Assembly Bill 565 proposes significant changes to the eligibility criteria for businesses seeking certification as "qualified new business ventures" under Wisconsin's tax credit program. The bill repeals the requirement that at least 51 percent of a business's employees must be located in Wisconsin for certification. Additionally, it modifies the definition of relocation, stating that a business is considered to have relocated if it moves its headquarters outside of the state, rather than if it moves more than 51 percent of its employees, payroll, or headquarters activities.

Furthermore, the bill raises the investment threshold for businesses from $12 million to $20 million for taxable years beginning after December 31, 2025. It also renumbers and amends existing legal language regarding the conditions under which a business must agree not to relocate outside of Wisconsin for three years after receiving an investment. The changes aim to encourage investment in Wisconsin businesses by easing restrictions and increasing the allowable investment amounts.

Statutes affected:
Bill Text: 238.15(1)(b), 238.15, 238.15(3)(dm)