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Bills · 2011-2012 Regular Session

SB 463

Became law Official bill text Atom feed

the angel investment and early stage seed investment tax credit programs.

  1. Introduced, completed
  2. Passes Senate, completed
  3. Passes Assembly, completed
  4. Governor signs, completed
  5. Law, completed

Unfamiliar terms? Glossary

What this bill does

Plain-language analysis by the nonpartisan Legislative Reference Bureau

Under current law, the angel investment tax credit program allows a taxpayer

to claim a tax credit that equals 25 percent of a bona fide angel investment made

directly in a qualified new business venture (QNBV) for the tax year. Current law

provides that a QNBV is a business that is certified by the Wisconsin Economic

Development Corporation (WEDC). Under current law, WEDC may certify a

business as a QNBV if the business meets certain conditions, including being

headquartered in this state, employing at least 51 percent of its employees in this

state, and having less than 100 employees. Under this bill, in addition to the existing

certification conditions, to be certified as a QNBV a business must agree to stay in

this state for at least three years following the receipt of a bona fide angel investment

and must agree to pay a penalty to WEDC if the business relocates outside of this

state within three years of receiving a bona fide angel investment. Additionally, the

bill provides that certain conditions that a business must satisfy to be certified as a

QNBV, such as having less than 100 employees and not having operated in Wisconsin

for more than ten consecutive years, apply only to initial certifications.

Under current law, a person who claims a tax credit for an early stage seed or

angel investment must hold the investment for at least three years. If the person

does not hold the investment for at least three years, the person must pay to the

Department of Revenue (DOR) the amount of the credit that the person received

related to the investment. Under this bill, a person that holds such an investment

for less than three years does not have to repay the tax credit to DOR, if the person's

investment becomes worthless, as determined by WEDC, or if a bona fide liquidity

event occurs, as determined by WEDC.

Under current law, the maximum amount of angel investment credits that may

be claimed by all claimants for all taxable years combined is $47,500,000. The bill

eliminates this limitation.

What it would cost

Fiscal estimates filed by state agencies, as official PDFs

Sponsors

Introduced by: Darling (R) , Leibham (R)

3 cosponsors

Klenke (R) , Kuglitsch (R) , Tauchen (R)

Votes

Senate: Report passage recommended by committee on Economic Development and Veterans and Military Affairs, Ayes 7, Noes 0

Passed 7–0 Feb 23, 2012 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Senate: Referred to joint committee on Finance by committee on Senate Organization, pursuant to Senate Rule 41 (1)(e), Ayes 5, Noes 0

Passed 5–0 Mar 5, 2012 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Senate: Point of order that Senate amendment 3 not germane well taken, Ayes 17, Noes 16

Passed 17–16 Mar 6, 2012 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Senate: Read a third time and passed, Ayes 32, Noes 1

Passed 32–1 Mar 6, 2012 official source full page

Nay · 1

Assembly: Read a third time and concurred in, Ayes 90, Noes 3

Passed 90–3 Mar 15, 2012 official source full page

Aye · 90

Assembly: Assembly substitute amendment 1 laid on table, Ayes 59, Noes 34

Passed 59–34 Mar 15, 2012 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Assembly: Assembly substitute amendment 2 laid on table, Ayes 59, Noes 34

Passed 59–34 Mar 15, 2012 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Full history

  1. Feb 13, 2012 · Senate

    Introduced by Senators Leibham and Darling;Cosponsored by Representatives Kuglitsch, Klenke and Tauchen

  2. Feb 13, 2012 · Senate

    Read first time and referred to committee on Economic Development and Veterans and Military Affairs

  3. Feb 14, 2012 · Senate

    Fiscal estimate received

  4. Feb 16, 2012 · Senate

    Public hearing held

  5. Feb 22, 2012 · Senate

    Executive action taken

  6. Feb 23, 2012 · Senate

    Report passage recommended by committee on Economic Development and Veterans and Military Affairs, Ayes 7, Noes 0

  7. Feb 23, 2012 · Senate

    Available for scheduling

  8. Feb 23, 2012 · Senate

    Senate amendment 1 offered by Senator Leibham

  9. Mar 1, 2012 · Senate

    Fiscal estimate received

  10. Mar 2, 2012 · Senate

    Senate amendment 2 offered by Senator Leibham

  11. Mar 5, 2012 · Senate

    Referred to joint committee on Finance by committee on Senate Organization, pursuant to Senate Rule 41 (1)(e), Ayes 5, Noes 0

  12. Mar 5, 2012 · Senate

    Withdrawn from joint committee on Finance and made Available for Scheduling by committee on Senate Organization, pursuant to Senate Rule 41 (1)(e), Ayes 5, Noes 0

  13. Mar 5, 2012 · Senate

    Placed on calendar 3-6-2012 pursuant to Senate Rule 18(1)

  14. Mar 6, 2012 · Senate

    Read a second time

  15. Mar 6, 2012 · Senate

    Senate amendment 1 adopted

  16. Mar 6, 2012 · Senate

    Senate amendment 2 withdrawn and returned to author

  17. Mar 6, 2012 · Senate

    Senate amendment 3 offered by Senators Hansen, Taylor, Holperin, C. Larson, King, Wirch, Risser, Miller, Lassa and Vinehout

  18. Mar 6, 2012 · Senate

    Point of order that Senate amendment 3 not germane well taken, Ayes 17, Noes 16

  19. Mar 6, 2012 · Senate

    Senate amendment 4 offered by Senator Leibham

  20. Mar 6, 2012 · Senate

    Senate amendment 4 adopted

  21. Mar 6, 2012 · Senate

    Ordered to a third reading

  22. Mar 6, 2012 · Senate

    Rules suspended

  23. Mar 6, 2012 · Senate

    Read a third time and passed, Ayes 32, Noes 1

  24. Mar 6, 2012 · Senate

    Ordered immediately messaged

  25. Mar 6, 2012 · Assembly

    Received from Senate

  26. Mar 6, 2012 · Assembly

    Read first time and referred to committee on Rules

  27. Mar 6, 2012 · Assembly

    Made a special order of business at 11:35 A.M. on 3-13-2012 pursuant to Assembly Resolution 22

  28. Mar 15, 2012 · Assembly

    Read a second time

  29. Mar 15, 2012 · Assembly

    Assembly substitute amendment 1 offered by Representatives Barca, Seidel, Pasch, Danou, Sinicki, Turner, Hebl, Vruwink, Clark, Bernard Schaber, Milroy, Molepske Jr and Jorgensen

  30. Mar 15, 2012 · Assembly

    Assembly substitute amendment 1 laid on table, Ayes 59, Noes 34

  31. Mar 15, 2012 · Assembly

    Assembly substitute amendment 2 offered by Representatives Barca, Pasch, Mason, Molepske Jr and Seidel

  32. Mar 15, 2012 · Assembly

    Assembly substitute amendment 2 laid on table, Ayes 59, Noes 34

  33. Mar 15, 2012 · Assembly

    Ordered to a third reading

  34. Mar 15, 2012 · Assembly

    Rules suspended

  35. Mar 15, 2012 · Assembly

    Read a third time and concurred in, Ayes 90, Noes 3

  36. Mar 15, 2012 · Assembly

    Ordered immediately messaged

  37. Mar 16, 2012 · Senate

    Received from Assembly concurred in

  38. Mar 23, 2012 · Senate

    Report correctly enrolled on 3-23-2012

  39. Apr 4, 2012 · Senate

    Presented to the Governor on 4-4-2012

  40. Apr 6, 2012 · Senate

    Report approved by the Governor on 4-5-2012. 2011 Wisconsin Act 213

  41. Apr 10, 2012 · Senate

    Published 4-19-2012