238.308 Business development tax credit.

375 words·~2 min read·/wi/chapter-238/238-308-4

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Definitions. In this section:

(a)“Eligible employee” means a person employed in a full-time job by a person certified under sub.

(2).

(b)For taxable years beginning after December 31, 2023, “full-time job” means a nonseasonal job for which the annual pay is more than the amount determined by multiplying 2,080 by 150 percent of the federal minimum wage and for which the person is offered retirement, health, and other benefits.

(2)Certification.

(a)The corporation may certify a person to receive tax benefits under this section if all of the following apply:

1. The person is operating or intends to operate a business in this state.

2. The person applies under this section and enters into a contract with the corporation.

(b)The certification of a person under par.

(a)may remain in effect for no more than 10 cumulative years.

(c)The corporation shall approve or deny the certification of a person under par.

(a)within 90 days after receiving a person’s application for certification.

(3)Eligibility for tax benefits.

(a)For taxable years beginning before January 1, 2024, a person is eligible to receive tax benefits if, in each year for which the person claims tax benefits under this section, the person increases net employment in this state in the person’s business above the net employment in this state in the person’s business during the year before the person was certified under sub.

(2), as determined by the corporation under its policies and procedures.

(b)For taxable years beginning after December 31, 2023, a person is eligible to receive tax benefits if, in each year for which the person claims tax benefits under this section, all of the following conditions are met:

1. The person makes a capital investment in the person’s business, and the person either creates new full-time jobs or retains existing full-time jobs, as determined by the corporation under its policies and procedures.

2. The person does not decrease net employment in this state in the person’s business below the net employment in this state in the person’s business during the year before the person is certified under sub.

(2), as determined by the corporation under its policies and procedures.