MADISON The Wisconsin Economic
Development Corp. has added a feature to its tax credit program that
is expected to prompt more companies to utilize it, leading to
additional growth and job creation throughout the state.
The change allows companies receiving state economic development tax
credits to transfer those credits to other companies under certain
conditions. Before the law was changed, those credits could only be
used by the company that was authorized to receive them, according
to a statement.
Under the new law, a company with no or little income tax liability
that is planning a project can now receive those credits and
transfer them to someone else in return for non-cash goods or
services related to the project for which the credits were
authorized, the statement said.
The new provisions only apply to project receiving economic
development tax credits.
We believe this change will lead to increase use of the tax credit,
and will encourage more Wisconsin-based companies to grow here and
more out-of-state companies to relocate here, said Reed Hall,
secretary and CEO of WEDC.