Midwest Food Processors Association: Wisconsin food processing tax credit signed into law

Contact: Nick George, President

608-255-9946

Nick.George@mwfpa.org

Brian Elliott

Dir. of Communications

608-255-9946

Brian.Elliott@mwfpa.org

Governor Doyle has signed into law a bill supported by the Midwest Food Processors Association (MWFPA) creating a food processing modernization tax credit.

Similar to the tax credits currently used by the dairy and meat industries, the processor credit would equal 10% of the amount paid for food processing or warehousing modernization or expansion. The maximum amount of the tax credit is $200,000.

According to Nick George, President of MWFPA, “The food processing industry is highly competitive both in the United States and abroad. Companies are investing in machinery and equipment that make them more productive, while insuring high quality and food safety. This initiative will help our members maintain their competitiveness.”

George noted that energy conservation and efficiency are of increasing importance to food processors. “The tax credit will help our small companies invest in new technologies, expand their operations, and increase efficiencies,” he added.

Agricultural food processing is one of Wisconsin’s largest manufacturing sectors and worth over $33 billion. Fruit and vegetable processing account for $3.5 billion in industrial sales in the state and processed foods are one of Wisconsin’s biggest export categories shipping $1.2 billion worth of products.