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Bills · 2019-2020 Regular Session

SB 208

Became law Official bill text Atom feed

Relating to: allocation of early stage seed investment credit to offset taxes imposed on insurers. (FE)

Corporation Corporation — Taxation Insurance

  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

This bill allows the allocation of the early stage seed investment credit to offset

certain taxes imposed on insurers.

Under current law, insurers subject to the premium and gross investment

income taxes may claim the early stage seed investment credit to offset them. The

credit equals 25 percent of the claimant's investment paid to a fund manager who

invests in a new business venture that is certified by the Wisconsin Economic

Development Corporation. Under the bill, in the case of a partnership, limited

liability company, or tax-option corporation, the 25 percent limitation is determined

at the entity level, rather than the claimant level, and may be allocated among the

claimants according to the entity's organizational documents. The bill also provides

that a partnership, limited liability company, or tax-option corporation may not

claim the credit against these taxes, but rather must compute the credit amount that

each of its partners, members, or shareholders may claim and notify them of the

amount. The partners, members, or shareholders may claim the credit according to

their ownership interest or as specially allocated in the entity's organizational

documents.

What it would cost

Fiscal estimates filed by state agencies, as official PDFs

Sponsors

Introduced by: Cowles (R) , Feyen (R) , L. Taylor (D) , Marklein (R) , Olsen (R) , Tiffany (R)

26 cosponsors

Brandtjen (R) , Considine (D) , Crowley (D) , Fields (D) , Haywood (D) , Hutton (R) , Kooyenga (R) , Krug (R) , Kuglitsch (R) , Kulp (R) , Loudenbeck (R) , Macco (R) , Murphy (R) , Ohnstad (D) , Ott (R) , Quinn (R) , Ramthun (R) , Rohrkaste (R) , Sinicki (D) , Skowronski (R) , Tauchen (R) , Thiesfeldt (R) , Vruwink (D) , Wittke (R) , Zamarripa (D) , Zimmerman (R)

Votes

Senate: Report passage recommended by Committee on Agriculture, Revenue and Financial Institutions, Ayes 6, Noes 3

Passed 6–3 Sep 19, 2019 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 3, Noes 2

Passed 3–2 Nov 1, 2019 official source full page

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

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 3, Noes 2

Passed 3–2 Nov 1, 2019 official source full page

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

Senate: PASSAGE

Passed 24–9 Nov 5, 2019 official source full page

Full history

  1. May 15, 2019 · Senate

    Introduced by Senators Marklein, L. Taylor, Cowles, Feyen, Olsen and Tiffany; cosponsored by Representatives Zimmerman, Fields, Brandtjen, Crowley, Haywood, Hutton, Kuglitsch, Kulp, Krug, Loudenbeck, Macco, Murphy, Ohnstad, Ott, Quinn, Ramthun, Rohrkaste, Sinicki, Skowronski, Tauchen, Thiesfeldt, Vruwink and Zamarripa

  2. May 15, 2019 · Senate

    Read first time and referred to Committee on Agriculture, Revenue and Financial Institutions

  3. May 17, 2019 · Senate

    Representative Considine added as a cosponsor

  4. May 17, 2019 · Senate

    Fiscal estimate received

  5. May 21, 2019 · Senate

    Senator Kooyenga added as a coauthor

  6. Aug 20, 2019 · Senate

    Public hearing held

  7. Sep 12, 2019 · Senate

    Representative Wittke added as a cosponsor

  8. Sep 18, 2019 · Senate

    Executive action taken

  9. Sep 19, 2019 · Senate

    Report passage recommended by Committee on Agriculture, Revenue and Financial Institutions, Ayes 6, Noes 3

  10. Sep 19, 2019 · Senate

    Available for scheduling

  11. Nov 1, 2019 · Senate

    Referred to joint committee on Finance by Committee on Senate Organization pursuant to Senate Rule 41 (1)(e), Ayes 3, Noes 2

  12. Nov 1, 2019 · 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 3, Noes 2

  13. Nov 1, 2019 · Senate

    Placed on calendar 11-5-2019 pursuant to Senate Rule 18(1)

  14. Nov 5, 2019 · Senate

    Read a second time

  15. Nov 5, 2019 · Senate

    Ordered to a third reading

  16. Nov 5, 2019 · Senate

    Rules suspended

  17. Nov 5, 2019 · Senate

    Read a third time and passed, Ayes 24, Noes 9

  18. Nov 5, 2019 · Senate

    Ordered immediately messaged

  19. Nov 5, 2019 · Assembly

    Received from Senate

  20. Nov 5, 2019 · Assembly

    Read first time and referred to calendar of 11-7-2019 pursuant to Assembly Rule 42 (1)(a)

  21. Nov 7, 2019 · Assembly

    Rules suspended to withdraw from calendar and take up

  22. Nov 7, 2019 · Assembly

    Read a second time

  23. Nov 7, 2019 · Assembly

    Ordered to a third reading

  24. Nov 7, 2019 · Assembly

    Rules suspended

  25. Nov 7, 2019 · Assembly

    Read a third time and concurred in

  26. Nov 7, 2019 · Assembly

    Ordered immediately messaged

  27. Nov 8, 2019 · Senate

    Received from Assembly concurred in

  28. Nov 13, 2019 · Senate

    LRB correction

  29. Nov 13, 2019 · Senate

    Report correctly enrolled

  30. Nov 19, 2019 · Senate

    Presented to the Governor on 11-19-2019 by directive of the President, pursuant to Senate Rule 44m (3)

  31. Nov 26, 2019 · Senate

    Report approved by the Governor on 11-25-2019. 2019 Wisconsin Act 61

  32. Nov 26, 2019 · Senate

    Published 11-26-2019