Gov. Scott Walker signed into law today a bill that eliminates a longstanding fee on angel and venture capital raised by qualifying C corporations organized in states outside of Wisconsin.

According to a Wisconsin Technology Council release, Assembly Bill 897 will exempt capital of more than $60,000 raised by C corporations that are Wisconsin Qualified New Business Venture (QNBV) companies.

“Like many young companies in other states, Wisconsin companies often organize as Deleware C corporations because of that state’s expedited and transparent business law system,” Wisconsin Technology Council President Tom Still said in a statement. “Those companies hire workers, make products and otherwise do business in Wisconsin.”

The fee is three-tenths of 1 percent, or $24,000 on a venture capital investment of $8 million.

QNBV allows investors to receive a 25 percent state tax credit on the amount they invest in the business.