Two Wisconsin state Senators proposed a new comprehensive legislation today that seeks to spur job and economic developments if enacted.
The legislation, called the Wisconsin Connecting Opportunity, Research and Entrepreneurship Jobs Act, specifically aims to create new jobs and businesses while securing existing Wisconsin businesses as well as educating and training the state’s workforce, according to a collaborative statement released Monday by authors Sen. Julie Lassa, D-Stevens Point and Sen. Pat Kreitlow, D-Chippewa Falls.
The bill also acknowledges business growth at the state college level, including support for a UW System-wide business plan competition similar to the University of Wisconsin’s G. Steven Burrill competition, which focuses on the planning of a business to a panel of outside judges.
John Surdyk, director of the competition, sees the competition as a positive training ground for students.
“Over the 10 years we’ve been running the competition, a lot of our graduates have gone on to start companies. They tend to be very visible like Lorrie Heinemann [State Secretary of the Department of Financial Institutions] and other leaders,” Surdyk said.
The competition is an initiative led by a campus cluster called INSITE and is quite different from those at other UW schools.
“One of the things that distinguish traditional ventures from high-technology plans are that [the latter] hire engineering and business students” he said. “The competition level of the entries will reflect their students.”
Funding for small to mid-sized businesses with research institutions are also being included in the bill in the form of grants. UW’s comprehensive campuses are included with the goal of commercializing new technologies faster.
Another highlight of the bill is the creation of an employee education investment tax credit, which will provide $2 million in incentives for businesses who pay university or technical college tuition for low-income employees, according to the senators’ statement.
The statement also said the proposal features provisions that include an increase of $1 million to the Wisconsin Development Fund, which will be used to attract and retain business in the state.
Among the act’s objectives are an increase of tax credits to Wisconsin companies from $5.5 million to $8.5 million that will in the following years become $20 million. The proposed bill would also encourage companies to bring good jobs to rural areas of Wisconsin rather than overseas, through a farmshoring grant. However, the proposed legislation was not without opposition.
“I think it’s pathetic. It looks like most of the initiatives are more government involvement in business rather than getting government off people’s backs,” Sen. Glenn Grothman, R-West Bend, said.
Grothman also commented on other Democratic legislation which has damaged the business sector, including increased taxes, labor regulations, environmental regulation and increased health care regulation.
Despite this criticism, Lassa is confident the bill will be well regarded elsewhere.
“This bill is the result of consultation and input from the business community, entrepreneurs and small business owners, investors and the UW System” Lassa said. “We believe the result is a balanced jobs package that focuses on our state’s competitive advantage.
