— Federal officials say businesses in Wisconsin will have numerous opportunities to benefit from Inflation Reduction Act tax credits.
In a webinar yesterday, U.S. Sen. Tammy Baldwin said “now is the time” for manufacturers and other Wisconsin companies to make sustainability investments.
“Whether that’s taking advantage of the tax credits for energy efficient practices in lighting, heating or cooling commercial buildings, or enjoying renewable energy solutions like solar or wind, or transitioning to fuel-efficient or electric vehicles,” the Madison Dem said yesterday.
Carla Frisch, principal deputy director for the U.S. Department of Energy’s Office of Policy, touted the sweeping federal law’s focus on boosting domestic manufacturing. She also noted certain tax credits provided by the IRA over the next decade are designed to enforce “strong labor standards.”
She explained that for companies to get the full tax credit incentives, they need to pay prevailing wages for new projects and offer apprenticeship opportunities with a clear path to eventual employment.
“Not meeting those labor standards, you could get a 6 percent tax credit, let’s say if you’re installing clean electricity,” she said yesterday. “But if you are paying prevailing wages and you have those apprenticeship programs, you get five times that amount — a 30 percent tax credit. So it’s a very significant increase.”
She spotlighted IRA provisions aimed at boosting the electric vehicle market, noting they provide a tax credit of up to $40,000 for large vehicles such as an EV truck. Frisch also noted tax credits for biofuels and sustainable airplane fuels are available through the law.
And she said funding is available to help industrial facilities reduce greenhouse gas emissions by at least 20 percent. The law overall aims to reduce U.S. greenhouse gas emissions by 40 percent by 2030 from 2005 levels, Frisch noted.
“Let’s say you want to make some retrofits, you want to overhaul your facility to reduce emissions, this tax credit is a real opportunity to do that,” she said.
Meanwhile, manufacturers can also benefit from a new “advanced manufacturing production” tax credit, she said. This per-unit credit, claimed on federal corporate income taxes, covers solar, wind, batteries, inverters and production of critical minerals such as aluminum.
And the DOE is now taking applications for nearly $6 billion in competitive financial support for owners and operators of “energy intensive” industrial facilities, Frisch said.
“This is focused on high-impact, transformational projects to significantly reduce greenhouse gas emissions,” she said. “So that could be for example to purchase or install advanced industrial technologies, to do retrofits, upgrades or operational improvements … or to actually do the engineering studies and the work to prepare.”
See details on these opportunities here: https://www.whitehouse.gov/cleanenergy/inflation-reduction-act-guidebook/
— State officials are providing more than $230,000 in grant funding to the village of Milltown in Polk County to help establish a new industrial park.
Gov. Tony Evers and the state Department of Transportation yesterday announced the Transportation Economic Assistance award will fund the construction of two new roadways and commercial sites.
According to Evers’ office, the funding is meant to support Milltown-based RockShield Rubber Company expanding into the new industrial park.
This manufacturer plans to build a $4 million, 42,000-square-foot facility there, according to the release. The company has outgrown its current site, and the infrastructure investment will help it “nearly double the footprint we have now” RockShield Rubber Company President Gabe Feuerhelm said in the release.
“It will also guarantee room for future expansion as our young company continues to grow, which will result in more job creation for this rural area of Wisconsin,” he said. “Because of the support we’ve received, we plan to stay in the area for a very long time.”
See more project details: https://content.govdelivery.com/accounts/WIGOV/bulletins/350b9db
— The Water Council has announced 10 companies taking part in the Milwaukee organization’s BREW 2.0 Post-Accelerator program this year.
The program, now in its third year, provides support for late-stage water tech startups “ready to enter the market or with early sales,” according to a release.
After two weeks of virtual training and one week of in-person programming in Milwaukee, the council will host a public pitch event in June where entrepreneurs can connect with potential investors.
“We are excited to continue to grow our BREW 2.0 Post-Accelerator partnerships and offerings, providing more resources to these water technology startups that are so important to solving critical water challenges,” Karen Frost, the council’s vice president of economic development and innovation, said in the release.
Companies in the 2023 spring cohort hail from the United States, France, Norway, Spain and Slovakia. They include:
*Aquacycl, an American business with a wastewater treatment service for industrial, agricultural and residential applications.
*Cimico of Spain, developing biological wastewater treatment solutions.
*Enspired Solutions, a U.S. business developing technology for destroying toxic materials in water such as PFAS.
*Genesis Systems, a U.S. company developing “high-efficiency, low-cost” renewable utility-scale water supplies.
*GOSPACE/Meratch, a Slovakian company with a sensor and software system for measuring water variables such as flow and temperature.
*InfoTiles of Norway, which has a software-as-a-service program for water and wastewater management.
*In-Pipe Robot, a U.S. company developing robotic pipeline inspection technology.
*Nucleic Sensing Systems, a U.S. business with technology for understanding biological activity.
*Redberry SAS, a French business with water monitoring tech.
*And SampleService, a U.S. company developing sample collection and lab analysis solutions.
See the release: https://www.wisbusiness.com/wp-content/uploads/2023/03/3-27-BREW-Cohort-Announcement.pdf
Listen to an earlier podcast with Water Council President and CEO Dean Amhaus:
<br><b><i>Top headlines from the Health Care Report …</b></i>
— Marshfield Clinic Health System has finished deploying a new system that enables online registration for scheduled appointments, which it says will save time for both patients and staff.
In her new role as president of AARP Wisconsin, Leslie Spencer-Herrera will focus on improving health care and long-term care for state residents, among other issues.
<i>For more of the most relevant news on COVID-19, reports on groundbreaking health research in Wisconsin, links to top stories and more, sign up today for the free daily Health Care Report from WisPolitics.com and WisBusiness.com.</i>
Sign up here: http://forms.gle/o8FtqTLviGJPja8C9
#TOP STORIES#
# Milwaukee County working with nonprofit to eliminate $153M in residents’ medical debt
# Lake Monona designs draw ‘record’ 2,400 survey responses
# Madison health startup with Singaporean roots raises $2.5M to grow in U.S.
#TOPICS#
# AGRIBUSINESS
– Farm Bureau launches ‘Gather Wisconsin’ website
http://wisconsinagconnection.com/story-state.php?Id=365&yr=2023
# CONSTRUCTION
– Balancing preservation and growth in a city of aging buildings
# ECONOMY
– Crime seen by business, city leaders as threat to downtown Milwaukee renaissance
# EDUCATION
– Wisconsin Rural Opportunities Foundation awards 5 scholarships
http://wisconsinagconnection.com/story-state.php?Id=364&yr=2023
# ENVIRONMENT
– Innovative tool to help farmers reduce runoff risk when spreading manure
http://wisconsinagconnection.com/story-state.php?Id=371&yr=2023
# HEALTH CARE
– DHS COVID-19 testing programs wind down as interest in tests changes
# INVESTING
– Sift Healthcare completes $6.75 million Series A funding round
# MANAGEMENT
– Ex-Kohl’s executives received more than $5 million in severance
# RETAIL
– Kohl’s, InSinkErator highlight area’s M&A activity of the past year
– Wisconsin tribe pursuing retail cannabis as many tribes see industry as a way to diversify revenue
# SPORTS
– Cord-cutting led to loss of 1.1M subscribers for Bally Sports Wisconsin
– Wisconsin Club working on possible golf course sale to Florida firm
– Lambeau Field will not host a concert or soccer this summer. Here’s why.
# PRESS RELEASES
<i>See these and other press releases:
https://www.wisbusiness.com/press-releases/ </i>
AARP Wisconsin: Appoints Whitefish Bay woman as its next state president
