Are you an ambitious entrepreneur in Wisconsin, seeking opportunities to amplify your growth, expand your network, and access valuable resources? Look no further!
The Qualified Wisconsin Business (QWB) program is specifically tailored to support and empower your business endeavors within the Badger State. In this post, we will delve into the details of this exceptional program and explain why it’s a must-consider for entrepreneurs like you.
What is the Qualified Wisconsin Business Program?
Wisconsin has enacted several programs as a robust initiative to attract entrepreneurs, fostering business growth and economic development within the state. The Qualified Wisconsin Business Program offers a range of benefits and incentives to qualifying businesses, supporting their expansion plans and enhancing competitiveness.
Qualifications and Benefits
This program provides two valuable benefits for both existing and future investors:
- Deferral of Wisconsin long-term capital gain for investments made in a qualified Wisconsin business.
- Exclusion of long-term capital gain on the sale of a qualified Wisconsin business.
A business may register with the Department of Revenue (DOR) if the following criteria are met:
- The business has at least two full employees.
- The amount of payroll compensation paid by the business in Wisconsin is at least 50% of all payroll compensation paid by the business.
- The value of real and tangible personal property owned by the business in Wisconsin is equal to at least 50% of the value of all real and tangible property.
How to apply
To register a business in 2023, entrepreneurs need to file with the Wisconsin Department of Revenue website by January 2, 2024. Registration must be renewed annually.
The Qualified Wisconsin Business Program is a game-changer for businesses throughout the state. Whether you’re a small startup or an established enterprise, the QWB program can provide the essential support and resources you need to thrive in Wisconsin’s dynamic business environment. Don’t miss out on this incredible opportunity to take your business to new heights, and contact us with any questions.