MADISON – Governor Jim Doyle today announced $300,000 in Meat Processing Facility Investment Credits for 17 meat processors. The tax credits will leverage $3.4 million in investments and generate 49 jobs. DATCP Secretary Randy Romanski made the announcement on behalf of the Governor at an event at Nueske’s Meat Products in Shawano County. Nueske’s received a $20,943 grant to upgrade its equipment and facility and create 12 jobs.
“In Wisconsin one of our great, great strengths is in food processing,” Governor Doyle said. “It is critical that we continue to invest in this industry, even in these really tough national economic times. We have already seen the powerful effects modernization tax credits can have on our state agriculture industry. The new meat processing facility tax credits will build on the success of our dairy modernization tax credits to help Wisconsin processors modernize, expand and compete in the global market.”
The Meat Processing Facility Investment Credit program was created in the Governor’s last budget to support the modernization of the state’s meat processing industry. The tax credits build on the success of the state’s dairy modernization and investment tax programs. The program provides a tax credit for up to 10 percent of the expenditures meat processors invest in modernization or expansion. Eligible costs include construction, additions, utility upgrades, equipment, technology and other upgrades.
This is the first year that meat processors can apply for the tax credits. In the next fiscal year, $700,000 will be available for the program. The program will continue through January 1, 2017. For the full list of tax credit recipients visit: http://www.wisgov.state.wi.us/docview.asp?docid=20508.
Under Governor Doyle’s leadership, Wisconsin has invested 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. At the same time, efforts to strengthen diversity in agriculture have made Wisconsin a leading producer of cranberries, specialty cheeses, organic vegetables and many other products. To enable successful farming for future generations, the state's best farmland is protected under the Working Lands Initiative that Governor Doyle signed into law in 2009.
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.
Source: Office Of The WI Governor Jim Doyle
