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.
Top 5 Tax Credits Awards in Southeast Wisconsin for 2022
- Milwaukee Tool ($22.5 million)
- Rural Sourcing Inc. ($800,000)
- Formlabs Inc. ($675,000)
- Summit Packaging Systems LLC ($500,000)
- Balcan USA ($400,000)
WEDC Awards
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
