Local & State Incentives

Companies that consider relocating, or expanding in Racine County have access to a diverse range of incentives to encourage business growth, investment and job creation. Racine County Economic Corporation (RCEDC) works with companies interested in a Racine County location to access incentive assistance to make their project a success in our community.

Availability of incentives is determined by:

  • Project location
  • Capital investment
  • Job creation

For more information and assistance: 

LOCAL INCENTIVES

Tax Increment Financing (TIF)

For projects located in a Tax Increment District (TID), the municipality may choose to provide an incentive equal to a portion of the taxable property value added as a result of a project. Job creation and capital investment are considered by the community when determining level of assistance. RCEDC’s staff can assist you in determining if sites under consideration are located in a TID.

Tax Reinvestment Program (TRIP)

For projects located outside of a TID, the Tax Reinvestment Program (TRIP) may be used to provide an incentive equal to the municipal portion of the taxable property value added as a result of a project. Job creation and capital investment are considered by the community when determining level of assistance.

Low Interest Financing

Business Lending Partners (BLP), a division of RCEDC, specializes in processing and servicing a variety of loan programs in Racine County. BLP is committed to business growth and community development by providing alternative financing options.

State Corporate Income Tax Rate Comparison

Wisconsin’s Manufacturing and Agriculture Credit essentially eliminates the tax on qualified income from manufacturing activity in the state by providing a 7.5% credit on corporate income*. The current state tax on corporate income is 7.9%. This credit is direct and non-competitive. Note: The credit is a percentage of “eligible qualified production activities income.”

CORP. TAX1
SALES TAX2
Wisconsin

WISCONSIN

0.40%*
5.00%
Illinois

Illinois

9.50%
6.25%
Indiana

Indiana

5.50%
7.00%
Michigan

Michigan

6.00%
6.00%

Minnesota

9.80%
6.88%
Sources: (1)Tax Foundation, (2) State Sales Tax Institute

Development Tax Credits

Business Development Tax Credits supports job creation, capital investment, training and the location or retention of corporate headquarters by providing companies with refundable tax credits that can help to reduce their Wisconsin state income tax liability or provide a refund. RCEDC provides technical assistance to existing and companies relocating to Racine County to complete applications for business development tax credits. The program is administered by the Wisconsin Economic Development Corporation.

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April 2020 SBA 504 Rates

The purpose of this program is to assist Union Grove businesses negatively impacted by COVID-19 and support business retention until the economy stabilizes.

The purpose of this program is to assist businesses negatively impacted by COVID 19 and support business retention until the economy stabilizes. Businesses must demonstrate they do not qualify for existing State or Federal programs; are in immediate need of funding until those programs become available; or that they are unable to obtain financing at reasonable rates and terms.

Business Lending Partners has compiled a valuable list of financial resources for those Wisconsin businesses affected by COVID-19.

March 2020 SBA 504 Rates

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INVEST IN RCEDC

RCEDC’s mission is to grow Racine County’s property tax base and by supporting business expansions, provide employment opportunities to Racine County residents. Over the last three years the RCEDC staff assisted 72 projects that, when completed, will result in 1,000’s of new full time jobs, and will substantially boost local property tax revenues. Your investment allows RCEDC staff to continue these positive efforts.

INVESTMENT LEVELS

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