Month: September 2017

At its annual conference on September 12, the Wisconsin Housing and Economic Development Authority (WHEDA) announced new capital funds to help small businesses expand.

The newly-created WHEDA/LRC Wisconsin Business Opportunity Fund totals $5 million and will finance equipment purchases and other types of hard assets for small businesses through the federal New Markets Tax Credits (NMTC) program. NMTCs allocated by WHEDA are a resource to help generate job creation and economic development by promoting equity investment in low-income urban and rural communities. Legacy Redevelopment Corporation (LRC) will administer the fund.

An additional $6.1 million is being made available to support WHEDA’s Participation Lending Program approved in 2012 by Governor Walker and the state legislature. The Participation Lending Program can be used for purchases such as land, facilities and equipment as well as long term working capital.

The $11.1 million of capital for the two new programs is being provided by PNC Bank, Johnson Bank and Milwaukee LISC. A minimum of $3 million will be targeted for the Milwaukee area with the balance available statewide.

For more information on WHEDA programs, visit wheda.com or call 800-334-6873.

Wisconsin state lawmakers have a busy week ahead, with the Senate and Assembly scheduled to debate both the state budget and Wisconsin’s $3 billion Foxconn incentives package.

The Senate will take up the Foxconn bill Tuesday. A version of the bill already passed the Assembly.

Assuming the Senate passes the Foxconn bill Tuesday, the full Assembly would convene to approve the changes Thursday.

The Assembly will also convene Wednesday to debate the full state budget, which passed the Legislature’s budget committee on a 12-4 party line vote last week.

Republicans hold a 64-35 seat majority in the Assembly, meaning the budget is all but guaranteed to pass, although Republicans could potentially amend the plan.

Senate Majority Leader Scott Fitzgerald’s office says Republicans in that chamber have not finalized when they plan to take up the budget.

Equifax, one of the nation’s three major credit reporting agencies, reported a data breach yesterday that may affect as many as 143 million Americans – nearly 44% of the United States population.

Equifax has set up a website (www.equifaxsecurity2017.com) that allows consumers to check if their information may have been exposed in the breach. The Wisconsin Department of Agriculture, Trade and Consumer Protection (DATCP) advises all affected Wisconsin consumers to take additional steps to protect their credit record.

According to Equifax, hackers gained access to certain files between mid-May and late July of this year. Information in the breach includes consumers’ names, Social Security numbers, birth dates, and addresses. Some consumers’ credit card numbers, driver’s license numbers, and dispute documents (that contain personally identifying information) were also accessed.

Equifax has established a dedicated call center at 866-447-7559 to answer consumers’ questions about the breach. The call center is open every day (including weekends) from 6:00 a.m. – midnight, Central Time.

If you believe you may have been affected by this data breach, take these next steps:

Download a copy of the DATCP fact sheet “Data Breach: What to do if it happens to you.”

Consider placing a free 90-day (renewable) fraud alert on your credit reports by contacting one of the three major credit reporting bureaus: Experian (888-397-3742), TransUnion (800-680-7289), or Equifax (888-766-0008). When you place a fraud alert with one bureau, that bureau will relay the request to the other two companies on your behalf. A fraud alert warns creditors that you may be an identity theft victim and that they should verify that anyone seeking credit in your name is actually you.

For an even higher level of protection, you may wish to place a security freeze on your credit reports. A freeze bars access to your reports to almost anyone without your express permission.

Request a free credit report from the three credit bureaus by visiting www.annualcreditreport.com or calling (877) 322-8228. Check your report for irregularities.

Assembly Minority Leader Peter Barca is stepping down from his post leading the Democrats in his house after 6 1/2 years in that role. Olivia Hwang, a spokeswoman for the Kenosha lawmaker and former congressman, confirmed he would be leaving his leadership post on Sept. 30 but remain in the Legislature.

Assembly Democrats have been increasingly concerned about the lack of effectiveness of their caucus, with many feeling the group often failed to have a unified strategy in floor debates.

Some members were upset with Barca’s prominent role in getting approval for an incentive package to bring a Foxconn Technology Group display screen plant to southeastern Wisconsin. Most Democrats oppose the package because of its $3 billion cost and provisions that exempt the company from some environmental rules.

Many of Barca’s colleagues were comfortable with his support for the package, but bothered by how closely he had worked with Republican leaders on the issue, said one person familiar with Thursday’s meeting. That person and others spoke on the condition they not be named because of the sensitivity of the meeting.

Those familiar with the discussions named Rep. Gordon Hintz (D-Oshkosh) as one possible candidate to replace Barca. It was not immediately clear who else might run.

The Legislature’s budget-writing committee Tuesday night approved a road-funding plan that would borrow about $400 million, raise fees on electric and hybrid vehicles, further study toll roads for interstates in Wisconsin but not increase the gas tax.

Committee co-chairs Rep. John Nygren and Sen. Alberta Darling both expressed disappointment that they failed to reach a longer-term solution for transportation funding, a perennial problem caused by deteriorating roads and not enough incoming fuel tax to pay for planned projects. Republican Gov. Scott Walker refused to sign-off on a gas tax increase to solve the problem, and instead called for delaying road work and borrowing more.

If Congress does not change the part of Obamacare that taxes health insurance premiums, the Health Insurance Tax will cause the cost of those premiums to go up $944 million in Wisconsin in 2018.

Wisconsin companies will see health insurance premiums increase by $552 for family coverage. Seniors in the Medicare Advantage program could see their premiums go up $474 per couple. Individual consumers could see their premiums jump $182.

The tax increase will hit the state’s BadgerCare Plus program, too, for $34 million.

Obviously, nobody wants this to occur. But if Congress does nothing, then Wisconsin and the rest of the country will see even higher health insurance costs and state budgets will take a hit, too, from increased Medicaid costs. Repealing and replacing Obamacare may be stalled, but Congress can still act to repeal this tax – and they should.

Wisconsin is getting $66 million in additional federal funding for roads, lending a small bit of good news for Republican lawmakers as they try to write the state’s transportation budget next week.

The state is receiving nearly twice what it normally gets in what is known as redistribution aid, but far less than the $341 million in aid that it sought.

The $66 million in additional aid could help the Legislature’s budget committee as it seeks to reach a compromise between Senate Republicans and Assembly Republicans. The GOP controls both houses, but have differed on how to fund roads and help close a $1 billion gap between the state’s road building plans and the amount of money it is expected to have available for transportation over the next two years.

The Joint Finance Committee could take up transportation funding as soon as Tuesday.

Differences among Republicans remain significant. Asked Thursday if the additional money made it easier to reach a transportation deal, state Rep. John Nygren (R-Marinette) said, “Not really.” “In the grand scheme of things, $66 million is not going to do it,” said Nygren, the co-chairman of the budget committee.

Wisconsin has received $34 million annually on average through that program in the past five years, according to the Legislature’s nonpartisan budget office. The most the state has ever gotten since 2012 is $40 million.

Gov. Scott Walker’s administration this year sought to dramatically increase how much it gets through the program and asked for $341 million.

While it fell well short of that amount, the $66.4 million it received was the largest amount the state has ever received, according to the Wisconsin Department of Transportation.

It was not immediately clear which projects the money would go toward.