Tuesday, December 18, 2018
 Foremost Farms Receives $45M in Tax Credits  

Foremost Farms USA, a Baraboo dairy cooperative, has been awarded $45 million in New Markets Tax Credits to support an expansion and upgrade at its facilities in Appleton and Richland Center.

The tax credits will help Foremost Farms finance dairy production upgrades, retain and create jobs and invest in future projects to increase profitability. Foremost Farms is planning a $47.2 million project to double production of mozzarella cheese at the Appleton plant, where it now has 91 employees. The cooperative is expected to add another 35 jobs once the expansion is complete.

The New Markets Tax Credit Program permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in designated community development entities.

The Wisconsin Community Development Legacy Fund, a Community Development Entity comprised of the Wisconsin Housing and Economic Development Authority, Impact Seven and Legacy Bancorp, is providing a $25 million tax credit allocation, while CEI Capital Management LLC, a for-profit subsidiary of the Maine-based Coastal Enterprises Inc., is providing a $20 million allocation.

Source: The Business Journal (WI)


Posted on Wednesday, June 30, 2010 (Archive on Wednesday, July 07, 2010)
Posted by bsutton@adpi.org  Contributed by bsutton@adpi.org