MADISON, WI (WTAQ) - Those who invested in 63 new companies in Wisconsin last year received $12 million in tax credits for doing so.
The state’s Economic Development Corporation is announcing results Wednesday of a program that’s designed to create startup funds for a host of young high tech businesses.
The report said the tax credits helped generate a total of $165 million for the affected companies in 2012.
Lisa Johnson of the WEDC says bio-tech firms and information technology companies make up about 60 percent of the startup firms in the program.
Nationally, Johnson says venture capital funds have made a switch toward computer technology operations – and in Wisconsin, those firms have given the most certifications.
Johnson says it’s exciting to see IT businesses take off, but more needs to be done to support bio-science companies. She says the industry has higher-paying jobs than the IT field.
Meanwhile, the proposed state budget would end a lifetime limit of $47.5 million in angel investments in the tax credit program.