Federal energy efficiency tax credits available for Wisconsin businesses

Site Staff,

Wisconsin manufacturers and other businesses can access federal tax credits through the Inflation Reduction Act (IRA) by making sustainability investments, according to a report from WisBusiness.

For companies to get the full tax credit incentives, they need to pay prevailing wages for new projects and offer apprenticeship opportunities with a clear path to eventual employment, according to federal officials. For example, companies that don’t meet those labor standards could receive a 6% tax credit. But companies that do pay prevailing wages and offer apprenticeship programs can qualify for a 30% tax credit.

Some of the tax credits available include:

  • A tax credit of up to $40,000 for large vehicles such as an EV truck. Tax credits for biofuels and sustainable airplane fuels are available through the law.
  • Funding to help industrial facilities reduce greenhouse gas emissions by at least 20%.
  • A tax credit that allows manufacturers to benefit from “advanced manufacturing production” and covers solar, wind, batteries, inverters, and production of critical minerals such as aluminum.

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