On July 1, Janesville-based portable power equipment manufacturer United Alloy, Inc. announced plans to expand its plant—creating 35 new jobs and retaining 100 existing positions. Construction has already begun on the 112,500-square-foot addition, which comes as United Alloy makes the transition from a regional to a global company.
WEDC is providing the company with a $500,000 low-interest loan and has certified up to $130,000 in Development Opportunity Zone tax credits, which will be distributed annually based on the number of new, full-time positions created over three years. The City of Janesville backed the expansion plan by creating a Tax Incremental Financing district to help cover redevelopment and infrastructure costs on the property—another example of the strong state and local partnerships in Wisconsin.
“We have world-class manufacturing talent right here in our own hometown, and we decided that it was wisest to go with the people who helped us achieve our success in the first place,” said Stephan Achs, president and chief revenue officer at United Alloy.
TAX CREDIT TRANSFERABILITY
Economic Development Tax Credits are now transferable: a company with little or no tax liability that receives these credits can now transfer them to someone else in return for non-cash goods or services related to the project for which the credits were authorized. Read more about receiving and transferring Economic Development Tax Credits.