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Senate Committee on Economic Development Passes CORE Jobs Plan

Tuesday, December 15, 2009

Senate Committee on Economic Development Passes CORE Jobs Plan

Legislation co-authored by Senator Kreitlow would help encourage private investment; job growth

MADISON – A legislative proposal that will encourage job growth and economic development moved forward in Madison today as the Senate Committee on Economic Development passed SB 409, the CORE Jobs Act. The proposal, which was co-authored by committee member Senator Pat Kreitlow (D-Chippewa Falls), will increase the amount of job-creating tax credits available for businesses, as well as increase Wisconsin’s investment in programs that will being overseas jobs back to Wisconsin and re-open shut down factories with new, green industries.

“Getting the economy back on track for Wisconsin families is our top priority and we believe the CORE Jobs bill can help encourage the private investment needed to do just that,” said Kreitlow. “By increasing our investment in job creating tax credit programs and by creating incentives for businesses to move jobs back to Wisconsin to open shuttered plants, this bill will help put Wisconsin’s economy on the road to recovery.”

The CORE (Connecting Opportunities Research and Entrepreneurship) Jobs Plan includes an expansion of Accelerate Wisconsin, the program which provides tax credits for angel and venture capitol investment and increased funding for the Wisconsin Development Fund, which helps start-up and expanding businesses through grant programs. In addition, the proposal includes a plan to provide tax incentives for businesses that help pay their workers’ tuition for skills that help a business improve its products and systems and be more competitive. It also supports public-private research partnerships between small businesses and UW campuses like Eau Claire and Stout.

“We know that supporting research and job creating tax credit programs is a successful formula for job creation,” added Kreitlow. “The Chippewa Valley has seen over 400 good paying, high tech jobs created with the help of similar tax credit programs in the past, and when those efforts are combined with a continued investment in programs like NanoSTEM at UW-Eau Claire, UW-Stout and CVTC, our area will be a in strong position to benefit from the investments made through the CORE Jobs bill.”

More information on the plan can be found at the CORE Jobs Act website, a link to which can be found at www.senatorkreitlow.com.