Unnamed company receiving state tax credits for out-of-state jobs was Exact Sciences
A report from The Associated Press indicates that Madison-based medical diagnostics company Exact Sciences was the recipient of $61,000 in state tax credits for jobs created outside of Wisconsin.
However, a company spokesperson said Thursday it will return the $61,000 as a "good corporate citizen."
When an audit of Wisconsin Economic Development Corp. records was released last week, the company was initially not named.
WEDC has been under increased scrutiny in recent years after audits of its records have shown its handling of more than $3.1 billion a year in tax credits, grants, loans, and bonds designed to spur job creation has been poor, at best. Specifically, WEDC has repeatedly failed in its efforts to keep track of companies in default on its loans.
According to the AP report, "In the case of Exact Sciences, WEDC provided $61,100 in enterprise zone credits for creating 261 jobs filled by individuals who lived in 36 states not contiguous with Wisconsin."
Exact Sciences's contract with WEDC began in 2014 and could be worth $9 million in tax credits, though so far the company has only qualified for $4.3 million.
Exact Sciences has two labs in Madison and is planning on building a third site. It has 2,300 employees, including 1,800 in the Madison area.
A company spokesperson said the out-of-state jobs noted in the audit were likely professional medical representatives or members of the company's sales force.