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560.205 560.205 Early stage business investment program.
560.205(1)(1)Angel investment tax credits. The department shall implement a program to certify businesses for purposes of s. 71.07 (5d). A business desiring certification shall submit an application to the department in each taxable year for which the business desires certification. The business shall specify in its application the investment amount it wishes to raise and the department may certify the business and determine the amount that qualifies for purposes of s. 71.07 (5d). Unless otherwise provided under the rules of the department, a business may be certified under this subsection, and may maintain such certification, only if the business satisfies all of the following conditions:
560.205(1)(a) (a) It has its headquarters in this state.
560.205(1)(b) (b) At least 51 percent of the employees employed by the business are employed in this state.
560.205(1)(f) (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:
560.205(1)(f)1. 1. It is engaged in, or has committed to engage in, innovation in any of the following:
560.205(1)(f)1.a. a. Manufacturing, biotechnology, nanotechnology, communications, agriculture, or clean energy creation or storage technology.
560.205(1)(f)1.b. b. Processing or assembling products, including medical devices, pharmaceuticals, computer software, computer hardware, semiconductors, any other innovative technology products, or other products that are produced using manufacturing methods that are enabled by applying proprietary technology.
560.205(1)(f)1.c. c. Services that are enabled by applying proprietary technology.
560.205(1)(f)2. 2. It is undertaking pre-commercialization activity related to proprietary technology that includes conducting research, developing a new product or business process, or developing a service that is principally reliant on applying proprietary technology.
560.205(1)(g) (g) It is not primarily engaged in real estate development, insurance, banking, lending, lobbying, political consulting, professional services provided by attorneys, accountants, business consultants, physicians, or health care consultants, wholesale or retail trade, leisure, hospitality, transportation, or construction, except construction of power production plants that derive energy from a renewable resource, as defined in s. 196.378 (1) (h).
560.205(1)(h) (h) It has less than 100 employees.
560.205(1)(j) (j) It has been in operation in this state for not more than 10 consecutive years.
560.205(1)(k) (k) For taxable years beginning before January 1, 2008, it has not received more than $1,000,000 in investments that have qualified for tax credits under s. 71.07 (5d).
560.205(1)(km) (km) It has not received aggregate private equity investment in cash of more than $10,000,000 prior to being certified under this subsection.
560.205(1)(kn) (kn) For taxable years beginning after December 31, 2007 and before January 1, 2011, it has not received more than $4,000,000 in investments that have qualified for tax credits under ss. 71.07 (5b) and (5d), 71.28 (5b), 71.47 (5b), and 76.638.
560.205(1)(L) (L) For taxable years beginning after December 31, 2010, it has not received more than $8,000,000 in investments that have qualified for tax credits under ss. 71.07 (5b) and (5d), 71.28 (5b), 71.47 (5b), and 76.638.
560.205(2) (2)Early stage seed investment tax credits. The department shall implement a program to certify investment fund managers for purposes of ss. 71.07 (5b), 71.28 (5b), 71.47 (5b), and 76.638. An investment fund manager desiring certification shall submit an application to the department. The investment fund manager shall specify in the application the investment amount that the manager wishes to raise and the department may certify the manager and determine the amount that qualifies for purposes of ss. 71.07 (5b), 71.28 (5b), 71.47 (5b), and 76.638. In determining whether to certify an investment fund manager, the department shall consider the investment fund manager's experience in managing venture capital funds, the past performance of investment funds managed by the applicant, the expected level of investment in the investment fund to be managed by the applicant, and any other relevant factors. The department may certify only investment fund managers that commit to consider placing investments in businesses certified under sub. (1).
560.205(3) (3)Administration.
560.205(3)(a)(a) List of certified businesses and investment fund managers. The department shall maintain a list of businesses certified under sub. (1) and investment fund managers certified under sub. (2) and shall permit public access to the lists through the department's Internet Web site.
560.205(3)(b) (b) Notification of department of revenue. The department of commerce shall notify the department of revenue of every certification issued under sub. (1) and (2) and the date on which any such certification is revoked or expires.
560.205(3)(d) (d) Rules. The department of commerce, in consultation with the department of revenue, shall promulgate rules to administer this section. The rules shall further define "bona fide angel investment" for purposes of s. 71.07 (5d) (a) 1. The rules shall limit the aggregate amount of tax credits under s. 71.07 (5d) that may be claimed for investments in businesses certified under sub. (1) at $3,000,000 per calendar year for calendar years beginning after December 31, 2004, and before January 1, 2008, $5,500,000 per calendar year for calendar years beginning after December 31, 2007, and before January 1, 2010, $6,500,000 for calendar year 2010, and $20,000,000 per calendar year for calendar years beginning after December 31, 2010, plus, for taxable years beginning after December 31, 2010, an additional $250,000 for tax credits that may be claimed for investments in nanotechnology businesses certified under sub. (1). The rules shall also limit the aggregate amount of the tax credits under ss. 71.07 (5b), 71.28 (5b), 71.47 (5b), and 76.638 that may be claimed for investments paid to fund managers certified under sub. (2) at $3,500,000 per calendar year for calendar years beginning after December 31, 2004, and before January 1, 2008, $6,000,000 per calendar year for calendar years beginning after December 31, 2007, and before January 1, 2010, $8,000,000 for calendar year 2010, and $20,500,000 per calendar year for calendar years beginning after December 31, 2010, plus, for taxable years beginning after December 31, 2010, an additional $250,000 for tax credits that may be claimed for investments in nanotechnology businesses certified under sub. (1). The rules shall also provide that, for calendar years beginning after December 31, 2007, no person may receive a credit under ss. 71.07 (5b) and (5d), 71.28 (5b), 71.47 (5b), or 76.638 unless the person's investment is kept in a certified business, or with a certified fund manager, for no less than 3 years. The rules shall permit the department to reallocate credits under this section that are unused in any calendar year to a person eligible for tax benefits, as defined under s. 560.2055 (1) (d), if all of the following apply:
560.205(3)(d)1. 1. The department notifies the joint committee on finance in writing of its proposed reallocation.
560.205(3)(d)2. 2. One of the following is true:
560.205(3)(d)2.a. a. The cochairpersons of the joint committee on finance fail to notify the department, within 14 working days after the date of the department's notification under subd. 1., that the committee has scheduled a meeting for the purpose of reviewing the proposed reallocation.
560.205(3)(d)2.b. b. The cochairpersons of the joint committee on finance notify the department that the committee has approved the proposed reallocation.
560.205(3)(e) (e) Transfer. A person who is eligible to claim a credit under s. 71.07 (5b), 71.28 (5b), 71.47 (5b), or 76.638 may sell or otherwise transfer the credit to another person who is subject to the taxes or fees imposed under s. 71.02, 71.23, 71.47, or subch. III of ch. 76, if the person receives prior authorization from the investment fund manager and the manager then notifies the department of commerce and the department of revenue of the transfer and submits with the notification a copy of the transfer documents. No person may sell or otherwise transfer a credit as provided in this paragraph more than once in a 12-month period. The department may charge any person selling or otherwise transferring a credit under this paragraph a fee equal to 1 percent of the credit amount sold or transferred. The department shall deposit all fees collected under this paragraph in the appropriation account under s. 20.143 (1) (gm).
560.205 History History: 2003 a. 255; 2005 a. 49, 97; 2007 a. 20, 125; 2009 a. 2, 265, 276.
560.205 Cross-reference Cross-reference: See also ch. Comm 129, Wis. adm. code.
560.2055 560.2055 Jobs tax credit.
560.2055(1)(1)Definitions. In this section:
560.2055(1)(a)1.1. Except as provided in subd. 2., "business" means any organization or enterprise operated for profit, including a sole proprietorship, partnership, firm, business trust, joint venture, syndicate, corporation, limited liability company, or association.
560.2055(1)(a)2. 2. "Business" does not include a store or shop in which retail sales is the principal business.
560.2055(1)(b) (b) "Eligible employee" means a person employed in a full-time job by a person certified under sub. (2).
560.2055(1)(c) (c) "Full-time job" means a regular, nonseasonal full-time position in which an individual, as a condition of employment, is required to work at least 2,080 hours per year, including paid leave and holidays, and for which the individual receives pay that is equal to at least 150 percent of the federal minimum wage and benefits that are not required by federal or state law. "Full-time job" does not include initial training before an employment position begins.
560.2055(1)(d) (d) "Tax benefits" means the jobs tax credit under ss. 71.07 (3q), 71.28 (3q), and 71.47 (3q).
560.2055(2) (2)Certification. The department may certify a person to receive tax benefits under this section if all of the following apply:
560.2055(2)(a) (a) The person is operating or intends to operate a business in this state.
560.2055(2)(b) (b) The person applies under this section and enters into a contract with the department.
560.2055(3) (3)Eligibility for tax benefits. A person certified under sub. (2) may receive tax benefits under this section if, in each year for which the person claims tax benefits under this section, the person increases net employment in the person's business and one of the following apply:
560.2055(3)(a) (a) In a tier I county or municipality, an eligible employee for whom the person claims a tax credit will earn at least $20,000 but not more than $100,000 in wages from the person in the year for which the credit is claimed.
560.2055(3)(b) (b) In a tier II county or municipality, an eligible employee for whom the person claims a tax credit will earn at least $30,000 but not more than $100,000 in wages from the person in the year for which the credit is claimed.
560.2055(3)(c) (c) In a tier I county or municipality or a tier II county or municipality, the person improves the job-related skills of any eligible employee, trains any eligible employee on the use of job-related new technologies, or provides job-related training to any eligible employee whose employment with the person represents the employee's first full-time job.
560.2055(4) (4)Duration, limits, and expiration.
560.2055(4)(a)(a) The certification of a person under sub. (2) may remain in effect for no more than 10 cumulative years.
560.2055(4)(b)1.1. The department may award to a person certified under sub. (2) tax benefits for each eligible employee in an amount equal to up to 10 percent of the wages paid by the person to that employee if that employee earned wages in the year for which the tax benefit is claimed equal to one of the following:
560.2055(4)(b)1.a. a. In a tier I county or municipality, at least $20,000 but not more than $100,000.
560.2055(4)(b)1.b. b. In a tier II county or municipality, at least $30,000 but not more than $100,000.
560.2055(4)(b)2. 2. The department may award to a person certified under sub. (2) tax benefits in an amount to be determined by the department by rule for costs incurred by the person to undertake the training activities described in sub. (3) (c).
560.2055(4)(c) (c) Subject to a reallocation by the department pursuant to rules promulgated under s. 560.205 (3) (d), the department may allocate up to $5,000,000 in tax benefits under this section in any calendar year.
560.2055(5) (5)Duties of the department.
560.2055(5)(a)(a) The department of commerce shall notify the department of revenue when the department of commerce certifies a person to receive tax benefits.
560.2055(5)(b) (b) The department of commerce shall notify the department of revenue within 30 days of revoking a certification made under sub. (2).
560.2055(5)(c) (c) The department may require a person to repay any tax benefits the person claims for a year in which the person failed to maintain employment required by an agreement under sub. (2) (b).
560.2055(5)(d) (d) The department shall determine the maximum amount of the tax credits under ss. 71.07 (3q), 71.28 (3q), and 71.47 (3q) that a certified business may claim and shall notify the department of revenue of this amount.
560.2055(5)(e) (e) The department shall annually verify the information submitted to the department by the person claiming tax benefits under ss. 71.07 (3q), 71.28 (3q), and 71.47 (3q).
560.2055(5)(f) (f) The department shall promulgate rules for the implementation and operation of this section, including rules relating to the following:
560.2055(5)(f)1. 1. The definitions of a tier I county or municipality and a tier II county or municipality. The department may consider all of the following information when establishing the definitions required under this subdivision:
560.2055(5)(f)1.a. a. Unemployment rate.
560.2055(5)(f)1.b. b. Percentage of families with incomes below the poverty line established under 42 USC 9902 (2).
560.2055(5)(f)1.c. c. Median family income.
560.2055(5)(f)1.d. d. Median per capita income.
560.2055(5)(f)1.e. e. Other significant or irregular indicators of economic distress, such as a natural disaster or mass layoff.
560.2055(5)(f)2. 2. A schedule of additional tax benefits for which a person who is certified under sub. (2) and who incurs costs related to job training under sub. (3) (c) may be eligible.
560.2055(5)(f)3. 3. Conditions for the revocation of a certification under par. (b).
560.2055(5)(f)4. 4. Conditions for the repayment of tax benefits under par. (c).
560.2055 History History: 2009 a. 28, 265.
560.2056 560.2056 Food processing plant and food warehouse investment credit.
560.2056(1)(1) The department of commerce shall implement a program to certify taxpayers as eligible for the food processing plant and food warehouse investment credit under ss. 71.07 (3rn), 71.28 (3rn), and 71.47 (3rn).
560.2056 Note NOTE: The cross-references to ss. 71.07 (3rn), 71.28 (3rn), and 71.47 (3rn) were changed from ss. 71.07 (3rm), 71.28 (3rm), and 71.47 (3rm) by the legislative reference bureau under s. 13.92 (1) (bm) 2. to reflect the renumbering under s. 13.92 (1) (bm) 2. of ss. 71.07 (3rm), 71.28 (3rm), and 71.47 (3rm), as created by 2009 Wis. Act 295.
560.2056(2) (2) If the department of commerce certifies a taxpayer under sub. (1), the department of commerce shall determine the amount of credits to allocate to that taxpayer. The total amount of food processing plant and food warehouse investment credits allocated to taxpayers in fiscal year 2009-10 may not exceed $600,000 and the total amount of food processing plant and food warehouse investment credits allocated to taxpayers in fiscal year 2010-11, and in each fiscal year thereafter, may not exceed $700,000.
560.2056(3) (3) The department of commerce shall inform the department of revenue of every taxpayer certified under sub. (1) and the amount of credits allocated to the taxpayer.
560.2056(4) (4) The department of commerce, in consultation with the department of revenue, shall promulgate rules to administer this section.
560.2056 History History: 2009 a. 295; s. 13.92 (1) (bm) 2.
560.206 560.206 Film production tax credits.
560.206(1) (1) The department shall implement a program to accredit productions for purposes of ss. 71.07 (5f) and (5h), 71.28 (5f) and (5h), and 71.47 (5f) and (5h). Application for accreditation shall be made to the department in each taxable year for which accreditation is desired.
560.206(2) (2) If the department accredits a production under sub. (1), the department shall determine the amount of the production's production expenditures, as defined in s. 71.07 (5f) (a) 3.
560.206(3) (3) The department shall notify the department of revenue of every production accredited under sub. (1) and the amount of the production's production expenditures.
560.206(4) (4) The department of commerce, in consultation with the department of revenue, shall promulgate rules to administer this section.
560.206 History History: 2005 a. 483.
560.207 560.207 Dairy manufacturing facility investment credit.
560.207(1)(1) The department of commerce shall implement a program to certify taxpayers, including taxpayers who are members of dairy cooperatives, as eligible for the dairy manufacturing facility investment credit under ss. 71.07 (3p), 71.28 (3p), and 71.47 (3p).
560.207(2) (2) If the department of commerce certifies a taxpayer under sub. (1), the department of commerce shall determine the amount of credits to allocate to that taxpayer. The total amount of dairy manufacturing facility investment credits allocated to taxpayers in fiscal year 2007-08 may not exceed $600,000 and the total amount of dairy manufacturing facility investment credits allocated to taxpayers who are not members of dairy cooperatives in fiscal year 2008-09, and in each fiscal year thereafter, may not exceed $700,000. The total amount of dairy manufacturing facility investment credits allocated to taxpayers who are members of dairy cooperatives in fiscal year 2009-10 may not exceed $600,000 and the total amount of dairy manufacturing facility investment credits allocated to taxpayers who are members of dairy cooperatives in fiscal year 2010-11, and in each fiscal year thereafter, may not exceed $700,000.
560.207(3) (3) The department of commerce shall inform the department of revenue of every taxpayer certified under sub. (1) and the amount of credits allocated to the taxpayer.
560.207(4) (4) The department of commerce, in consultation with the department of revenue, shall promulgate rules to administer this section.
560.207 History History: 2007 a. 20; 2009 a. 2.
560.207 Cross-reference Cross-reference: See also s. Comm 132, Wis. adm. code.
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This is an archival version of the Wis. Stats. database for 2009. See Are the Statutes on this Website Official?