Contact:
Tony Hozeny, Department of Commerce, 608/267-9661
MADISON-Gov. Jim Doyle today announced that Wisconsin Plating Works of Racine, Racine, Racine County, will receive $42,000 in Community Development Zone credits from the Department of Commerce (Commerce) for a job creation project. This project will retain 16 jobs, create 14 jobs, and generate $500,000 in private investment.
“My Grow Wisconsin 2005 Agenda calls for upgrading and expanding our manufacturing sector because it is an important driver of Wisconsin’s economy,” Governor Doyle said. “Wisconsin Plating Works of Racine purchased a company slated to close, retaining manufacturing jobs that otherwise would have been lost, and generating new investment in this industry.”
Wisconsin Plating Works of Racine is a family-owned business that provides electroplating and metal finishing to industries around the nation. (Commerce). It will purchase the assets of Racine Plating Company.
Commerce administers the Community Development Zone (CDZ) program, which offers tax incentives to businesses expanding or locating in a designated area of economic distress. Businesses can earn income tax credits for each new job created assuming one-quarter of the jobs are filled by target group workers who have faced barriers to employment, such as those dislocated by a plant closing or currently participating in Wisconsin Works (W-2) Program. Businesses can also earn a tax credit for environmental remediation. For further information, contact Peggy Burke, Commerce, 608/266-3751.
