DFI IS MOVING!
Effective Friday, May 4, the Department of Financial Institutions will have a new home at 4822 Madison Yards Way, North Tower, Madison, WI 53705, on Madison's west side. Our current offices at 201 W. Washington Ave. will remain fully operational through the close of business on Thursday, May 3. We will re-open for business at 7:45 a.m. on May 4 at our new location. All DFI phone numbers, e-mail addresses and post office box numbers will remain unchanged. Our new offices are located in the new Hill Farms State Office Building off of University Avenue, adjacent to the current Department of Transportation office.
New business entity filings
up 9.7% in February
MADISON - The number of new business entities formed in Wisconsin in the first two months of 2018 grew by 9.7% compared to same period in 2017, according to data compiled by the Department of Financial Institutions (DFI). As of February 28, new business filings totaled 8,399, compared to 7,654 in the first two months of 2017.
The business formation data is compiled by DFI, which is the filing office for the creation of business entities in the state. DFI tracks new business entity creation on a monthly basis and posts the data on its website. The full report may be found at www.wdfi.org/corporations/HistoricalStatistics.htm.
Net lending up nearly 10%
at state-chartered banks in 2017
MADISON - Net lending grew by 9.8% at Wisconsin's state-chartered banks in 2017 compared to 2016, according to data released by the Wisconsin Department of Financial Institutions (DFI).
Compared to 2016, Wisconsin's 161 state-chartered banks in 2017:
- Increased net loans to $38.7 billion, up from $35.3 billion.
- Posted a net income of $537.3 million, up 0.2% from $536.0 million.
- Reduced their past-due loan ratio to 1.14%, down from 1.26%.
- Improved their capital ratio to 11.41%, up from 11.39%.
"Wisconsin's state-chartered banks had another very good year in 2017," said Jay Risch, Secretary of DFI, which oversees state-chartered financial institutions.
"The overall strength of our banking industry is yet another sign of a prosperous and growing Wisconsin economy."
See the full press release here.
Wisconsin College Savings Program
announces 2018 tax change
MADISON - The Wisconsin College Savings Program is excited to announce that the 2018 state tax deduction has been raised to $3,200 - making it even easier to save for college while enjoying significant tax savings. The increased deduction will apply to contributions made to Edvest and Tomorrow's Scholar accounts during the 2018 tax year. For the 2017 tax year, plan participants have until Tuesday, April 17, 2018 to make contributions to be eligible for a reduction in their taxable income of up to $3,140. Limitations apply.*
"The increase in the tax benefit is one more reason saving for college with the Wisconsin College Savings Program is a great decision for families," said Jessica Fandrich, officer for the State of Wisconsin 529 College Savings Program, DFI. "We're proud to offer this opportunity for our Wisconsin account holders, and look forward to continuing to help families save more while they're saving for college."
What This Means for Account Holders
Wisconsin residents, regardless of their relationship to the child, may be eligible to reduce their state taxable income by up to $3,200 per beneficiary per year ($1,600 for single filers). Families with more than one account may be eligible for a state tax deduction of up to $6,400 for two children, $9,600 for three children, and so on.
Additionally, investment earnings grow tax-deferred and are tax-free at both the state and federal level when used to pay for qualified expenses.
See the full press release here.