Contacts: Laura Smith, Office of the Governor, 608-261-2162
Lee Sensenbrenner, Department of Agriculture, Trade and Consumer Protection, 608-224-5020
Tony Hozeny, Department of Commerce, 608-267-9661
Credits to Leverage $39 million in New Investment
MADISON – Governor Jim Doyle today announced that 44 companies will share $1 million in awards from the Food Processing Plant and Food Warehouse Investment Credit Program of the Department of Commerce, leveraging $39 million in new investment. Department of Agriculture, Trade and Consumer Protection Secretary Randy Romanski announced the awards on behalf of the Governor at events in La Crosse and McFarland.
“As Governor, I have worked hard to help position our bedrock industries like agriculture for future growth,” Governor Doyle said. “We have already seen the powerful effects modernization tax credits can have as we continue to invest in agriculture. The new food processing plant and warehouse tax credits will help Wisconsin processors modernize, expand and compete in the global market.”
Under Governor Doyle’s leadership, Wisconsin has invested in and promoted its diverse agricultural economy, which has now grown to approximately $59 billion annually and is responsible for more than 1 in 10 jobs in Wisconsin. Incentives to help modernize the dairy industry have helped increase milk production to record levels and have strengthened the state’s status as the number one producer of cheese in the country. In addition, Wisconsin is second in the nation in the number of organic farms.
Earlier this year, Governor Doyle signed into law several bills to create jobs and support investment in the state’s agricultural industries. These bills created a food processing tax credit to create investment opportunities for Wisconsin food processing and distribution businesses; extended the dairy modernization tax credits through 2012 to help hard-pressed dairy farmers invest in their operations; and created a Farm to School program to help more Wisconsin schools have easier access to locally grown fruits and vegetables.
The Food Processing Plant and Food Warehouse Investment Credit represents up to a maximum of 10 percent of the amount paid in the taxable year for food processing plant or food warehouse modernization or expansion. Eligible expenditures include food intake, handling, storage, and warehouse facilities; building additions; upgrades to utilities; energy savings equipment or equipment that converts waste to energy; food or raw material intake and storage equipment; processing and manufacturing equipment; packaging and handling equipment; warehouse equipment; waste treatment and waste management equipment; and computer software and hardware used for managing the food processing or food warehousing.
A complete list of awards is available at: http://commerce.wi.gov/NEWS/releases/2010/181-FoodCreditAwards.pdf
