Senate Bill 564 proposes significant changes to the eligibility criteria for businesses seeking certification as "qualified new business ventures" under Wisconsin's investment tax credit program. The bill eliminates the requirement that at least 51 percent of a business's employees must be based in Wisconsin for certification. Additionally, it modifies the definition of relocation, stating that a business will be 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 certification from $12 million to $20 million for taxable years beginning after December 31, 2025. It also repeals certain provisions related to relocation penalties and the specific criteria for determining relocation, streamlining the process for businesses seeking to qualify for tax credits. Overall, these changes aim to encourage investment in Wisconsin by making it easier for businesses to qualify for tax incentives.

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