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2023 - 2024 LEGISLATURE
2023 ASSEMBLY BILL 932
January 12, 2024 - Introduced by Representatives W ITTKE, ZIMMERMAN,
ARMSTRONG, MURSAU, MAXEY, O'CONNOR and JACOBSON, cosponsored by
Senators FEYEN and WANGGAARD. Referred to Committee on State Affairs.
***AUTHORS SUBJECT TO CHANGE***
AN ACT to repeal 238.15 (1) (f) 1.; and to consolidate, renumber and amend
238.15 (1) (f) (intro.) and 2. of the statutes; relating to: modifying the
certification criteria to be a qualified new business venture.
Analysis by the Legislative Reference Bureau
This bill modifies one of the criteria that a business must meet to be certified
as a qualified new business venture by the Wisconsin Economic Development
Corporation.
Under current law, the angel investment tax credit and the early stage seed
investment tax credit are available to claimants making eligible investments in
qualified new business ventures that are certified by WEDC. Under current law, one
criterion for certification is that the business has the potential for increasing jobs or
capital investment in Wisconsin and is either:
1. Engaged in, or committed to engage in, innovation in any of the following:
a. Manufacturing, biotechnology, nanotechnology, communications,
agriculture, or clean energy creation or storage technology.
b. Processing or assembling products, including medical devices,
pharmaceuticals, computer software and hardware, semiconductors, and other
innovative technology products, or other products that are produced using
manufacturing methods that are enabled by applying differentiating technology.
c. Services that are enabled by applying differentiating technology.
2. Undertaking pre-commercialization activity related to differentiating
technology that includes conducting research, developing a new product or business
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ASSEMBLY BILL 932
process, or developing a service that is principally reliant on applying differentiating
technology.
The bill repeals item 1 and maintains item 2. As such, under the bill, one
criterion that a business must meet for certification as a qualified new business
venture is that it has the potential for increasing jobs or capital investment in
Wisconsin and is undertaking pre-commercialization activity related to
differentiating technology that includes conducting research, developing a new
product or business process, or developing a service that is principally reliant on
applying differentiating technology.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SECTION 1. 238.15 (1) (f) (intro.) and 2. of the statutes are consolidated,
renumbered 238.15 (1) (f) and amended to read:
238.15 (1) (f) It has the potential for increasing jobs in this state, increasing
capital investment in this state, or both, and any of the following apply: 2. It it is
undertaking pre-commercialization activity related to differentiating technology
that includes conducting research, developing a new product or business process, or
developing a service that is principally reliant on applying differentiating
technology.
SECTION 2. 238.15 (1) (f) 1. of the statutes is repealed.
(END)
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