Senate Bill 285 establishes a new economic development program in Wisconsin aimed at incentivizing households from outside the state to relocate to municipalities within Wisconsin. The bill directs the Wisconsin Economic Development Corporation (WEDC) to administer talent recruitment grants, which can be awarded to eligible applicants such as cities, towns, counties, American Indian tribes, or nonprofit organizations focused on economic development. To qualify for a grant, applicants must submit a detailed talent recruitment program plan, demonstrate a minimum 20% contribution to the program's total cost, and meet specific household goals if they have previously received funding. The bill also stipulates that no more than $500,000 can be awarded to a single municipality in one fiscal year.

Households seeking to benefit from these incentives must reside outside Wisconsin at the time of application, have an individual income of at least $55,000, and apply through a grant recipient. The bill requires grant recipients to provide semiannual reports to WEDC detailing various metrics related to the program's outcomes, including the number of applications received and the economic impact of the program. The disbursement of grant funds is structured in two phases, with 50% released upon contract signing and the remaining 50% contingent on meeting half of the stated household goal.