Wisconsin Legislative Council
ACT MEMO
One Ea st Ma in Stre e t, Suite 401 • Ma dison, W I 53703 • (608) 266-1304 • le g.council@le gis.wisconsin.gov • http://www.le gis.wisconsin.gov/lc
Prepared by: Ethan Lauer, Senior Staff Attorney April 1, 2024
2023 Wisconsin Act 144
[2023 Assembly Bill 932]
Qualified New Business Venture
Criteria
BACKGROUND
The Wisconsin Economic Development Corporation (WEDC) administers a program in which it may
certify a business as a Qualified New Business Venture (QNBV) for purposes of the angel investment tax
credit and the early stage seed investment tax credit. WEDC may certify or recertify a business as a
QNBV only if the business meets several criteria. Under prior law, a business could meet one of those
criteria by doing either of the following:
Engaging in, or committing to engage in, innovation in any of the following:
o Manufacturing, biotechnology, nanotechnology, communications, agriculture, or clean energy
creation or storage technology.
o Processing or assembling certain innovative technology products or other products that are
produced using manufacturing methods that are enabled by applying differentiating technology.
o Services that are enabled by applying differentiating technology.
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.
2023 WISCONSIN ACT 144
2023 Wisconsin Act 144 modifies the first item listed above. Under Act 144, a business may meet the
criterion for certification or recertification as a QNBV if the business engages in, or commits to engage
in, innovation, if the innovation involves the development of a differentiating technology, product,
service, or production process. Alternatively, a business may meet the criterion using the second item
listed above, which is unaffected by Act 144.
Effective date: March 23, 2024
For a full history of the bill, visit the Legislature’s bill history page.
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