Wisconsin 2025 Regular Session Status: Passed Assembly Bipartisan · 5 R · 1 D cosponsors

AB 566 — Relating to: qualifying investments for purposes of claiming the early stage seed investment and angel investment credits. (FE)

Last action — Failed to concur in pursuant to Senate Joint Resolution 1

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed Assembly
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill has passed the Assembly. Introduced October 24, 2025. It now moves to the second chamber.

Next likely step: consideration and a floor vote in the Senate.

Odds of enactment

Moderate chance

Based on the sponsor, cosponsors, and committee posture, this bill has a moderate chance of becoming law.

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A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.

Prognosis

Likely to advance 74% · high confidence

  • Passed Assembly

    Current position in the legislative process.

  • 9 sponsors

    1 primary, 8 co-sponsors signed on.

  • Bipartisan support

    Sponsored across 2 parties (5 R · 1 D) — cross-party backing.

  • Cleared a recorded vote

    Passed 4 recorded votes so far.

Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.

Summary

An Act to amend 71.07 (5d) (a) 1. (intro.); to create 71.07 (5b) (a) 3., 71.28 (5b) (a) 3. and 71.47 (5b) (a) 3. of the statutes;

Bill Text

What changed in the latest version

58 added · 9 removed

Plain-language change summary

The changes in Assembly Bill 566 expand the types of investments eligible for tax credits related to early-stage seed investments and angel investments. Specifically, the bill now defines qualified investments to include convertible instruments, such as convertible notes or agreements for future equity, alongside traditional equity purchases. This expansion is important because it encourages more diverse funding options for new businesses, potentially leading to increased innovation and job creation in the state.

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Previous
Latest
- 2026 LEGISLATURE LRBa0597/1 JK:ajk ASSEMBLY AMENDMENT 1, TO ASSEMBLY BILL 566 November 5, 2025 - Offered by RepresentatiITTKE.
- 2026 LEGISLATURE LRB-2765/1 JK:ajk&cdc ASSEMBLY BILL 566 October 24, 2025 - Introduced by Representatives W ITTKE, MOSES , ARMSTRONG , G OODWIN , O'CONNOR and W ICHGERS , cosponsored by Senators F EYEN, SPREITZER and R OYS.
At the locations indicated, amend the bill as follows:
Referred to Committee on State Affairs.
1.
A N A CT to amend 71.07 (5d) (a) 1.
Page 2, line 9:
(intro.);
delete Xby ruleY and substitute Xby ruleY.
to create 71.07 (5b) (a) 3., 71.28 (5b) (a) 3.
2.
and 71.47 (5b) (a) 3.
Page 3, line 2:
of the statutes;
delete X2025Y and substitute X2026Y.
relating to:
qualifying investments for purposes of claiming the early stage seed investment and angel investment credits.
Analysis by the Legislative Reference Bureau Current law allows an individual to claim an income tax credit equal to 25 percent of the individual’s bona fide angel investment in a qualified new business venture certified by the Wisconsin Economic Development Corporation.
“Bona fide angel investment” is defined as the purchase of an equity interest or any other expenditure, as determined by rule.
This bill modifies that definition to include a convertible instrument such as a convertible note or a simple agreement for future equity.
Current law allows a person to claim the early stage seed investment tax credit equal to 25 percent of the person’s investment paid to a fund manager that the fund manager invests in a qualified new business venture certified by WEDC.
Under the bill, “investment” is defined as a purchase of an equity interest, a convertible instrument such as a convertible note or a simple agreement for future equity, or any other expenditure, as determined by WEDC.
- 2026 Legislature - 2 - LRB-2765/1 JK:ajk&cdc ASSEMBLY BILL 566 SECTION 1 For further information see the state fiscal estimate, which will be printed as an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
S ECTION 1.
71.07 (5b) (a) 3.
of the statutes is created to read:
71.07 (5b) (a) 3.
“Investment” means a purchase of an equity interest, a convertible instrument such as a convertible note or a simple agreement for future equity, or any other expenditure, as determined by the Wisconsin Economic Development Corporation under s.
238.15.
S ECTION 2.
71.07 (5d) (a) 1.
(intro.) of the statutes is amended to read:
71.07 (5d) (a) 1.
(intro.) “Bona fide angel investment” means a purchase of an equity interest, a convertible instrument such as a convertible note or a simple agreement for future equity, or any other expenditure, as determined by rule under s.
238.15 or s.
560.205, 2009 stats., that is made by any of the following:
S ECTION 3.
71.28 (5b) (a) 3.
of the statutes is created to read:
71.28 (5b) (a) 3.
“Investment” means a purchase of an equity interest, a convertible instrument such as a convertible note or a simple agreement for future equity, or any other expenditure, as determined by the Wisconsin Economic Development Corporation under s.
238.15.
S ECTION 4.
71.47 (5b) (a) 3.
of the statutes is created to read:
71.47 (5b) (a) 3.
“Investment” means a purchase of an equity interest, a convertible instrument such as a convertible note or a simple agreement for future equity, or any other expenditure, as determined by the Wisconsin Economic Development Corporation under s.
Show all 44 changed rows (4 more)
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Latest
238.15.
- 2026 Legislature - 3 - LRB-2765/1 JK:ajk&cdc ASSEMBLY BILL 566 S ECTION 5 SECTION 5.
Initial applicability.
(1) This act first applies to taxable years beginning on January 1, 2025.
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Action History

  1. Failed to concur in pursuant to Senate Joint Resolution 1

  2. Available for scheduling

  3. Report concurrence recommended by Joint Committee on Finance, Ayes 13, Noes 0

  4. Executive action taken

  5. Read first time and referred to joint committee on Finance

  6. Received from Assembly

  7. Ordered immediately messaged

  8. Representative Anderson added as a coauthor

  9. Read a third time and passed, Ayes 90, Noes 6

  10. Rules suspended

  11. Ordered to a third reading

  12. Assembly Amendment 1 adopted

  13. Read a second time

  14. Placed on calendar 2-10-2026 by Committee on Rules

  15. Referred to committee on Rules

  16. Report passage as amended recommended by Committee on State Affairs, Ayes 10, Noes 0

  17. Report Assembly Amendment 1 adoption recommended by Committee on State Affairs, Ayes 10, Noes 0

  18. Executive action taken

  19. Public hearing held

  20. Fiscal estimate received

  21. Assembly Amendment 1 offered by Representative Wittke

  22. Fiscal estimate received

  23. Read first time and referred to Committee on State Affairs

  24. Introduced by Representatives Wittke, Moses, Armstrong, Goodwin, O'Connor and Wichgers; cosponsored by Senators Feyen, Spreitzer and Roys

Sponsors

Sponsorship breakdown

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1 sponsors · 8 co-sponsors · 123 not signed on · 6 voted No

Sponsors (1)

Co-sponsors (8)

Not signed on (123)

123 members have not signed on to this bill.

Show all 123 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Read a third time and passed

Passed 90 Yea · 6 Nay · 3 Other
Party YeaNayPresentNot Voting
Republican 52001
Democrat 35602
Unaffiliated 3000
Total 90603
% of votes cast 91%6%0%3%
How each member voted (99)
Member Party Vote
JOHNSON — Yea
MOORE OMOKUNDE — Yea
SPEAKER — Yea
Anderson, Clinton Democrat Yea
Andraca, Deb Democrat Yea
Arney, Margaret Democrat Yea
Bare, Mike Democrat Yea
Billings, Jill Democrat Yea
Brown, Brienne Democrat Yea
Clancy, Ryan Democrat Nay
Cruz, Angelina Democrat Nay
DeSanto, Karen Democrat Yea
DeSmidt, Ben Democrat Yea
Doyle, Steve Democrat Not Voting
Emerson, Jodi Democrat Yea
Fitzgerald, Joan Democrat Yea
Goodwin, Russell Democrat Not Voting
Haywood, Kalan Democrat Yea
Hong, Francesca Democrat Nay
Hysell, Andrew Democrat Yea
Jacobson, Jenna Democrat Yea
Joers, Alex Democrat Yea
Kirsch, Karen Democrat Yea
Madison, Darrin Democrat Nay
Mayadev, Renuka Democrat Yea
McCarville, Maureen Democrat Yea
McGuire, Tip Democrat Yea
Miresse, Vincent Democrat Yea
Neubauer, Greta Democrat Yea
Ortiz-Velez, Sylvia Democrat Yea
Palmeri, Lori Democrat Yea
Phelps, Christian Democrat Nay
Prado, Priscilla Democrat Yea
Rivera-Wagner, Amaad Democrat Yea
Roe, Ann Democrat Yea
Sheehan, Joe Democrat Yea
Sinicki, Christine Democrat Yea
Snodgrass, Lee Democrat Yea
Spaude, Ryan Democrat Yea
Stroud, Angela Democrat Yea
Stubbs, Shelia Democrat Yea
Subeck, Lisa Democrat Yea
Taylor, Sequanna Democrat Yea
Tenorio, Angelito Democrat Nay
Udell, Randy Democrat Yea
Vining, Robyn Democrat Yea
Allen, Scott Republican Yea
Armstrong, David Republican Yea
August, Tyler Republican Yea
Behnke, Elijah Republican Yea
Born, Mark Republican Yea
Brill, Lindee Republican Yea
Brooks, Robert Republican Yea
Callahan, Calvin Republican Yea
Dallman, Alex Republican Yea
Dittrich, Barbara Republican Yea
Donovan, Bob Republican Yea
Duchow, Cindi Republican Yea
Franklin, Benjamin Republican Yea
Goeben, Joy Republican Yea
Green, Chanz Republican Yea
Gundrum, Rick Republican Yea
Gustafson, Nate Republican Yea
Hurd, Karen Republican Yea
Jacobson, Brent Republican Yea
Kaufert, Dean Republican Yea
Kitchens, Joel Republican Yea
Knodl, Daniel Republican Yea
Kreibich, Rob Republican Yea
Krug, Scott Republican Yea
Kurtz, Tony Republican Yea
Maxey, Dave Republican Yea
Melotik, Paul Republican Yea
Moses, Clint Republican Yea
Murphy, David Republican Yea
Mursau, Jeffrey Republican Yea
Nedweski, Amanda Republican Yea
Neylon, Adam Republican Yea
Novak, Todd Republican Yea
O'Connor, Jerry Republican Yea
Penterman, William Republican Yea
Petersen, Kevin Republican Yea
Piwowarczyk, Jim Republican Yea
Pronschinske, Treig Republican Yea
Rodriguez, Jessie Republican Yea
Snyder, Patrick Republican Yea
Sortwell, Shae Republican Yea
Spiros, John Republican Yea
Steffen, David Republican Yea
Summerfield, Rob Republican Yea
Swearingen, Rob Republican Yea
Tittl, Paul Republican Yea
Tranel, Travis Republican Yea
Tucker, Duke Republican Yea
Tusler, Ron Republican Yea
VanderMeer, Nancy Republican Yea
Wichgers, Chuck Republican Yea
Wittke, Robert Republican Yea
Zimmerman, Shannon Republican Not Voting

Official roll call →

Subjects

taxation finance
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Frequently asked questions

What does AB 566 do?
An Act to amend 71.07 (5d) (a) 1. (intro.); to create 71.07 (5b) (a) 3., 71.28 (5b) (a) 3. and 71.47 (5b) (a) 3. of the statutes;
Who sponsors AB 566?
AB 566 is sponsored by Feyen, Spreitzer, Roys, Wittke, Robert (Republican), Moses, Clint (Republican), Armstrong, David (Republican), Goodwin, Russell (Democrat), O'Connor, Jerry (Republican), and Wichgers, Chuck (Republican).
What is the current status of AB 566?
This bill has passed the Assembly. Introduced October 24, 2025. It now moves to the second chamber.
Where can I track AB 566?
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