Madison
70° F
Mostly Cloudy
Mostly Cloudy
Advertisement

Committee signs off on Wis. venture capital bill

Published On: May 10 2013 12:15:57 PM CDT   Updated On: May 10 2013 12:23:27 PM CDT
MADISON, Wis. -

A bill that would put $25 million in state money into Wisconsin startups passed its first hurdle in the Assembly despite controversy surrounding Gov. Scott Walker's jobs-creation agency.

The Assembly Committee on Jobs, Economy and Mining approved the bill on an 8-6 vote Friday.

The legislation from Rep. Mike Kuglitsch, R-New Berlin, would put the money into a fund that invests in young Wisconsin companies. It would require the Wisconsin Economic Development Corp. to contract with a fund manager to manage the investments.

Some Democrats said the state shouldn't trust the WEDC after a scathing audit found that the agency didn't adequately track loans it awarded and gave money to unqualified companies.

Kuglitsch said those complaints are political.

The full Assembly will take up the bill Tuesday.

Advertisement
  • Buddy Check 3

    Learn more about Buddy Check and sign up to get a reminder to perform a self-exam and remind your friends to do the same.

  • Jack in Madison

    Jack in Madison

    Your pet photos

    Email us a picture of you and your pet and we'll use it in out Pet Walk segment which airs every weekday morning at 6:40. Include your name, your pet's name and where you're from. Email to petwalk@wisctv.com.

  • Time for Kids - Explore the Outdoors

    Dean Clinic and WISC-TV3 are focusing on a year-long campaign to get kids off their electronics and into the outdoors.

Advertisement