Wisconsin 2023-2024 Regular Session

Wisconsin Senate Bill SB882 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	LRB-5348/1
2	2	MDE:skw
3	3	2023 - 2024 LEGISLATURE
4	4	2023 SENATE BILL 882
5	5	January 5, 2024 - Introduced by Senators FEYEN and WANGGAARD, cosponsored by
6	6	Representatives WITTKE, ZIMMERMAN, ARMSTRONG, GOEBEN, NEDWESKI,
7	7	O'CONNOR and SHANKLAND. Referred to Committee on Universities and
8	8	Revenue.
9	9	*AUTHORS SUBJECT TO CHANGE*
10	10	AN ACT to amend 238.15 (3) (e) of the statutes; relating to: transferring the
11	11	angel investment tax credit.
12	12	Analysis by the Legislative Reference Bureau
13	13	This bill allows the angel investment tax credit to be sold or otherwise
14	14	transferred to another taxpayer.
15	15	Under current law, the angel investment tax credit offsets the individual
16	16	income tax and equals 25 percent of the claimant's eligible investment in a qualified
17	17	new business venture that is certified by the Wisconsin Economic Development
18	18	Corporation. The credit may not be sold or otherwise transferred. The credit is part
19	19	of the early stage business investment program, along with the early stage seed
20	20	investment tax credit. Unlike the angel investment tax credit, the early stage seed
21	21	investment tax credit may be sold or otherwise transferred.
22	22	Under the bill, a person eligible to claim the angel investment tax credit may
23	23	sell or otherwise transfer the credit to another person who is subject to Wisconsin
24	24	individual income tax if the person notifies WEDC and the Department of Revenue
25	25	of the transfer and submits a copy of the transfer documents. The bill provides that,
26	26	as with the early stage seed investment tax credit under current law, a person may
27	27	not sell or otherwise transfer a credit more than once in a 12-month period and
28	28	WEDC may charge a fee of up to 5 percent of the credit amount. The bill also specifies
29	29	that a person may not sell or otherwise transfer an individual credit more than once
30	30	in a 12-month period.
31	31	1
32	32	2 - 2 -2023 - 2024 Legislature LRB-5348/1
33	33	MDE:skw
34	34	SENATE BILL 882
35	35	For further information see the state fiscal estimate, which will be printed as
36	36	an appendix to this bill.
37	37	The people of the state of Wisconsin, represented in senate and assembly, do
38	38	enact as follows:
39	39	SECTION 1. 238.15 (3) (e) of the statutes is amended to read:
40	40	238.15 (3) (e) Transfer. A person who is eligible to claim a credit under s. 71.07
41	41	(5b), 71.28 (5b), 71.47 (5b), or 76.638 may sell or otherwise transfer the credit to
42	42	another person who is subject to the taxes or fees imposed under s. 71.02, 71.23,
43	43	71.47, or subch. III of ch. 76, if the person receives prior authorization from the
44	44	investment fund manager and the manager then notifies the corporation and the
45	45	department of revenue of the transfer and submits with the notification a copy of the
46	46	transfer documents. A person who is eligible to claim a credit under s. 71.07 (5d) may
47	47	sell or otherwise transfer the credit to another person who is subject to the taxes
48	48	imposed under s. 71.02 if the person notifies the corporation and the department of
49	49	revenue of the transfer and submits with the notification a copy of the transfer
50	50	documents. No person may sell or otherwise transfer a an individual credit as
51	51	provided in this paragraph more than once in a 12-month period. The corporation
52	52	may charge any person selling or otherwise transferring a credit under this
53	53	paragraph a fee of up to 5 percent of the credit amount sold or transferred.
54	54	(END)
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