Wisconsin 2023-2024 Regular Session

Wisconsin Senate Bill SB883 Compare Versions

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

Old	New	Differences
1	1	LRB-5347/1
2	2	MDE:skw
3	3	2023 - 2024 LEGISLATURE
4	4	2023 SENATE BILL 883
5	5	January 5, 2024 - Introduced by Senators FEYEN and WANGGAARD, cosponsored by
6	6	Representatives WITTKE, ZIMMERMAN, ARMSTRONG, MURSAU, MAXEY, O'CONNOR
7	7	and JACOBSON. Referred to Committee on Economic Development and
8	8	Technical Colleges.
9	9	*AUTHORS SUBJECT TO CHANGE*
10	10	AN ACT to repeal 238.15 (1) (f) 1.; and to consolidate, renumber and amend
11	11	238.15 (1) (f) (intro.) and 2. of the statutes; relating to: modifying the
12	12	certification criteria to be a qualified new business venture.
13	13	Analysis by the Legislative Reference Bureau
14	14	This bill modifies one of the criteria that a business must meet to be certified
15	15	as a qualified new business venture by the Wisconsin Economic Development
16	16	Corporation.
17	17	Under current law, the angel investment tax credit and the early stage seed
18	18	investment tax credit are available to claimants making eligible investments in
19	19	qualified new business ventures that are certified by WEDC. Under current law, one
20	20	criterion for certification is that the business has the potential for increasing jobs or
21	21	capital investment in Wisconsin and is either:
22	22	1. Engaged in, or committed to engage in, innovation in any of the following:
23	23	a. Manufacturing, biotechnology, nanotechnology, communications,
24	24	agriculture, or clean energy creation or storage technology.
25	25	b. Processing or assembling products, including medical devices,
26	26	pharmaceuticals, computer software and hardware, semiconductors, and other
27	27	innovative technology products, or other products that are produced using
28	28	manufacturing methods that are enabled by applying differentiating technology.
29	29	c. Services that are enabled by applying differentiating technology.
30	30	2. Undertaking pre-commercialization activity related to differentiating
31	31	technology that includes conducting research, developing a new product or business
32	32	1
33	33	2
34	34	3 - 2 -2023 - 2024 Legislature LRB-5347/1
35	35	MDE:skw
36	36	SENATE BILL 883
37	37	process, or developing a service that is principally reliant on applying differentiating
38	38	technology.
39	39	The bill repeals item 1 and maintains item 2. As such, under the bill, one
40	40	criterion that a business must meet for certification as a qualified new business
41	41	venture is that it has the potential for increasing jobs or capital investment in
42	42	Wisconsin and is undertaking pre-commercialization activity related to
43	43	differentiating technology that includes conducting research, developing a new
44	44	product or business process, or developing a service that is principally reliant on
45	45	applying differentiating technology.
46	46	For further information see the state fiscal estimate, which will be printed as
47	47	an appendix to this bill.
48	48	The people of the state of Wisconsin, represented in senate and assembly, do
49	49	enact as follows:
50	50	SECTION 1. 238.15 (1) (f) (intro.) and 2. of the statutes are consolidated,
51	51	renumbered 238.15 (1) (f) and amended to read:
52	52	238.15 (1) (f) It has the potential for increasing jobs in this state, increasing
53	53	capital investment in this state, or both, and any of the following apply: 2. It it is
54	54	undertaking pre-commercialization activity related to differentiating technology
55	55	that includes conducting research, developing a new product or business process, or
56	56	developing a service that is principally reliant on applying differentiating
57	57	technology.
58	58	SECTION 2. 238.15 (1) (f) 1. of the statutes is repealed.
59	59	(END)
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