Wisconsin wind-industry firms get stimulus tax breaks

From an article on BizTimes Daily:

President Barack Obama today announced that his administration is awarding $2.3 billion in tax credits to the private sector for clean energy manufacturing projects across the country, including seven companies in Wisconsin that will receive $21 million in tax breaks.

A total of 183 projects across the nation will receive the tax breaks, which are part of the federal economic stimulus package passed last year.

The White House said the projects will create 17,000 jobs and will boost U.S. manufacturing of advanced clean energy technologies including solar, wind and efficiency and energy management technologies.

The Wisconsin recipients of the tax credits are:

Waukesha Electric Systems Inc. is receiving a $12.45 million tax credit to expand its plant in Waukesha to product large, high-voltage power transformers. The company anticipates that more than 80 percent of them will be used to help bring renewable energy to distant load centers or to replace aging, less efficient transformers. . . .

Ann Arbor, Mich.-based Kaydon Corp. is receiving a $1,774,800 tax credit to re-equip and expand its manufacturing facility in Milwaukee to produce pitch and yaw bearings used in the production and assembly of wind energy turbines.

Milwaukee-based Ingeteam Inc. is receiving a $1,665,299 tax credit to manufacture wind turbine generators in various technologies. The company will also manufacture power converter and control systems for the wind and solar industries.

Wausaukee Composites Inc. is receiving a $930,810 tax credit to manufacture fiberglass wind turbine components.

Kaukauna-based Bassett Inc. is receiving an $868,500 tax credit to manufacture wind turbine towers and foundation components for all sizes of turbines and a $75,000 tax credit to manufacture carbon capture and sequestration systems to extract and trap carbon from waste systems from coal fired power plants.

Waukesha-based Cooper Power Systems LLC is receiving an $846,180 tax credit for its new facility that will be producing high efficiency transformers.

Posted in: Economic development,Renewable energy