On Dec. 18 the Senate Committee on Economic Development held a public hearing on SB 449, which would allow for the limited transfer of Economic Development Tax Credits.

Under current law, tax credits can only be used if the original tax credit recipient has a corresponding state income tax liability. If an original tax credit recipient has no income tax liability, the tax credits essentially have no value.

Allowing the transfer of credits, within a contractually controlled environment and with oversight from the Wisconsin Economic Development Corporation (WEDC), will enhance the usefulness of Wisconsin’s Economic Development Tax Credit program.