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Bills · 2023-2024 Regular Session

AB 933

Became law Official bill text Atom feed

Relating to: transferring the angel investment tax credit. (FE)

Business Economic development corporation wisconsin Revenue department of

  1. Introduced, completed
  2. Passes Assembly, completed
  3. Passes Senate, 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 angel investment tax credit to be sold or otherwise

transferred to another taxpayer.

Under current law, the angel investment tax credit offsets the individual

income tax and equals 25 percent of the claimant's eligible investment in a qualified

new business venture that is certified by the Wisconsin Economic Development

Corporation. The credit may not be sold or otherwise transferred. The credit is part

of the early stage business investment program, along with the early stage seed

investment tax credit. Unlike the angel investment tax credit, the early stage seed

investment tax credit may be sold or otherwise transferred.

Under the bill, a person eligible to claim the angel investment tax credit may

sell or otherwise transfer the credit to another person who is subject to Wisconsin

individual income tax if the person notifies WEDC and the Department of Revenue

of the transfer and submits a copy of the transfer documents. The bill provides that,

as with the early stage seed investment tax credit under current law, a person may

not sell or otherwise transfer a credit more than once in a 12-month period and

WEDC may charge a fee of up to 5 percent of the credit amount. The bill also specifies

that a person may not sell or otherwise transfer an

individual

credit more than once

in a 12-month period.

What it would cost

Fiscal estimates filed by state agencies, as official PDFs

Sponsors

Introduced by: Armstrong (R) , Goeben (R) , Nedweski (R) , O'Connor (R) , Shankland (D) , Wittke (R) , Zimmerman (R)

3 cosponsors

Brooks (R) , Feyen (R) , Wanggaard (R)

Votes

Assembly: Report Assembly Amendment 1 adoption recommended by Committee on State Affairs, Ayes 11, Noes 0

Passed 11–0 Feb 7, 2024 official source full page

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

Assembly: Report passage as amended recommended by Committee on State Affairs, Ayes 11, Noes 0

Passed 11–0 Feb 7, 2024 official source full page

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

Senate: Report concurrence recommended by Committee on Universities and Revenue, Ayes 7, Noes 1

Passed 7–1 Mar 8, 2024 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. Jan 12, 2024 · Assembly

    Introduced by Representatives Wittke, Zimmerman, Armstrong, Goeben, Nedweski, O'Connor and Shankland; cosponsored by Senators Feyen and Wanggaard

  2. Jan 12, 2024 · Assembly

    Read first time and referred to Committee on State Affairs

  3. Jan 22, 2024 · Assembly

    Fiscal estimate received

  4. Jan 24, 2024 · Assembly

    Fiscal estimate received

  5. Jan 24, 2024 · Assembly

    Public hearing held

  6. Jan 30, 2024 · Assembly

    Assembly Amendment 1 offered by Representative Wittke

  7. Jan 31, 2024 · Assembly

    Executive action taken

  8. Feb 7, 2024 · Assembly

    Representative Brooks added as a coauthor

  9. Feb 7, 2024 · Assembly

    Report Assembly Amendment 1 adoption recommended by Committee on State Affairs, Ayes 11, Noes 0

  10. Feb 7, 2024 · Assembly

    Report passage as amended recommended by Committee on State Affairs, Ayes 11, Noes 0

  11. Feb 7, 2024 · Assembly

    Referred to committee on Rules

  12. Feb 15, 2024 · Assembly

    Placed on calendar 2-20-2024 by Committee on Rules

  13. Feb 20, 2024 · Assembly

    LRB correction (Assembly Amendment 1)

  14. Feb 20, 2024 · Assembly

    Read a second time

  15. Feb 20, 2024 · Assembly

    Assembly Amendment 1 adopted

  16. Feb 20, 2024 · Assembly

    Ordered to a third reading

  17. Feb 20, 2024 · Assembly

    Rules suspended

  18. Feb 20, 2024 · Assembly

    Read a third time and passed

  19. Feb 20, 2024 · Assembly

    Ordered immediately messaged

  20. Feb 21, 2024 · Senate

    Received from Assembly

  21. Feb 26, 2024 · Senate

    Read first time and referred to committee on Universities and Revenue

  22. Mar 6, 2024 · Senate

    Public hearing held

  23. Mar 7, 2024 · Senate

    Executive action taken

  24. Mar 8, 2024 · Senate

    Report concurrence recommended by Committee on Universities and Revenue, Ayes 7, Noes 1

  25. Mar 8, 2024 · Senate

    Available for scheduling

  26. Mar 11, 2024 · Senate

    Placed on calendar 3-12-2024 pursuant to Senate Rule 18(1)

  27. Mar 12, 2024 · Senate

    Read a second time

  28. Mar 12, 2024 · Senate

    Referred to joint committee on Finance

  29. Mar 12, 2024 · Senate

    Rules suspended to withdraw from joint committee on Finance and take up

  30. Mar 12, 2024 · Senate

    Ordered to a third reading

  31. Mar 12, 2024 · Senate

    Rules suspended to give bill its third reading

  32. Mar 12, 2024 · Senate

    Read a third time and concurred in

  33. Mar 12, 2024 · Senate

    Ordered immediately messaged

  34. Mar 12, 2024 · Assembly

    Received from Senate concurred in

  35. Mar 15, 2024 · Assembly

    Report correctly enrolled on 3-15-2024

  36. Mar 18, 2024 · Assembly

    Presented to the Governor on 3-18-2024

  37. Mar 21, 2024 · Assembly

    Report approved by the Governor on 3-21-2024. 2023 Wisconsin Act 145

  38. Mar 21, 2024 · Assembly

    Published 3-22-2024