Bills · 2021-2022 Regular Session

AB 759

Became law Official bill text Atom feed

Relating to: qualified new business venture eligibility.

Business Economic development corporation wisconsin

Introduced, completed
Passes Assembly, completed
Passes Senate, completed
Governor signs, completed
Law, completed

Unfamiliar terms? Glossary

What this bill does

Plain-language analysis by the nonpartisan Legislative Reference Bureau

Under current law, the Wisconsin Economic Development Corporation may

certify certain businesses as “qualified new business ventures" for purposes of

receiving investments that qualify the investors for tax credits under the angel and

early stage seed investment tax credit program. WEDC may certify a business as a

qualified new business venture if, among other requirements, at least 51 percent of

the employees employed by the business are employed in Wisconsin.

Under this bill, a business remains eligible for certification as a qualified new

business venture if it fails to satisfy that 51 percent in-state employment

requirement due to a business merger or acquisition, provided that all of the

following apply:

1. The business maintains its headquarters in Wisconsin.

2. After the merger or acquisition, the business increases the number of

employees the business employs in Wisconsin.

3. WEDC determines that the merger or acquisition was not for the purpose of

relocating the business's operations or employees outside Wisconsin or for the

purpose of ceasing the business's efforts to further grow and expand in Wisconsin.

4. The business satisfies the 51 percent in-state employment requirement

within approximately 12 months after the merger or acquisition occurs.

Votes

Assembly: Report passage recommended by Committee on Jobs and the Economy, Ayes 13, Noes 0

Passed 13–0 Feb 1, 2022 official source full page

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

Assembly: PASSAGE

Passed 96–0 Feb 23, 2022 official source full page

Aye · 96

Not voting · 3

Senate: Public hearing requirement waived by committee on Senate Organization, pursuant to Senate Rule 18 (1m), Ayes 3, Noes 2

Passed 3–2 Mar 4, 2022 official source full page