| 4 | 4 | | AN ACT to amend 238.15 (3) (e) of the statutes; relating to: transferring the angel investment tax credit. |
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| 5 | 5 | | The people of the state of Wisconsin, represented in |
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| 6 | 6 | | senate and assembly, do enact as follows: |
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| 7 | 7 | | SECTION 1. 238.15 (3) (e) of the statutes is amended |
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| 8 | 8 | | to read: |
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| 9 | 9 | | 238.15 (3) (e) Transfer. A person who is eligible to |
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| 10 | 10 | | claim a credit under s. 71.07 (5b), 71.28 (5b), 71.47 (5b), |
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| 11 | 11 | | or 76.638 may sell or otherwise transfer the credit to |
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| 12 | 12 | | another person who is subject to the taxes or fees imposed |
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| 13 | 13 | | under s. 71.02, 71.23, 71.47, or subch. III of ch. 76, if the |
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| 14 | 14 | | person receives prior authorization from the investment |
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| 15 | 15 | | fund manager and the manager then notifies the corpora- |
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| 16 | 16 | | tion and the department of revenue of the transfer and |
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| 17 | 17 | | submits with the notification a copy of the transfer docu- |
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| 18 | 18 | | ments. A person who is eligible to claim a credit under |
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| 19 | 19 | | s. 71.07 (5d) may sell or otherwise transfer the credit to |
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| 20 | 20 | | another person who is subject to the taxes imposed under |
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| 21 | 21 | | s. 71.02 if the person notifies the corporation and the |
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| 22 | 22 | | department of revenue of the transfer and submits with |
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| 23 | 23 | | the notification a copy of the transfer documents. No per- |
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| 24 | 24 | | son may sell or otherwise transfer a an individual credit |
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| 25 | 25 | | as provided in this paragraph more than once in a |
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| 26 | 26 | | 12−month period. The corporation may charge any per- |
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| 27 | 27 | | son selling or otherwise transferring a credit under this |
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| 28 | 28 | | paragraph a fee of up to 5 percent of the credit amount |
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| 29 | 29 | | sold or transferred. |
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| 30 | 30 | | SECTION 1m.0Initial applicability. |
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| 31 | 31 | | (1) This act first applies to a credit under s. 71.07 (5d) |
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| 32 | 32 | | that a person was approved by the Wisconsin Economic |
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| 33 | 33 | | Development Corporation to claim on the effective date |
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| 34 | 34 | | of this subsection. |
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| 35 | 35 | | * Section 991.11, WISCONSIN STATUTES: Effective date of acts. “Every act and every portion of an act enacted by the legislature over the governor’s |
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| 36 | 36 | | partial veto which does not expressly prescribe the time when it takes effect shall take effect on the day after its date of publication.” |
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