Contact:
Tony Hozeny, Department of Commerce, 608/267-9661
MADISON-Gov. Jim Doyle today announced that Heiden, Inc., Manitowoc, Manitowoc County, will $25,000 in Community Development Zone (CDZ) credits from the Department of Commerce (Commerce) to expand its business by purchasing equipment.
“My Grow Wisconsin 2005 Agenda calls for upgrading and expanding our manufacturing sector because it is an important driver of the Wisconsin economy,” Governor Doyle said. “I am pleased that we could help Heiden, Inc. expand its production line to meet the growing needs of its customers.”
Heiden, Inc. is a small manufacturing company that specializes in aluminum and steel fabrication. The company will invest $725,000 to purchase and install equipment to increase its metal cutting capacity. This project will create five jobs and retain 52 jobs.
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.
