Governor Walker signs bill aimed at creating more jobs in Wisconsin
MADISON- At Tess Oral Health in Eau Claire today, Governor Walker signed legislation aimed at creating more jobs in the state. AB 1 increases the amount available for the Jobs Now Tax Credit.
"This bill enhances our efforts to put people in Wisconsin back to work. Job creation fuels the economy and will keep this state moving in the right direction." Governor Walker said. "I would like to thank Rep. Mary Williams for her work on this important legislation."
Under current law, employers who create jobs can claim the Jobs Now Tax Credit based on the wages paid to new employees and on certain training costs. The credit is 10% of qualified new employee wages or $10,000, whichever is less. To qualify, new jobs must pay annual wages of at least $20,000 or at least $30,000 depending on the classification of the municipality or county in which the new job is located. The employer must be certified by the Wisconsin Economic Development Corporation as eligible to claim the credit.
Current law dictates that the total amount that can be claimed for tax years beginning on or after January 1, 2012 and ending June 30, 2013 is limited to $14,500,000. This bill does not change that provision.
Beginning in the fiscal year 2013-14 and thereafter, this bill increases the maximum amount of credits that WEDC can allocate from $5,000,000 to $10,000,000.
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