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What ’s Cooking in Wisconsin? Food Processing Plant and Food Warehouse Investment Credits

Is your company making sausage? Processing cheese? Is it warehousing cranberries, corn or soy sauce? Starting with tax years ending after December 31, 2009, Wisconsin food processors or food warehouses (or their owners) may be eligible for a credit of up to 10% of the investment in new or improved buildings and equipment.

To be eligible, the enterprise must construct, improve or acquire building/equipment that will be used for food processing or food warehousing. Note that landlords may be eligible if your tenant stores or processes food in your building.

The rules and application process can be complex. For instance, specific rules exist governing how much of the facility must be devoted to food processing or the warehouse. Moreover, determining which costs “earn” the credit and retaining the proper documenting can be tricky. Most important, timing is important – the state has a limited amount of total available credit for each fiscal year for all taxpayers. Therefore, meeting the stringent time requirements for application for the credit requires addressing the potential credit soon. 

Because timing and experience is of the essence, Blackman Kallick’s state and local tax group is ready to discuss this opportunity. If your business may qualify, please contact  please contact Deb Rood at drood@BlackmanKallick.com or 312-980-2995 or your Blackman Kallick representative.

This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.