16 Jan Republicans introduce economic development package
Madison, Wis. – Republican lawmakers have introduced an economic development package that reintroduces many of the legislative proposals that were part of their Invest Wisconsin 2.0 initiative.
In addition to technology specific measures like green data center tax credits and a NanoSTEM initiative, the package features a modest state income tax cut and a capital gains reinvestment bill. Last week, Gov. Jim Doyle unveiled new plans for a capital gains reinvestment proposal.
“Wisconsin’s economy has been stagnant for some time now,” said State Senator Ted Kanavas, who was among several lawmakers that introduced the package. “We are truly at an economic crossroads, and the decisions we make now will be felt by our children and our grandchildren.”
Kanavas stated that Wisconsin has had great success with Act 255, the angel investment tax credit program, and should improve on it with the two tax reform bills. Both measures already have been voted out of committee in the State Assembly.
The green data center tax credit provides incentives for companies who build environmentally friendly data centers in Wisconsin. According to lawmakers, there is a big need for these in states with a cooler than average climate and low natural disaster risk. Since Wisconsin qualifies on both fronts, Kanavas believes the state should be able to attract some of these high-tech businesses with tax credits.
The NanoSTEM initiative recognizes that the Chippewa Valley is positioned to be a hub of nanotechnology activity. It would provide additional resources to the Universities of Wisconsin-Eau Claire and Stout and to Chippewa Valley Technical College, and provide tax incentives for businesses that partner with the schools to develop nanotechnologies.
Lawmakers also introduced an innovation tax credit that would provide incentives for Wisconsin companies, particularly manufacturers that are struggling to compete in the global marketplace. Similar to a proposal made by Gov. Doyle, the measure would make it easier to conduct research and development, and modernize business processes and products.
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• Accelerate Wisconsin seeks to improve early-stage, venture capital performance
• Sen. Ted Kanavas: Hey Wisconsin business, Kentucky wants you!