Bill
Bill > SB562
summary
Introduced
10/24/2025
10/24/2025
In Committee
10/24/2025
10/24/2025
Crossed Over
Passed
Dead
Introduced Session
Potential new amendment
2025-2026 Regular Session
Bill Summary
Under current law, a recipient of a grant or loan of at least $100,000 from the Wisconsin Economic Development Corporation must provide WEDC an audited schedule of expenditures within 120 days after the end of the fiscal year in which grant or loan funds were expended. This bill makes the following changes to the reporting requirement: 1. Increases from $100,000 to $500,000 the grant or loan threshold for which the recipient must submit a schedule of expenditures. 2. Changes the deadline for submission from 120 days after the end of the fiscal year in which grant or loan funds were expended to 120 days after the end of the fiscal year in which the program expenditures are completed. 3. Exempts a recipient that is a local governmental unit or a university in the University of Wisconsin System from the schedule of expenditures requirement if the recipient a) includes the grant or loan funds in its current audit practices and, b) no later than 120 days after the end of the program period, submits documentation of the recipient[s standard annual audit for every fiscal year in which grant or loan funds were expended. The bill defines Xlocal governmental LRB-5167/1 KRP:skw 2025 - 2026 Legislature SENATE BILL 562 unitY to mean a city, village, town, county, special purpose district, or federally recognized American Indian tribe or band in this state.
AI Summary
This bill modifies reporting requirements for recipients of economic development grants and loans from the Wisconsin Economic Development Corporation (WEDC). Currently, recipients of grants or loans of at least $100,000 must submit an audited schedule of expenditures within 120 days after the end of the fiscal year in which funds were expended. The bill increases the threshold to $500,000 and changes the reporting deadline to 120 days after the program expenditures are completed. Additionally, the bill creates an exemption for local governmental units (defined as cities, villages, towns, counties, special purpose districts, or federally recognized American Indian tribes or bands) and University of Wisconsin System institutions. These exempt entities can instead include the grant or loan funds in their standard annual audit and submit documentation of that audit within 120 days after the program period, provided they meet certain conditions. The changes aim to reduce administrative burden for smaller grant and loan recipients while maintaining financial accountability and transparency.
Committee Categories
Business and Industry
Sponsors (12)
Kristin Dassler-Alfheim (D)*,
Melissa Ratcliff (D)*,
Mark Spreitzer (D)*,
Patrick Testin (R)*,
Jamie Wall (D)*,
David Armstrong (R),
Rick Gundrum (R),
Alex Joers (D),
Rob Kreibich (R),
Paul Melotik (R),
Jerry O'Connor (R),
Travis Tranel (R),
Last Action
Senate Amendment 1 offered by Senator Testin (on 02/05/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://docs.legis.wisconsin.gov/2025/proposals/reg/sen/bill/sb562 |
| Senate Amendment 1 | https://docs.legis.wisconsin.gov/document/amends/2025/REG/SB562-SA1.pdf |
| BillText | https://docs.legis.wisconsin.gov/document/proposaltext/2025/REG/SB562.pdf |
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