MADISON – Two Janesville-based manufactures would look much different today if it were not for the Manufacturing & Agriculture Tax Credit (MAC) that went into effect in 2011. The second video released in as many weeks by Wisconsin Manufacturers & Commerce (WMC) showcases the millions of dollars in investment that stayed in the state thanks to the credit.
The latest episode of WMC’s Two-Minute Drill series features Joe Pregont, Owner of Prent Corporation and Goex Corporation. Pregont underlines the importance the tax credit played when it came to building a new manufacturing facility.
“The improvement in the business climate truly gave us the go-ahead green light to continue to invest in Wisconsin,” Pregont says in the video. “We built a new extrusion facility in the last four years, greatly influenced because of the tax credit.”
He later explains that his company had opportunities to go to other states with favorable tax climates for manufacturers, but ultimately decided to stay in Wisconsin because the Manufacturing & Agriculture Tax Credit made the state competitive.
The video was released to help policymakers understand the importance of the credit to Wisconsin’s economic growth. While Gov. Tony Evers’ budget calls to essentially eliminate the credit and raise taxes on Wisconsin manufacturers by $516 million, WMC members applauded the move by the Joint Committee on Finance last week to remove that language from his proposed budget.
“It is stories like this that explain why the tax credit is so important to creating family-supporting jobs in our state,” said WMC Senior Vice President of Government Relations Scott Manley. “When manufacturers in other states have zero state tax liability, Wisconsin needs policies like the MAC to compete with them to keep jobs and investment here in the Badger State.”
WMC plans to release additional videos in the coming weeks that highlight the success the Manufacturing & Agriculture Tax Credit has had in promoting greater investment and job growth.
To watch the full Two-Minute Drill featuring Prent Corporation and Goex Corporation, click here.