The Wisconsin State Senate unanimously approved a bill authored by Sen. Gudex (R-Fond du Lac) that allows the transfer of certain tax credits between businesses. The bill requires that WEDC authorize the transfer of tax credits only if the business meets one of the following four conditions in addition to being authorized to claim the tax credits:
· The business is headquartered in, and employs at least 51% of its employees in Wisconsin
· The business intends to relocate its headquarters to, and employ at least 51% of its employees in Wisconsin
· The business intends to expand its operations in Wisconsin, and that expansion will increase the number of full-time employees employed by the business in Wisconsin by a number that equals at least 10% of the business’s full-time employees
· The business intends to expand its operations in Wisconsin, and the business will make a significant capital investment in property in Wisconsin as a result of that expansion.
“I am very excited to see this bill pass out of the State Senate today. Tax credits are Wisconsin’s main tool for economic development," Gudex said. "Over the past several years, we have tried to expand and strengthen the credits we offer to give businesses the best possible chance for success in our state, and this bill is just another example of that effort."