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LRB-0514/1
JK:wlj:rs
2015 - 2016 LEGISLATURE
March 20, 2015 - Introduced by Representatives Barca, Stuck, Spreitzer, Hebl,
Zamarripa, Pope, Jorgensen, Milroy, Hintz, Sinicki, Wachs, Ohnstad,
Berceau, Subeck, Considine, Kahl, Kolste, Sargent, C. Taylor, Goyke,
Johnson, Barnes, Meyers, Young, Doyle and Bowen, cosponsored by
Senators Lassa, C. Larson, Ringhand, Harris Dodd, Wirch and Carpenter.
Referred to Committee on Jobs and the Economy.
AB102,1,7 1An Act to amend 71.07 (5b) (d) 1., 71.07 (5d) (b) 2., 71.07 (5d) (d) 2., 71.10 (4)
2(gwb), 71.10 (4) (gx), 71.10 (4) (i), 71.28 (5b) (d) 1., 71.30 (3) (eop), 71.30 (3) (f),
371.47 (5b) (d) 1., 71.49 (1) (eop) and 71.49 (1) (f); and to create 20.835 (2) (ba),
471.07 (5b) (d) 1m., 71.07 (5b) (d) 4., 71.07 (5d) (b) 3., 71.07 (5d) (d) 2m., 71.07 (5d)
5(d) 5., 71.28 (5b) (d) 1m., 71.28 (5b) (d) 4., 71.47 (5b) (d) 1m. and 71.47 (5b) (d)
64. of the statutes; relating to: allowing refunds for the early stage seed and
7angel investment tax credits and making an appropriation.
Analysis by the Legislative Reference Bureau
Under current law, a taxpayer may claim early stage seed and angel investment
income and franchise tax credits for the taxpayer's investments in qualified new
businesses. If the credit amounts exceed the taxpayer's tax liability, the taxpayer
does not receive a refund, but, instead, may apply the amount of the unused credits
to subsequent taxable years. Under this bill, if the credit amounts exceed the
taxpayer's tax liability, the taxpayer receives a refund.

For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB102,1 1Section 1. 20.835 (2) (ba) of the statutes is created to read:
AB102,2,42 20.835 (2) (ba) Early stage seed and angel investment credits. A sum sufficient
3to make the payments under ss. 71.07 (5b) (d) 4. and (5d) (d) 5., 71.28 (5b) (d) 4., and
471.47 (5b) (d) 4.
AB102,2 5Section 2. 71.07 (5b) (d) 1. of the statutes is amended to read:
AB102,2,86 71.07 (5b) (d) 1. Section For taxable years beginning before January 1, 2015,
7s.
71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit
8under this subsection.
AB102,3 9Section 3. 71.07 (5b) (d) 1m. of the statutes is created to read:
AB102,2,1210 71.07 (5b) (d) 1m. For taxable years beginning after December 31, 2014, s.
1171.28 (4) (e), (g), and (h), as it applies to the credit under s. 71.28 (4), applies to the
12credit under this subsection.
AB102,4 13Section 4. 71.07 (5b) (d) 4. of the statutes is created to read:
AB102,2,1914 71.07 (5b) (d) 4. For taxable years beginning after December 31, 2014, if the
15allowable amount of the claim under par. (b) exceeds the tax otherwise due under s.
1671.02 or 71.08, the amount of the claim not used to offset the tax due shall be certified
17by the department of revenue to the department of administration for payment by
18check, share draft, or other draft drawn from the appropriation account under s.
1920.835 (2) (ba).
AB102,5 20Section 5. 71.07 (5d) (b) 2. of the statutes is amended to read:
AB102,3,5
171.07 (5d) (b) 2. For taxable years beginning after December 31, 2007, and
2before January 1, 2015,
for the taxable year certified by the department of commerce
3or the Wisconsin Economic Development Corporation, an amount equal to 25 percent
4of the claimant's bona fide angel investment made directly in a qualified new
5business venture.
AB102,6 6Section 6. 71.07 (5d) (b) 3. of the statutes is created to read:
AB102,3,107 71.07 (5d) (b) 3. For taxable years beginning after December 31, 2014, for the
8taxable year certified by the Wisconsin Economic Development Corporation, an
9amount equal to 25 percent of the claimant's bona fide angel investment made
10directly in a qualified new business venture.
AB102,7 11Section 7. 71.07 (5d) (d) 2. of the statutes is amended to read:
AB102,3,1412 71.07 (5d) (d) 2. Section For taxable years beginning before January 1, 2015,
13s.
71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit
14under this subsection.
AB102,8 15Section 8. 71.07 (5d) (d) 2m. of the statutes is created to read:
AB102,3,1816 71.07 (5d) (d) 2m. For taxable years beginning after December 31, 2014, s.
1771.28 (4) (e), (g), and (h), as it applies to the credit under s. 71.28 (4), applies to the
18credit under this subsection.
AB102,9 19Section 9. 71.07 (5d) (d) 5. of the statutes is created to read:
AB102,3,2520 71.07 (5d) (d) 5. For taxable years beginning after December 31, 2014, if the
21allowable amount of the claim under par. (b) exceeds the tax otherwise due under s.
2271.02 or 71.08, the amount of the claim not used to offset the tax due shall be certified
23by the department of revenue to the department of administration for payment by
24check, share draft, or other draft drawn from the appropriation account under s.
2520.835 (2) (ba).
AB102,10
1Section 10. 71.10 (4) (gwb) of the statutes is amended to read:
AB102,4,32 71.10 (4) (gwb) Early stage seed investment credit under s. 71.07 (5b), except
3as provided under par. (i)
.
AB102,11 4Section 11. 71.10 (4) (gx) of the statutes is amended to read:
AB102,4,65 71.10 (4) (gx) Angel investment credit under s. 71.07 (5d), except as provided
6under par. (i)
.
AB102,12 7Section 12. 71.10 (4) (i) of the statutes is amended to read:
AB102,4,218 71.10 (4) (i) The total of claim of right credit under s. 71.07 (1), farmland
9preservation credit under ss. 71.57 to 71.61, farmland preservation credit, 2010 and
10beyond under s. 71.613, homestead credit under subch. VIII, farmland tax relief
11credit under s. 71.07 (3m), dairy manufacturing facility investment credit under s.
1271.07 (3p), jobs tax credit under s. 71.07 (3q), meat processing facility investment
13credit under s. 71.07 (3r), woody biomass harvesting and processing credit under s.
1471.07 (3rm), food processing plant and food warehouse investment credit under s.
1571.07 (3rn), early stage seed investment credit under s. 71.07 (5b) (d) 4., angel
16investment credit under s. 71.07 (5d) (d) 5.,
film production services credit under s.
1771.07 (5f), film production company investment credit under s. 71.07 (5h), veterans
18and surviving spouses property tax credit under s. 71.07 (6e), enterprise zone jobs
19credit under s. 71.07 (3w), beginning farmer and farm asset owner tax credit under
20s. 71.07 (8r), earned income tax credit under s. 71.07 (9e), estimated tax payments
21under s. 71.09, and taxes withheld under subch. X.
AB102,13 22Section 13. 71.28 (5b) (d) 1. of the statutes is amended to read:
AB102,4,2523 71.28 (5b) (d) 1. Subsection For taxable years beginning before January 1,
242015, sub.
(4) (e) to (h), as it applies to the credit under sub. (4), applies to the credit
25under this subsection.
AB102,14
1Section 14. 71.28 (5b) (d) 1m. of the statutes is created to read:
AB102,5,42 71.28 (5b) (d) 1m. For taxable years beginning after December 31, 2014, sub.
3(4) (e), (g), and (h), as it applies to the credit under sub. (4), applies to the credit under
4this subsection.
AB102,15 5Section 15. 71.28 (5b) (d) 4. of the statutes is created to read:
AB102,5,116 71.28 (5b) (d) 4. For taxable years beginning after December 31, 2014, if the
7allowable amount of the claim under par. (b) exceeds the tax otherwise due under s.
871.23, the amount of the claim not used to offset the tax due shall be certified by the
9department of revenue to the department of administration for payment by check,
10share draft, or other draft drawn from the appropriation account under s. 20.835 (2)
11(ba).
AB102,16 12Section 16. 71.30 (3) (eop) of the statutes is amended to read:
AB102,5,1413 71.30 (3) (eop) Early stage seed investment credit under s. 71.28 (5b), except
14as provided under par. (f)
.
AB102,17 15Section 17. 71.30 (3) (f) of the statutes is amended to read:
AB102,5,2516 71.30 (3) (f) The total of farmland preservation credit under subch. IX,
17farmland tax relief credit under s. 71.28 (2m), dairy manufacturing facility
18investment credit under s. 71.28 (3p), jobs credit under s. 71.28 (3q), meat processing
19facility investment credit under s. 71.28 (3r), woody biomass harvesting and
20processing credit under s. 71.28 (3rm), food processing plant and food warehouse
21investment credit under s. 71.28 (3rn), enterprise zone jobs credit under s. 71.28
22(3w), early stage seed investment credit under s. 71.28 (5b) (d) 4., film production
23services credit under s. 71.28 (5f), film production company investment credit under
24s. 71.28 (5h), beginning farmer and farm asset owner tax credit under s. 71.28 (8r),
25and estimated tax payments under s. 71.29.
AB102,18
1Section 18. 71.47 (5b) (d) 1. of the statutes is amended to read:
AB102,6,42 71.47 (5b) (d) 1. Section For taxable years beginning before January 1, 2015,
3s.
71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit
4under this subsection.
AB102,19 5Section 19. 71.47 (5b) (d) 1m. of the statutes is created to read:
AB102,6,86 71.47 (5b) (d) 1m. For taxable years beginning after December 31, 2014, s.
771.28 (4) (e), (g), and (h), as it applies to the credit under s. 71.28 (4), applies to the
8credit under this subsection.
AB102,20 9Section 20. 71.47 (5b) (d) 4. of the statutes is created to read:
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