Hattiesburg Paper Corp., Green Bay operations, has received an Enterprise Development Zone (EDZ) tax credit allocation totaling $1 million for a project that will create 200 jobs.
Formed in January 2005, Hattiesburg Paper produces a variety of products for the food service industry. The funds will be used to purchase new equipment and modernize the manufacturing plant in Green Bay. The total project cost is $25 million.
"The money from the tax credit will be put back into the company and help to increase our investment in people and equipment for our Hattiesburg Paper Co- North Operations facility," said Greg Santaga, president of Hattiesburg Paper.
The Enterprise Development Zone Program provides tax incentives to new or expanding businesses whose projects will affect areas with high unemployment. Based on the economic impact of a proposed business project, the Department of Commerce can designate an enterprise development zone.
A zone is "site specific" and applies to only one business, and the maximum amount of credits per zone is $3 million. Zones can exist for up to seven years. The Department can vary zone benefits to encourage projects in areas of high distress and can designate up to 81 zones.
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