Released October 20, 2010
MADISON, Wis. -- Governor Jim Doyle announced $300,000 in Meat Processing Facility Investment Credits for 17 meat processors. The tax credits will leverage $3.4 million in investments and generate 49 jobs. DATCP Secretary Randy Romanski made the announcement on behalf of the Governor at an event at Nueske's Meat Products in Shawano County. Nueske's received a $20,943 grant to upgrade its equipment and facility and create 12 jobs.
"In Wisconsin one of our great, great strengths is in food processing," Governor Doyle said. "It is critical that we continue to invest in this industry, even in these really tough national economic times. We have already seen the powerful effects modernization tax credits can have on our state agriculture industry. The new meat processing facility tax credits will build on the success of our dairy modernization tax credits to help Wisconsin processors modernize, expand and compete in the global market."
The Meat Processing Facility Investment Credit program was created in the Governor's last budget to support the modernization of the state's meat processing industry. The tax credits build on the success of the state's dairy modernization and investment tax programs.
Tax credit up to 10 percent
The program provides a tax credit for up to 10 percent of the expenditures meat processors invest in modernization or expansion. Eligible costs include construction, additions, utility upgrades, equipment, technology and other upgrades.
This is the first year that meat processors can apply for the tax credits. In the next fiscal year, $700,000 will be available for the program. The program will continue through January 1, 2017.
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State of Wisconsin, http://www.wisgov.state.wi.us/journal_media_detail_print.asp?prid=5451&locid=19
