The Wisconsin Economic Development Corp. will update its written policy about when it should revoke tax credits for those who don’t meet their contract terms, according to a WisBusiness report.
The Legislative Audit Bureau issued its recommendations on Friday in a report that included 14 recommendations for improvements.
After earlier reports from the audit bureau, WEDC revised the process for “verifying tax credits to require a notice of default and pending revocation to be sent to recipients,” for failing to create or retain enough jobs to fulfill their contract.
But the new policies did not set a time for when WEDC would revoke tax credits from recipients failing to meet the terms of their contract.
A timeline and consistent compliance would help WEDC recover taxpayer funds more quickly and avoid tax credit recipients having to pay interest on revoked tax credits.
The full report is located on the Wispolitics website.
