LRB-0167/P1
JK:jld:rs
2011 - 2012 LEGISLATURE
DOA:......Pawasarat, BB0013 - Holding period for early stage seed and angel investments
For 2011-13 Budget -- Not Ready For Introduction
An Act ...; relating to: the budget.
Analysis by the Legislative Reference Bureau
taxation
Income taxation
Under current law, for calendar years beginning after December 31, 2007, a person who claims an early stage seed or angel investment income and franchise tax credit must pay back the amount of the credit, if the person holds the investment for which the credit relates for less than three years. This bill makes clear that investments made after December 31, 2007, must be held for at least three years in order for the investor to receive and keep the amount of the credit.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
Section
1. 71.07 (5b) (d) 3. of the statutes is amended to read:
71.07 (5b) (d) 3. For calendar years beginning investments made after December 31, 2007, if an investment for which a claimant claims a credit under par. (b) is held by the claimant for less than 3 years, the claimant shall pay to the department, in the manner prescribed by the department, the amount of the credit that the claimant received related to the investment.
Section
2. 71.07 (5d) (d) 1. of the statutes is amended to read:
71.07 (5d) (d) 1. For calendar years beginning investments made after December 31, 2007, if an investment for which a claimant claims a credit under par. (b) is held by the claimant for less than 3 years, the claimant shall pay to the department, in the manner prescribed by the department, the amount of the credit that the claimant received related to the investment.
Section
3. 71.28 (5b) (d) 3. of the statutes is amended to read:
71.28 (5b) (d) 3. For calendar years beginning investments made after December 31, 2007, if an investment for which a claimant claims a credit under par. (b) is held by the claimant for less than 3 years, the claimant shall pay to the department, in the manner prescribed by the department, the amount of the credit that the claimant received related to the investment.
Section
4. 71.47 (5b) (d) 3. of the statutes is amended to read:
71.47 (5b) (d) 3. For calendar years beginning investments made after December 31, 2007, if an investment for which a claimant claims a credit under par. (b) is held by the claimant for less than 3 years, the claimant shall pay to the department, in the manner prescribed by the department, the amount of the credit that the claimant received related to the investment.
(End)
