23 Feb WEDC tax credits to support Exact Sciences’ growth in Wisconsin
The Wisconsin Economic Development Corporation (WEDC) announced today that it will provide tax credits of up to $9 million to Exact Sciences Corp. (NASDAQ: EXAS) as part of the cancer diagnostics company’s ongoing growth in the state. The credits can be earned ratably through a combination of hiring more than 750 employees and investing $26 million in capital expenditures through 2020.
“This agreement underscores our commitment to expanding in Wisconsin as we develop new tests that can help eradicate the deadliest forms of cancer,” said Kevin Conroy, chairman and CEO of Exact Sciences. “We moved Exact Sciences to Madison in 2009 because of the state’s strong, dedicated workers and the first-class universities to recruit talent. With the FDA’s approval of Cologuard and our pipeline for potential new cancer screening tests, WEDC is offering another incentive to continue growing our team in Wisconsin.”
Since relocating to Wisconsin from Boston in 2009, Exact Sciences has grown from two employees to a team of more than 400. During this time the company paid more than $5.2 million in payroll taxes to the state.
“This is great news for Madison, the region and the entire state because it will result in the creation of hundreds of family-supporting, high-tech jobs,” said Governor Scott Walker. “I congratulate Exact Sciences on its successes and applaud the company for its continued commitment to Wisconsin. Exact Sciences joins a growing number of companies who are relocating or expanding in Wisconsin because of the strides we’ve made to improve the state’s business climate and develop a strong workforce.”
Under the agreement, Exact Sciences will receive the WEDC tax incentives by investing $26,264,000 in capital expenditures in Wisconsin and creating 758 new full-time positions – with an average wage of $24.47 per hour – in the state by December 31, 2020.
This is fourth-largest award in WEDC’s history, in terms of projected job creation. WEDC designates in-state tax credits for projects based on several factors, including the extent the project will increase employment in the state and contribute to the economic growth of the state. The final amount of credits issued under the agreement with Exact Sciences will be contingent upon the number of jobs created and capital expenditures.
“WEDC is pleased to have been able to play a key role in helping secure Exact Sciences’ future in Dane County,” said Reed Hall, secretary and CEO of WEDC, the state’s lead economic development organization. “Since 2013, WEDC has awarded nearly $60 million to Dane County companies and communities for projects expected to retain or create more than 6,800 jobs–many of which are high-tech jobs at companies like Exact Sciences.”
“We congratulate Exact Sciences on its fast-paced expansion in the Madison area,” added Paul Jadin, president of the Madison Region Economic Partnership. “This company exemplifies the tremendous R&D capacity of this region and is a true hallmark of our biotech industry. As Exact Sciences continues to grow, its impact on the regional economy will be profound.”
“Consumer demand for Exact Sciences’ cutting-edge products is driving job growth and fueling Wisconsin’s economy.” said DWD Secretary Reggie Newson. “The Wisconsin Fast Forward worker training grant program will support the company’s development of customized workforce training solutions that cultivate high skill talent.”
Exact Sciences is the manufacturer of Cologuard, an FDA approved, non-invasive colorectal cancer screening option for average risk adults, 50 years or older. Cologuard is not right for everyone and is available by prescription only. Ask your doctor. More information is at www.CologuardTest.com