A broad range of incentives are available, depending on the specifics of your economic development project. A summary of key incentives are below.
- Economic development tax credits
Corporate income tax credits are available for the creation of new full-time jobs and/or significant capital investment. Tax credits, which may be
carried forward for up to 15 years, may be earned by businesses locating their global, national, divisional or regional headquarters to Wisconsin,
or by businesses with an existing Wisconsin headquarters that are at risk of leaving the state.
- Wisconsin manufacturing investment credit program (MIC)
Companies are eligible to receive individual and corporate income tax credit for fuel and electricity used in manufacturing. To qualify, companies
must retain 100% of full-time jobs and maintain an average annual investment in the state of more than $5,000,000. The credit is non-refundable
and is equal to the amount of the unused manufacturing sales tax credit amortized over a 15-year period.
- Food processing plant and food warehouse investment tax credit
Businesses may receive a tax credit of up to 10% of eligible expenses for renovating or expanding food processing plants or warehouses. The maximum credit any individual company can receive is $200,000.
- Major economic development (MED) program
This program provides assistance to businesses that will make significant capital investment and create jobs as they expand in or relocate to the state. The funds may be used for construction and expansion; working capital; and acquisition of existing businesses, land, buildings, and equipment with amount varying between $3,000 and $10,000 per full-time job created.
- Transportation economic assistance (TEA)
The state offers grants for road, rail, harbor and airport projects that create and/or retain jobs in the state. The grant is 50% of costs, with a maximum amount $1 million per project.
- Hiring incentives
The state offers various hiring and job training incentives to businesses in Wisconsin.
- Tax increment financing (TIF)
Local municipalities offer tax increment financing (TIF) designed to finance the public costs associated with a private development project. The property tax increases resulting from a development will be targeted to repay the public investment required by a project. Intangible personal property and certain motor vehicles, trucks, trailers, and aircraft are exempt from the general property tax; Business inventories are exempt from property taxation.
- Sales tax exemption
Customers in our region may qualify for a sales tax exemption on their electric or gas bills.