Wisconsin Senate Bill SB883

Wisconsin 2023-2024 Regular Session

• Introduced: 1/5/24
• Refer: 1/5/24
• Report Pass: 2/28/24
• Failed: 4/15/24

Caption

Modifying the certification criteria to be a qualified new business venture. (FE)

Summary

Senate Bill 883, introduced in the Wisconsin Legislature, seeks to amend the criteria for businesses to be certified as a qualified new business venture by the Wisconsin Economic Development Corporation (WEDC). The bill specifically removes one criterion related to the engagement in innovation across various sectors, such as manufacturing, biotechnology, and clean energy, while maintaining the focus on businesses undertaking pre-commercialization activities related to differentiating technology. This change aims to streamline the certification process, potentially making it easier for businesses to qualify for tax credits designed to spur investment and job growth within the state. The impact of SB883 is expected to improve the economic landscape in Wisconsin by encouraging investment in technology-based ventures. The retention of the criterion focused on the pre-commercialization of technology suggests a continued commitment to fostering innovation in the state. This could lead to increased research and development activities, thereby enhancing job creation and capital investments that bolster economic growth. The shifting emphasis in certification criteria could attract more entrepreneurs and investors seeking to benefit from the state’s tax incentives. However, the bill has faced points of contention among lawmakers and stakeholders. Critics may argue that eliminating the specific requirements related to engagement with innovation diminishes the quality of business ventures seeking certification, possibly opening the door for entities that do not contribute significantly to technological advancement or economic revitalization. There are concerns that the loosened criteria could lead to certified ventures that lack robust plans for growth or job creation, undermining the intent of the tax credit program. In summary, SB883 presents a legislative effort to adapt the certification ecosystem to better align with current economic conditions and technological advancements. The outcome of this bill may significantly influence the regulatory environment surrounding business investments in Wisconsin, shaping the landscape for entrepreneurial opportunities while reflecting the ongoing dialogue about balancing economic development goals with rigorous certification standards.