Wisconsin's dairy entrepreneurs have invested more than $500 million to increase their operations, Gov. Jim Doyle announced Thursday, since he signed a dairy investment tax credit into law in April 2004.
According to Doyle, rural economies are booming because of the money pumped into the state.
""Agriculture is our heritage, and it is also our future,"" Doyle said in a statement. The state is proud to be a partner in helping Wisconsin's dairy industry modernize and expand.""
The tax credit reduces farmers tax burden up to $50,000 and for every $10 a farmer spends, there is a $1 reduction in tax burden.
As a result of their investments, dairy farmers have been able to reduce their state tax burden by $50 million. Doyle credits the break to helping lift this tax from the rest of the state taxpayers.
Doyle said, ""Dairy generates $20 billion annually for the state's economy or $39,000 a minute.""
