Thrive Economic Development works with expanding business as well as businesses that are new to the two-county region to identify local, state, and federal programs and incentives that encourage business growth and job creation. From tax credits to locally-controlled loan funds, there are multiple resources designed to assist businesses in Greater Jefferson County.
Wisconsin has a wide range of programs and incentives to encourage business growth and job creation. The list below contains just a few programs and incentives for businesses. Looking to invest in Greater Jefferson County? Contact our office first for assistance.
Jefferson County Revolving Loan Program
The Jefferson County Revolving Loan Fund (JCRLF) provides gap financing to businesses within Jefferson County. The fund support business growth and the economic vibrancy of Jefferson County by encouraging investments that enhance a business’ productivity or operational efficiency, supporting investments that enhance a business’ ability to compete in a global marketplace and encouraging and financially supporting investments that are necessary to retain or create jobs that pay at least Jefferson County average annual wage which equates to $22.29/hr (2020BLS data). For more information, visit the RLF program page on this website.
The 2017 Tax Cuts and Jobs Act (TCJA) established Opportunity Zones to incite private investment in designated economically-challenged communities throughout the United States. Private investment in Opportunity Zones is encouraged through tax incentives.
Wisconsin has 120 designated Opportunity Zones, covering more than 40 counties in rural, urban and tribal areas in the state. Two of the designated Opportunity Zones are located in the Greater Jefferson County area. For more information, visit our Opportunity Zones page.
Business Development Tax Credits
The goal of the Business Development Tax Credit (BTC) Program is to incent new and expanding businesses in the state of Wisconsin. Click here to learn more or download the program flyer under Links & Downloads below.
Business Development Loan Program
The goal of the Business Development Loan Program (BDL) is to support the retention and expansion of businesses operating in the state of Wisconsin.
The program offers financing primarily to small businesses that have limited access to standard types of debt or equity financing, particularly, but not limited to, rural areas of the state. The program is intended to provide gap financing to existing businesses seeking to expand, increase operational efficiency, or enhance competitiveness in key Wisconsin industries. Click here to learn more or download the program flyer under Links & Downloads below.
Financing for Efficiency Improvements
Property Assessed Clean Energy (PACE) is an innovative program that enables property owners to obtain low-cost, long-term loans for energy efficiency, renewable energy, and water conservation improvements. Projects financed using PACE can generate positive cash flow upon completion with no up-front, out-of-pocket cost to property owners—eliminating the financial barriers that typically prevent investment in revitalizing aging properties. The term of a PACE Financing may extend up to the useful life of the improvement, which may be as high as 20 years or more, and can result in cost savings that exceed the amount of the PACE Financing. The result is improved business profitability, an increase in property value, and enhanced sustainability. Wisconsin Statute § 66.0627(8) authorizes Wisconsin counties and municipalities to make PACE Financing available in local communities. Currently, Jefferson County participates in the PACE program. Learn more.
Manufacturing and Agriculture Tax Credit
Starting in 2013, a tax credit became available for income derived from manufacturing or agricultural property located in Wisconsin. It will offset a significant share of Wisconsin income taxes. See the fact sheet under Links & Downloads below.
Property Tax Exemptions for Manufacturers
Machinery and equipment used exclusively and directly in the production process in manufacturing is exempt from personal property taxes. Learn more
Tax Incremental Financing
Wisconsin adopted TIF legislation in 1975 to eliminate blighted areas in urban neighborhoods. TIF is a financing option that allows a municipality (town, village or city) to fund infrastructure and other improvements, through property tax revenue on newly developed property. TIF use varies depending on the project and the municipality. The Wisconsin Department of Revenue has created a TIF Manual. Download it here or below, under Links & Downloads.
Interactive Incentive Finder
There are a number of tax credits and incentives available to businesses. Don’t miss out!
Article originally appeared in the Watertown Daily Times, written by Steve Sharp. Original article can…
Article originally appeared in the Watertown Daily Times and can be found here JEFFERSON —…