LRBs0276/1
MDE:cjs
2023 - 2024 LEGISLATURE
ASSEMBLY SUBSTITUTE AMENDMENT 1,
TO ASSEMBLY BILL 932
February 8, 2024 - Offered by Representative Wittke.
AB932-ASA1,1,3
1An Act to repeal 238.15 (1) (f) 1.; and
to create 238.15 (1) (f) 1m. of the statutes;
2relating to: modifying the certification criteria to be a qualified new business
3venture.
Analysis by the Legislative Reference Bureau
This bill modifies one of the criteria that a business must meet to be certified
as a qualified new business venture by the Wisconsin Economic Development
Corporation.
Under current law, the angel investment tax credit and the early stage seed
investment tax credit are available to claimants making eligible investments in
qualified new business ventures that are certified by WEDC. Under current law, one
criterion for certification is that the business has the potential for increasing jobs or
capital investment in Wisconsin and is either:
1. Engaged in, or committed to engage in, innovation in any of the following:
a. Manufacturing, biotechnology, nanotechnology, communications,
agriculture, or clean energy creation or storage technology.
b. Processing or assembling products, including medical devices,
pharmaceuticals, computer software or hardware, semiconductors, any other
innovative technology products, or other products that are produced using
manufacturing methods that are enabled by applying differentiating technology.
c. Services that are enabled by applying differentiating technology.
2. 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.
The bill replaces item 1 with the option for a business to qualify under the above
criterion if the business is engaged in, or has committed to engage in, innovation, if
the innovation involves the development of a differentiating technology, product,
service, or production process.
The bill first applies to a business initially certified for the angel investment tax
credit or the early stage seed investment tax credit on the effective date of the bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB932-ASA1,1
1Section
1. 238.15 (1) (f) 1. of the statutes is repealed.
AB932-ASA1,2
2Section
2. 238.15 (1) (f) 1m. of the statutes is created to read:
AB932-ASA1,2,53
238.15
(1) (f) 1m. It is engaged in, or has committed to engage in, innovation,
4if the innovation involves the development of a differentiating technology, product,
5service, or production process.
AB932-ASA1,2,87
(1)
This act first applies to a business that is first certified under s. 238.15 (1)
8on the effective date of this subsection.
