in a
	108	+	business, the venture capital fund invests $2 in that business from sources other
	109	+	than the investment manager when measured across all individual businesses
	110	+	receiving moneys under this paragraph, the venture capital fund at least matches
	111	+	any moneys it receives under par. (b) with investments in such businesses the
	112	+	venture capital fund has raised from sources other than the investment manager.
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	139	+	SECTION 6 ASSEMBLY BILL 890
	140	+	SECTION 6. 16.295 (6) (a) of the statutes is amended to read:
	141	+	16.295 (6) (a) The investment manager shall hold in an escrow account at a
	142	+	bank with its headquarters in this state its gross proceeds from all investments of
	143	+	the moneys designated under sub. (5) (b) 1. and 4. until the investment manager
	144	+	satisfies allocates the proceeds as provided in par. (b) (c).
	145	+	SECTION 7. 16.295 (6) (b) of the statutes is repealed.
	146	+	SECTION 8. 16.295 (6) (c) of the statutes is repealed and recreated to read:
	147	+	16.295 (6) (c) Within 24 months after receiving any proceeds from the
	148	+	investment of the moneys designated under sub. (5) (b) 1. and 4., the investment
	149	+	manager shall commit 90 percent of the gross proceeds to investments in venture
	150	+	capital funds headquartered in this state.
	151	+	SECTION 9. 16.295 (6) (d) of the statutes is created to read:
	152	+	16.295 (6) (d) 1. The investment manager shall ensure that the gross proceeds
	153	+	resulting from investments made with moneys designated under sub. (5) (b) 1. and
	154	+	4. are reinvested so that when averaged across all venture capital fund recipients,
	155	+	for every $1 of moneys reinvested as set forth in par. (c), venture capital fund
	156	+	recipients must receive $2 from sources other than the investment manager. Any
	157	+	individual business that receives an investment made by the investment manager
	158	+	under par. (c) is required to receive additional investments made by sources other
	159	+	than the investment manager.
	160	+	2. The investment manager shall contract with each venture capital fund that
	161	+	receives moneys under par. (c). Each contract shall require the venture capital fund
	162	+	to:
	163	+	a. Make new investments in an amount equal to the moneys it receives under
	164	+	par. (c) in one or more businesses that are headquartered in this state and employ
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	192	+	SECTION 9
	193	+	ASSEMBLY BILL 890
	194	+	at least 50 percent of their full-time employees, including any subsidiary or other
	195	+	affiliated entity, in this state, and invest at least one-half of those moneys in one or
	196	+	more businesses that employ fewer than 150 full-time employees, including any
	197	+	subsidiary or other affiliated entity, when the venture capital fund makes its initial
	198	+	investment of moneys in the business under this section. The venture capital fund's
	199	+	contract with a business in which the venture capital fund makes an investment
	200	+	under this subsection shall require that, if within 3 years after the venture capital
	201	+	fund makes its initial investment, the business relocates its headquarters outside of
	202	+	this state or fails to employ at least 50 percent of its full-time employees, including
	203	+	any subsidiary or other affiliated entity, in this state, the business shall promptly pay
	204	+	to the venture capital fund an amount equal to the total amount of moneys
	205	+	designated under par. (c) that the venture capital fund invested in the business. The
	206	+	venture capital fund shall reinvest those moneys in one or more businesses that are
	207	+	eligible to receive an investment under this subdivision, subject to the requirements
	208	+	of this section.
	209	+	b. Invest all of the moneys it receives under par. (c) in businesses in the
	210	+	agriculture, information technology, engineered products, advanced manufacturing,
	211	+	medical devices, or medical imaging industry and attempt to ensure that all those
	212	+	moneys are invested in businesses that are diverse with respect to geographic
	213	+	location within this state.
	214	+	c. Provide to the investment manager the information necessary for the
	215	+	investment manager to complete the annual report under sub. (7) (a) and the
	216	+	quarterly report under sub. (7) (c).
	217	+	d. Disclose to the investment manager and the department any interest that
	218	+	the venture capital fund or an owner, stockholder, partner, officer, director, member,
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	243	+	25 - 6 -2023 - 2024 Legislature LRB-5475/1
	244	+	MIM:cjs
	245	+	SECTION 9 ASSEMBLY BILL 890
	246	+	employee, or agent of the venture capital fund holds in a business in which the
	247	+	venture capital fund invests or intends to invest moneys received under par. (c).
	248	+	SECTION 10. 16.295 (7) (a) 2. of the statutes is amended to read:
	249	+	16.295 (7) (a) 2. The investment manager's internal rate of return from
	250	+	investments under sub. subs. (5) (b) and (6) (c).
	251	+	SECTION 11. 16.295 (7) (a) 3. (intro.) of the statutes is amended to read:
	252	+	16.295 (7) (a) 3. (intro.) For each venture capital fund that contracts with the
	253	+	investment manager under sub. (5) (d) or (6) (d), all of the following:
	254	+	SECTION 12. 16.295 (7) (a) 3. b. of the statutes is amended to read:
	255	+	16.295 (7) (a) 3. b. The amounts invested in the venture capital fund under sub.
	256	+	subs. (5) (b) and (6) (c).
	257	+	SECTION 13. 16.295 (7) (a) 3. d. of the statutes is amended to read:
	258	+	16.295 (7) (a) 3. d. The venture capital fund's average internal rate of return
	259	+	on its investments of the moneys it received under sub. (5) (b) or (6) (c).
	260	+	SECTION 14. 16.295 (7) (a) 4. (intro.) of the statutes is amended to read:
	261	+	16.295 (7) (a) 4. (intro.) For each business in which a venture capital fund held
	262	+	an investment of moneys the venture capital fund received under sub. (5) (b) or (6)
	263	+	(c), all of the following:
	264	+	SECTION 15. 16.295 (7) (a) 4. f. of the statutes is amended to read:
	265	+	16.295 (7) (a) 4. f. A statement of the number of employees the business
	266	+	employed when the venture capital fund first invested moneys in the business that
	267	+	the venture capital fund received under sub. (5) (b) or (6) (c), the number of employees
	268	+	the business employed on the first day of the investment manager's fiscal year, and
	269	+	the number of employees the business employed on the last day of the investment
	270	+	manager's fiscal year.
	271	+	1
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	295	+	25 - 7 -2023 - 2024 Legislature
	296	+	LRB-5475/1
	297	+	MIM:cjs
	298	+	SECTION 16
	299	+	ASSEMBLY BILL 890
	300	+	SECTION 16. 16.295 (7) (c) 1. of the statutes is amended to read:
	301	+	16.295 (7) (c) 1. An identification of each venture capital fund under contract
	302	+	with the investment manager under sub. (5) (d) or (6) (d).
	303	+	SECTION 17. 16.295 (7) (c) 2. of the statutes, as affected by 2023 Wisconsin Act
	304	+	19, is amended to read:
	305	+	16.295 (7) (c) 2. An identification of each business in which a venture capital
	306	+	fund held an investment of moneys the venture capital fund received under sub. (5)
	307	+	(b) or (6) (c) and a statement of the amount of the investment in each business that
	308	+	separately specifies the amount of moneys designated under sub. (5) (b) 1. or 4. that
	309	+	were contributed to the investment.
	310	+	SECTION 18. 16.295 (7) (c) 3. of the statutes is amended to read:
	311	+	16.295 (7) (c) 3. A statement of the number of employees the business employed
	312	+	when the venture capital fund first invested moneys in the business that the venture
	313	+	capital fund received under sub. (5) (b) or (6) (c) and the number of employees the
	314	+	business employed at the end of the quarter.
	315	+	SECTION 19. 16.295 (8) (intro.) of the statutes is amended to read:
	316	+	16.295 (8) PROGRESS REPORTS. (intro.) In 2015 and, 2018, and 2024, no later
	317	+	than March 1, the department shall submit reports to the joint committee on finance
	318	+	that include all of the following:
	319	+	(END)
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