State puts historic tax credit program on hold

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MADISON, Wis. (AP) -- The state's chief jobs agency has hit the pause button on a historic tax credit program because it's proving to be more popular, and therefore more expensive, than predicted.

The Wisconsin Economic Development Corp. notified co-chairs of the Legislature's budget committee on Monday that the program would be put on hold while a review is undertaken.

Gov. Scott Walker in December signed a bill into law that expanded the program but did not place a cap on how many credits could be handed out in any given year.

It was estimated that credits would hit $4 million in the first year. But Reed Hall, secretary and CEO of WEDC, says that projects for more than $35 million have come in for certification.




 
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