What's Happening?
Governor Tony Evers of Wisconsin has signed Act 78, a bill introduced by State Representative Dave Armstrong, which expands incentives for businesses to invest in workforce housing and childcare. This
legislation builds on previous efforts to encourage business investment in these critical areas by allowing companies to claim tax credits for up to 15% of their investments. Act 78 clarifies that these investments do not need to directly benefit the business's own employees, broadening the scope to include general community investments. The bill also allows for contributions to third parties, such as local revolving loan funds, to qualify for the credit.
Why It's Important?
The expansion of these incentives is a strategic move to address Wisconsin's pressing need for affordable housing and childcare, which are essential for economic growth and workforce stability. By encouraging businesses to invest in these areas, the state aims to create a more supportive environment for working families, potentially attracting and retaining talent. This initiative reflects a growing recognition of the role that businesses can play in addressing social challenges and the importance of public-private partnerships in fostering community development.
