State proposal would send $250 million to certified capital companies - Firms would keep 80% of profit, wouldn't have to repay principal - Kathleen Gallagher - Journal Sentinel May 22, 2011
From source -
Legislation that Gov. Scott Walker says will create jobs would provide hundreds of millions of dollars in tax breaks to insurance companies, while giving control of a $250 million fund to out-of-state financial management companies that would not have to pay back the fund's principal and would keep up to 80% of its profits.
The proposal is supported by a group of Republican lawmakers led by Sen. Randy Hopper (R-Fond du Lac) and Rep. Gary Tauchen (R-Bonduel). But some others - including at least one Republican legislator - are calling it a massive corporate giveaway.
The program is called the Jobs Now Fund and represents part of the $400 million Wisconsin Jobs Act. It aims to jump-start job creation in Wisconsin by promising $200 million in future tax credits in exchange for $250 million raised from insurance companies.Joint Finance Comm. Emails, Homepages