Madison, WI – Following the recent conclusion of the 2023-2024 legislative session, Gov. Tony Evers has signed a number of bills into law, including Assembly Bill 627 – now Act 143 – which State Rep. Dave Armstrong (R-Rice Lake) introduced.
Act 143 makes a number of changes to Wisconsin’s Business Development Tax Credit (BDTC) program, which currently focuses on job creation. Perhaps the most notable change is that Act 143 shifts the BDTC’s focus to job retention and capital investment.
“Many Wisconsin employers are still having problems recruiting employees to fill positions that already exist, never mind creating new positions,” Representative Armstrong explained. “While employers who create jobs could still qualify for BDTC if they also make capital investments, Act 143 recognizes that retention is equally important, if not more so in the current economic environment. Many employers are also looking into increased automation as a strategy due to address workforce constraints, and Act 143 would help to defray those investment costs.”
Under Act 143, qualifying employers may also receive credit for investments in workforce housing and employee childcare.
“As I’ve said many times before, no one wants to work in a community where they can’t afford to live and there’s no one to watch the kids,” Representative Armstrong said. “While Act 143 isn’t a magic bullet for solving these critical issues, it’s important to encourage investment any way we can.”
The Assembly passed AB 627 in February, and the Senate concurred on March 12.
“It was a little touch-and-go as we got close to the end of session, but it worked out in the end,” Representative Armstrong said. “I’m particularly happy to say this proposal received bipartisan votes throughout the legislative process.”
Last Update: Mar 21, 2024 3:20 pm CDT
