Winsert expansion could bring company up to $880,000 in tax credits

Winsert, Inc. could receive up to $880,000 in economic development tax credits to accommodate an expansion in Marinette, according to the Wisconsin Economic Development Corp.

The tax credits will be offered through the WEDC and the Wisconsin Housing and Economic Development Authority to support the creation of up to 92 jobs, and retain 156 existing positions. They will be distributed annually by WEDC in direct relation to the number of new, full-time positions created and filled over a three-year period.

Winsert, a supplier of advanced alloy products to solve high temperature wear and corrosive wear problems, is expanding to meet its growing market and production needs.

The company also will receive a $19 million allocation in federal New Market Tax Credits from WHEDA, which are part of the Wisconsin Community Development Legacy Fund.  The New Market program provides tax incentives to investors who make equity investments in community development entities that invest in rural and urban low-income communities. 

Winsert will use the equity gained from selling the New Market credits to an investor to reduce the amount of traditional financing required for its expansion project.