For the City Times
Two bills to boost Wisconsin’s economy, authored by State Senator Julie Lassa (Stevens Point), received a hearing by the Assembly Committee on Jobs and the Economy on Wednesday.
The Small Business Credit Now bill would establish a grant program that would make capital available to small businesses by allowing them to use state tax credits up front as equity in a financing package.
“In the past, both Democrats and Republicans have passed millions of dollars in targeted tax credits to create incentives for business investment and expansion,” Lassa said in a statement. “This bill makes state tax credits work for our newest businesses that don’t yet have a tax liability but are poised for rapid growth and new job creation.”
The second bill heard today would make the state’s current angel and early stage seed investment tax incentives refundable, thus providing a powerful incentive for the largest investors to put their money to work creating jobs here in Wisconsin.
“Wisconsin’s angel and early stage seed investment tax incentives, have been a tremendously powerful tool for spurring investments in emerging Wisconsin companies,” Lassa said. “But as successful as the program has been, not all of the credits available have gone to work promoting investments in Wisconsin companies. One reason for this is that the credits are only valuable if the investor has a Wisconsin tax liability. This measure will encourage out-of-state investors, especially large institutional investors, to invest in Wisconsin start-ups, helping them grow and create jobs.”
“Both of these bills target the kinds of small businesses that are responsible for most of the jobs in our state,” Sen. Lassa said. “Now is the time for the Legislature to focus on fostering the creation of new, good-paying, family-supporting jobs. These measures will have an immediate impact on boosting Wisconsin’s job growth picture, and I hope the Legislature will pass them quickly.”