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Wis. Assembly set to OK business crowdfunding bill

MADISON, Wis. (AP) -- The Wisconsin Assembly has approved a bill that would allow state businesses to sell stock online.

Crowdfunding Internet sites such as Kickstarter and Indiegogo allow the public to donate money to help finance projects, often in exchange for a gift or sample product.

The Republican measure would allow interested investors to purchase stock and equity in a business, not just make a donation, using the same online crowdfunding methods. Wisconsin residents who aren't accredited or certified investors could purchase up to $10,000 in stock. Business could raise up to $1 million without an audit or up to $2 million if they are audited.

Kansas and Georgia have passed similar laws.

The Assembly is expected to vote on the proposal Tuesday afternoon.