The Dairy Business Association and the Wisconsin Cheese Makers Association are pleased that the Wisconsin legislature has included a dairy cooperative investment tax credit in the state stimulus package.
The inclusion is the result of efforts by Governor Jim Doyle, Senate Majority Leader Russ Decker (D-Weston), Assembly Speaker Mike Sheridan (D-Janesville), Representative Amy Sue Vruwink (D-Milladore) and others/
The dairy cooperative investment credit will allow cooperative members to be eligible for a tax credit up to 10% of qualified investments, with the credit capped at $200,000 per processing plant. The credit will be distributed to members based on the amount of milk each member delivers to their cooperative.
“Once again, Governor Doyle and legislative leaders have demonstrated a strong commitment to the state’s more than $20 billion dairy industry,” said Laurie Fischer, Executive Director of the Dairy Business Association.
The tax credit is aimed at the state’s dairy cooperative manufacturing processing sector by incenting the modernization or expansion of existing dairy cooperative manufacturing facilities. Such improvements could range from building constructions or additions, upgrades in processing and packaging equipment, improved computer technology, and waste treatment and management equipment along with an array of other options.
“Cheese production is the cornerstone of Wisconsin’s dairy processing industry. This incentive is well timed as America’s Dairyland retools its cheese industry to make value-added and specialty cheeses to keep Wisconsin’s dairy farming and cheese production communities healthy and growing,” said John Umhoefer, Executive Director of the Wisconsin Cheese Makers Association.
The Dairy Business Association and the Wisconsin Cheese Makers Association also commend the Governor and legislative leaders for the inclusion of the meat packing tax credit that will allow the state’s meat processors to modernize.