In tough economic times, your state government needs to focus a great deal of its attention on enacting policies that will speed our state's economic recovery. In fact, there is a program that is promoting a more favorable job creation climate for small businesses throughout Wisconsin. Over the past five years, Wisconsin's Angel Investment Tax Credit has been attracting early-stage investment in Wisconsin companies.
Specifically, the tax credit originally was passed in 2003 and allows an angel investor that invests with a qualified new business venture in Wisconsin to claim an income tax credit equal to 12.5 percent over two years. The tax credits have grown from six in 2005 up to 22 today.
So far in 2009, the Wisconsin Angel Network has reported at least 16 companies have benefitted from the program. By utilizing the tax credit, these companies have raised a total of nearly $23 million in angel and venture capital funding. This includes two companies that have moved to Wisconsin from other states.
According to the Milwaukee Journal Sentinel, the two companies who have moved to Wisconsin are:
• Flex Biomedical Inc., which is developing treatments for orthopedic diseases, said it has raised nearly $1 million and is moving its operations to Madison from Boston.
• VitalMedix Inc., which also raised $1 million from angel investors, is moving to Wisconsin from Minnesota. VitalMedix is developing a drug that first responders, military medics and others could use to help patients endure severe blood loss and inhibit organ damage during resuscitation.
The Wisconsin Angle Investment Tax Credit is an important and successful program, which must continue in the future. Programs like the Angel Tax Credit are useful because they give our small businesses the tools they need to create jobs and boost economic development in our state.
For more information, visit the following Web site: http://www.wisconsinangelnetwork.com/
I want to hear from you, so please feel welcome to express your thoughts or let me know if I can be helpful to you in any way by calling 888-534-0080, e-mailing me at Rep.Davis@legis.wi.gov or by writing or stopping by 11 West, State Capitol, Madison, WI 53708.
- Rep. Brett Davis, R-Oregon, serves the 80th Assembly District, which includes all of Green County and parts of Lafayette, Rock and Dane counties.
Specifically, the tax credit originally was passed in 2003 and allows an angel investor that invests with a qualified new business venture in Wisconsin to claim an income tax credit equal to 12.5 percent over two years. The tax credits have grown from six in 2005 up to 22 today.
So far in 2009, the Wisconsin Angel Network has reported at least 16 companies have benefitted from the program. By utilizing the tax credit, these companies have raised a total of nearly $23 million in angel and venture capital funding. This includes two companies that have moved to Wisconsin from other states.
According to the Milwaukee Journal Sentinel, the two companies who have moved to Wisconsin are:
• Flex Biomedical Inc., which is developing treatments for orthopedic diseases, said it has raised nearly $1 million and is moving its operations to Madison from Boston.
• VitalMedix Inc., which also raised $1 million from angel investors, is moving to Wisconsin from Minnesota. VitalMedix is developing a drug that first responders, military medics and others could use to help patients endure severe blood loss and inhibit organ damage during resuscitation.
The Wisconsin Angle Investment Tax Credit is an important and successful program, which must continue in the future. Programs like the Angel Tax Credit are useful because they give our small businesses the tools they need to create jobs and boost economic development in our state.
For more information, visit the following Web site: http://www.wisconsinangelnetwork.com/
I want to hear from you, so please feel welcome to express your thoughts or let me know if I can be helpful to you in any way by calling 888-534-0080, e-mailing me at Rep.Davis@legis.wi.gov or by writing or stopping by 11 West, State Capitol, Madison, WI 53708.
- Rep. Brett Davis, R-Oregon, serves the 80th Assembly District, which includes all of Green County and parts of Lafayette, Rock and Dane counties.
