Eli Lilly and Co.’s potential $100 million state tax break relies primarily on its capital investment in Pleasant Prairie.
The Wisconsin Economic Development Corp. announced Aug. 5 that the pharmaceutical giant will be eligible for $100 million in state tax credits if Lilly creates at least 700 jobs and invests at least $2.2 billion in the Kenosha County project. A newly released document provides a breakout of what Lilly must achieve with its $4 billion project to qualify for the full award.
The tax credits under the Enterprise Zone program reduce a company’s state tax bill dollar for dollar if a company hits agreed-to targets for hiring, capital expenditures and other measures. The program provides tax credits at 10% of a company’s investment in capital expenditures and a 7% credit for meeting job-creation goals.