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5 Local Firms Qualify For Special Tax Credits
Thursday, October 19, 2006
The Capital Times
Five small Madison companies are among seven from the state that the Department of commerce has qualified for investor tax credits under the new Angel Investor and Venture Fund Tax Credit programs.
The programs offer Wisconsin income tax credits to investors in seed-stage venture capital funds with the aim of boosting the supply of qualified angel investors and investors in qualified venture capital funds. The tax credits are available only for investments made in technology businesses qualified by commerce.
The qualifying Madison companies are:
Alpha Universe LLC, which is developing products for the preservation and analysis of a human "bioportrait," which is a set of polymers containing information about physical and psychological characteristics of individuals. The firm was founded in 2002.
Cell Line Genetics LLC, which was founded last year to support stem cell and cancer research.
Jelly Fish Inc., a start-up company that has created a search engine for online price comparison and shopping.
Salus Discovery LLC, which was founded in 2005 to commercialize a multi-conduit array, or slide, for the drug industry. Salus also has received $75,000 in Technology Venture Fund tax credits for equipment and working capital needed to develop a prototype.
Securitas Technologies Inc., which was founded in 2005 and is commercializing new technologies to protect against computer viruses and security threats.
State officials also announced that a Madison company is among two Wisconsin businesses that will receive funding for technology development projects from Commerce's Technology Venture Fund and Technology Matching Grant programs.
Platypus Technologies LLC, a Madison company established in 2000 to develop, produce and market nanotechnologies for life sciences applications, will receive a $50,000 TMG for working capital, matching a federal grant of $850,000. The TMG will be used to complete a project involving the biophotonic detection of West Nile Virus antibodies from multiple species.
The TVF program provides low-interest loans to Wisconsin high-tech companies with fewer than 100 employees that are seeking angel or other seed capital investment to facilitate the capital search. The TMG program provides state match funding to enhance a small Wisconsin business's federal funding application.
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