Marriott Hotel was awarded $30MM in New Markets Tax Credits from WHEDA

Incentives

  • Corporations and other businesses currently residing in/or looking to relocate to the Milwaukee region have access to a variety of state tax incentives. These tax incentives include exemptions, credits and other special corporate tax treatment along with preferential treatment of capital gains, all of which are centered on business growth and job creation.

    The Wisconsin Economic Development Corporation (WEDC), the state’s primary agency for business development, offers tax credits and exemptions on sales and property tax for qualifying manufacturing and agricultural businesses. WEDC also provides incentives for businesses planning to move to and hire workers in Wisconsin. Businesses that are looking to relocate operations to the Milwaukee region also have access to Tax Incremental Financing (TIF), a tool used to leverage private development investment. Milwaukee has created more than 70 TIF districts to offer subsidies for redevelopment, infrastructure and other community-improvement projects.

    The Wisconsin Housing and Economic Development Authority (WHEDA) offers a number of programs and services in support of business development, including:

    • New Markets Tax Credits (NMTC) – WHEDA through the federal CDFI Fund, awards NMTCs to promote equity investment in low-income urban and rural communities. NMTCs enhance financing for projects in highly distressed areas throughout Wisconsin that will have demonstrable community impact.
    • WHEDA Transform Milwaukee Loan Guarantee (TMG) – This program can be used for the expansion or acquisition of businesses in the City of Milwaukee. Loan proceeds can be applied towards the purchase or improvement of land, buildings, equipment, working capital and inventory. The project undertaken must also result in the creation or retention of jobs.
    • The WHEDA Participation Loan Program (WPLP) – This program is intended to provide Wisconsin businesses with financing that could not otherwise be secured through traditional lending. The program partners WHEDA with local community Participating Lenders, banks, credit unions, economic development corporations, community development financial institutions, small business investment corporations, and other entities that provide commercial loans in the state.
    • The Transform Advantage is a first and second mortgage loan product. It can be used to acquire and rehabilitate a property or for new construction.

    Milwaukee County offers several other economic development programs that provide financial and technical assistance, and coordinate business and real estate development. Community economic development programs typically work in partnership with the private lending community and utilize similar credit analysis and underwriting criteria. Here are a list of organizations that offer programs in Milwaukee County: