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WI Govenor Expands Investor Tax Credits and TBED Initiatives

May 19, 2010

Wisconsin Governor Jim Doyle recently signed several economic development bills intended to spur job creation and high-tech development. The new legislation authorizes additional job creation tax credits, expands the state's enterprise zones program and establishes new incentives for angel investors. Key among the bills is Wisconsin's CORE Jobs Act, which creates and expands a number of tax credits, loan and grant programs for manufacturing, R&D and venture capital investment. Bill sponsor State Senator Julie Lassa (D-Stevens Point) noted that the CORE Jobs Act should help commercialize new technologies and convert existing factories into green energy manufacturing and production businesses.

The CORE Jobs Act contains sections dedicated to creating new jobs and businesses, retaining and building existing Wisconsin businesses, and educating and training the state's workforce. The legislation expands the Accelerate Wisconsin tax credit program, which provides credits to spur angel and venture capital investment. Investors would be able to receive up to $8.5 million in credits for 2010, a $3.5 million increase over the current level. After 2010, $20 million in investor tax credits will be available per year. Governor Doyle employed a partial veto to ensure parity in the level of credits provided to angel and venture capital investors.

Other highlights from the act include:

  • $2 million for the WiSys Technology Foundation Small Company Advancement Program to facilitate research commercialization partnerships between businesses and state academic research institutions;
  • $400,000 to develop an emerging technology center at UW-La Crosse;
  • $125,000 for a university system-wide business plan competition and other student entrepreneurship initiatives;
  • $500,000 for a micro-loan program to provide loans to small business startups in areas of the state with high unemployment rates;
  • $500,000 for rural outsourcing grants;
  • $2 million for manufacturing facility conversion grants, to repurpose older facilities for green energy manufacturing and production;
  • $1 million for the Wisconsin Development Fund, which is used to attract and retain businesses; and,
  • $2 million per year to provide advanced manufacturing training.

 

Gov. Doyle also signed several additional economic development bills within the span of a few days. One bill created two new state enterprise zones to provide additional economic development tools to distressed areas. Another bill provides new funding to community development corporations from the state Department of Commerce to establish capital access programs. The governor also approved the Green to Gold Fund, a $100 million revolving loan fund to help businesses reduce energy costs.

Read the governor's press release at: http://www.wisgov.state.wi.us/journal_media_detail.asp?locid=19&prid=5115.

Wisconsinstate revenue, state tbed