Home NewsBusiness Recruitment & Expansion Racine’s Summit Packaging receives Top 5 tax credits awards

Racine’s Summit Packaging receives Top 5 tax credits awards

State tax credits allow companies to expand, add jobs

by Jeremy Williamson

City of Racine, WI – In an article recently released by the Milwaukee Business Journal, the City of Racine’s Summit Packaging Systems was listed in the top 5 tax credits awards in southeast Wisconsin as they received $500,000 towards their $25 million building expansion, expected to create 125 jobs.

The article continues on to describe how state tax credits have allowed companies throughout southeast Wisconsin to expand and add jobs.

The Summit Packaging Systems team at the 2022 groundbreaking of their 77,000 sf expansion in the City of Racine.
  1. Milwaukee Tool ($22.5 million)
  2. Rural Sourcing Inc. ($800,000)
  3. Formlabs Inc. ($675,000)
  4. Summit Packaging Systems LLC ($500,000)
  5. Balcan USA ($400,000)

Jobs retained or created by Business Development Tax Credits awards since 2016

Total credits awards up to $500,000

  • Total tax credits awarded: $43,995,800
  • Job retention planned: 25,401
  • Job retention actual: 23,052
  • Job creation planned: 8,264
  • Job Creation actual: 6,569
  • Credits distributed per actual job created and retained *: $882.33
  • Credits per planned job created and retained: $1,306.87

Total credits awards over $500,000

  • Total tax credits awarded: $91,571,000
  • Job retention planned: 25,173
  • Job retention actual: 19,916
  • Job creation planned: 10,066
  • Job creation actual: 7,516
  • Credits distributed per actual job created and retained *: $2,056.19
  • Credits per planned job created and retained: $2,598.57

* Represents the verified number of jobs compared with the amount of tax credits actually released to company to use.

Source: WEDC data compiled by Milwaukee Business Journal

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