News

Investment tax credit in the works for Wisconsin food processors

Legislation is being introduced in the Wisconsin State Assembly to provide investment tax credits for food processors. Assembly Ag Committee Chair Amy Sue Vruwink and Representative Steve Hilgenberg say similar to the previous investment tax credits for dairy farms, dairy processors and meat plants, this bill would provide “a refundable food processing and distribution tax credit equal to 10% of modernization or expansion costs for Wisconsin food processors and distributors.”

The plan would include a maximum of $200,000 per facility with total claims paid on a pro rate basis up to $600,000 in the first year of implementation and $700,000 in year two and thereafter. The representatives say the tax credits will help these companies invest in new technologies, expand their operations, and increase efficiencies. It will help schools, hospitals, and restaurants serve more local food. And it will create needed jobs for hardworking Wisconsin families.

There are over 2,000 food processing facilities and warehouses in Wisconsin.