Wisconsin Technology Council President Tom Still says a bill to alter the state’s investment tax credit program could bring more out-of-state investors to Wisconsin.
“Wisconsin still has a long way to go in terms of attracting venture capital especially, but we do have the right portfolio of companies; we have entrepreneurs who can do it,” Still said earlier this week before the Senate Committee on Agriculture, Revenue and Financial Institutions. “The more we can attract money from elsewhere, the better.”
Senate Bill 208 would allow insurance companies from outside the state to access a 25 percent state tax credit on any investments made in Wisconsin companies that are certified through the Qualified New Business Venture program.
According to Sen. Howard Marklein, one of the bill’s co-authors, out-of-state insurers were already getting tax credits for these investments until a 2017 audit by the Office of the Commissioner of Insurance found they were ineligible to do so.
Speaking earlier this week at a public hearing for the bill, the Spring Green Republican explained the investment tax credit program started in 2003 and has been altered several times by lawmakers. Read the full story here.