Senate Bill 564 proposes significant changes to the eligibility criteria for businesses seeking certification as "qualified new business ventures" under the Wisconsin Economic Development Corporation (WEDC) investment 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 is considered to have relocated if it moves its headquarters outside of the state, rather than if more than 51 percent of its employees or payroll are located outside Wisconsin.

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 repeals certain provisions related to relocation penalties and the specific criteria for determining relocation, streamlining the process for businesses to qualify for tax credits under the angel and early stage seed investment tax credit program. These changes aim to encourage investment in Wisconsin by making it easier for businesses to qualify for state support.

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