Walker revamping certified capital plan amid bipartisan scorn.

Walker revamping certified capital plan amid bipartisan scorn

... great headline.


Gov. Scott Walker is planning substantial changes to a bill derided by some lawmakers as a "dubious giveaway" and "crony capitalism" benefiting insurance companies and other special interests, a Walker spokesman said.

And a Department of Revenue estimate says that the $400 million bill, intended to jump-start job creation, would cost the state up to $590 million over 17 years. The final cost could be higher because the state would have to borrow part of the initial sum.

The portion of the bill that has drawn intense bipartisan criticism is the Jobs Now Fund, which would provide $200 million in state tax breaks to insurance companies in exchange for $250 million of their own capital. Out-of-state financial management firms known as certified capital companies, or CAPCOs, would use the money from the insurance companies to invest in or lend to Wisconsin businesses.


... another Scott Walker Scameroo.

At the end of the fund's life, the capital companies would be allowed to keep 75% to 80% of the profits. And the companies would not have to reimburse the state for the tax credits.


more...

http://www.jsonline.com/business/122783844.html

...and apparently the Koch-paid trolls were not working last night.


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