Gov. Scott Walker today signed into law a measure that increases the amount available for the Jobs Now Tax Credit.
Walker, appearing at Tess Oral Health in Eau Claire, said the bill, AB1, would improve the state’s ability to put people back to work.
Beginning in the fiscal year 2013-14, the bill increases the maximum amount of credits that the Wisconsin Economic Development Corp. can allocate from $5 million to $10 million.
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 for the credit, 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.
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 $14.5 million. The new measure does not change that provision.
Employers must be certified by the WEDC in order to claim the credit.
Walker credited State Rep. Mary Williams, R-Medford, for her work on the bill.
