The state Legislature has passed several bills championed by the Wisconsin Technology Council that would change state laws surrounding startup funding and oversight.
“These bills are examples of how bipartisan review can help to resolve often-complicated issues while helping to improve the Wisconsin economy,” said Tom Still, president of the Tech Council.
One bill would alter the state’s investor tax credits law to allow insurance companies to benefit from the program. According to a release from the Tech Council, the bill would clarify language in the statute, clearing up an issue that was introduced when the program was expanded a decade ago.
The bipartisan Act 255 law took effect in 2005, creating the state’s Qualified New Business Venture Program, which is overseen by WEDC. Investors in qualified QNBV companies can receive a 25 percent tax credit on their investment, capped at $3 million in credits per company for $12 million in eligible investments.
When the program first got its start, credits could be applied to corporate income taxes, individual income taxes and trust income taxes. These various tax liabilities are based in three different sections of state law, with the same language in each section on how the credits can be applied. Read the full story here.