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WEDC has awarded 14 $3M tax credits for investors in innovative businesses in 24

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(The Center Square) – Wisconsin’s Department of Economic Development has awarded $3 million in tax credits to investors in 14 startups in the state so far in 2024.

The tax credits are part of the state’s Qualified New Business Venture program, which began in 2005. It gives 25% transferrable tax credits for investors in qualified new businesses capped at $3 million for a $12 million cash equity investment.

Businesses can apply for the credits for investors if they are developing innovative products, processes or services and are headquartered in Wisconsin, have fewer than 100 employees with 51% based in Wisconsin and have been in operation for 10 consecutive years or less.

The investor cannot control or be closely related to someone who controls more than 20% of the company.

In 2024, the transferrable tax credits have been awarded to Realta Fusion, RadUnity Corp., Protegera and Playback Rewards in Madison along with Wellacy Health and Fienerd Enterprises in Milwaukee.

TRT Speech Labs and Appion Solutions in Racine, Solar Forma Design in Eau Claire, Midwest Games Company in Green Bay, MedicaLock Corp. in Ettrick, LL Systems in West Allis, Gollgix in New Berlin and Ascent Engine Technologies in New Richmond have also received approval for investor tax credits.

The tax credits are logged in the WEDC’s annual report database.

The goal of the program is to promote job growth and innovation in the state, creating economic diversity in the state and promoting companies that have high-wage jobs.