|
Subsequent Reporting
Investors, both angel and venture
capital funds,
must commit to working with Qualified New Business Ventures in filing
annual reports with the Department of Commerce.
Commerce will provide an Annual Report, which will request
information on how the funds were used, benchmarks achieved,
commercialization success, additional investments in the business and
job creation that has taken place.
- When angel investments are involved, the reports must be
filed as
long as the angel holds the investment in the business.
- In the case of venture capital
funds, reports must be filed throughout the life of the fund or for 10
years, whichever is shortest.
|
Tax Credit Forms
|
Investors (both angel
and venture capital
funds) must also notify the Department of Commerce within 20 business
days if the investment is withdrawn or otherwise recovered, or if the
Qualified New Business Venture ceases operation in Wisconsin.
If
the investment is held for less than 12 months, or not used for
legitimate business purposes, Commerce shall revoke the verification of
tax credits and notify the Department of Revenue, which may take action
to recapture the tax credits.
For more information, contact:
Chris Schiffner
608/267-2425
Chris.Schiffner@Wisconsin.gov
|
|
The Department
of
Commerce is developing online reporting forms. These forms
should
be available on this website in the near future. In the
meantime,
forms may be obtained by contacting Chris Schiffner.
|
The State of Wisconsin does not endorse
the quality
of management or the potential for earnings of the certified Qualified
New Business Venture. Furthermore, the Qualified New Business
Venture's use of the phrase "certified" and/or "qualified new business
venture" is not a recommendation or endorsement of the investment or
the company by the Wisconsin Department of Commerce.
|
