With the holidays right around the corner and the difficult news of the General Motors announcement, it's important we focus on ways to assist employees impacted by their decision. If you, a friend or family member has been impacted and is wondering where to look for help, please use me as a resource. Feel free to call my cell phone number direct at (608) 345-8576. I will continue to do all I can to help keep the Janesville plant open in the long run.
We also must look to the future and ensure we are enacting state policies that will create a positive environment for growing jobs in our area and all across the state. To build our economy, we must be able to attract more capital to Wisconsin, both dollars and workers. It is critical that we provide incentives that will attract more investment for our small businesses and draw hard working people back to our state.
According to an analysis by Postsecondary Education Opportunity, Wisconsin is among the bottom 10 states in the net migration of young college graduates with bachelor's degrees since 1989. This is even despite the fact that Wisconsin is ranked 15th during the same period for bachelor's degrees produced.
However, results of a recent Wisconsin Alumni Association survey open the door to some more welcoming statistics. The survey of recent UW graduates from all over the country has found that nearly 60 percent would consider moving back to our state. Most cite the fact they are raising families and are attracted to our high-quality school system and strong communities. Next week, there is a Badger Career Expo in Minneapolis designed to lure UW grads back to our state. This will be a positive event, but I feel strong that we must be more proactive and have an aggressive plan to retain and attract young graduates.
In addition, we must attract more financial capital to our state's small businesses, expand our state's high-tech sectors, and promote entrepreneurship. We need to approve legislation in Wisconsin that improves Angel Investment Tax Credits. This program provides incentives for businesses that invest in a new start-up business, which create hundreds of high-paying jobs. In fact, angel investment in Wisconsin is on the rise as these investments in Wisconsin businesses grew by 54 percent, much higher than the national average of 11 percent.
We also need to pass the capital gains reinvestment legislation. Currently, Wisconsin taxes 40 percent of capital gains. This legislation would eliminate the tax on capital gains if it is reinvested in a company that is headquartered in Wisconsin, has at least 51 percent of its employees in Wisconsin, and is engaged in manufacturing, agriculture, conducting research, or developing new products or business processes. By passing this bill, we can help Wisconsin companies grow and create high-quality jobs for our young graduates.
Finally, we need to continue to promote cutting edge industries like nanotechnology and renewable energy. Last session, I supported a bill that would create incentives for companies engaged in nanotechnology, which is projected to be a $1 trillion industry by 2015. Nanotechnology has the potential to create many new materials and devices with wide-ranging applications, such as in medicine, electronics and energy production. Nextsession we need to pass this bill, which would encourage these new companies to locate in our state and provide high-quality jobs.
During the past budget cycle we were already successful in investing in the renewable energy sector. I fought for an historic $30 million investment in renewable energy grants for projects. Recently, $7.3 million in grants and loans were awarded with the expectation of leveraging more than $44 million in investments and creating new jobs in our state. Renewable fuels will not only be a key to ending our dependency on foreign oil, but will continue to be a source of cutting edge jobs that will attract and retain young people.
If we successfully enact the provisions listed above, we can start to reverse the crippling effects of brain drain on our state. By strengthening workforce training and development programs, promoting business growth, and attracting new cutting edge businesses, we can help keep more university and technical college graduates in our workforce and we'll boost our state's economy. Wisconsin is already known for its strong schools and strong sense of community. All we need to do is improve the business and tax climate, and we'll get our economy growing again.
- Wisconsin State Rep. Brett Davis, R-Oregon, serves the 80th Assembly District, which includes all of Green County and portions of Rock, Dane and Lafayette counties.
We also must look to the future and ensure we are enacting state policies that will create a positive environment for growing jobs in our area and all across the state. To build our economy, we must be able to attract more capital to Wisconsin, both dollars and workers. It is critical that we provide incentives that will attract more investment for our small businesses and draw hard working people back to our state.
According to an analysis by Postsecondary Education Opportunity, Wisconsin is among the bottom 10 states in the net migration of young college graduates with bachelor's degrees since 1989. This is even despite the fact that Wisconsin is ranked 15th during the same period for bachelor's degrees produced.
However, results of a recent Wisconsin Alumni Association survey open the door to some more welcoming statistics. The survey of recent UW graduates from all over the country has found that nearly 60 percent would consider moving back to our state. Most cite the fact they are raising families and are attracted to our high-quality school system and strong communities. Next week, there is a Badger Career Expo in Minneapolis designed to lure UW grads back to our state. This will be a positive event, but I feel strong that we must be more proactive and have an aggressive plan to retain and attract young graduates.
In addition, we must attract more financial capital to our state's small businesses, expand our state's high-tech sectors, and promote entrepreneurship. We need to approve legislation in Wisconsin that improves Angel Investment Tax Credits. This program provides incentives for businesses that invest in a new start-up business, which create hundreds of high-paying jobs. In fact, angel investment in Wisconsin is on the rise as these investments in Wisconsin businesses grew by 54 percent, much higher than the national average of 11 percent.
We also need to pass the capital gains reinvestment legislation. Currently, Wisconsin taxes 40 percent of capital gains. This legislation would eliminate the tax on capital gains if it is reinvested in a company that is headquartered in Wisconsin, has at least 51 percent of its employees in Wisconsin, and is engaged in manufacturing, agriculture, conducting research, or developing new products or business processes. By passing this bill, we can help Wisconsin companies grow and create high-quality jobs for our young graduates.
Finally, we need to continue to promote cutting edge industries like nanotechnology and renewable energy. Last session, I supported a bill that would create incentives for companies engaged in nanotechnology, which is projected to be a $1 trillion industry by 2015. Nanotechnology has the potential to create many new materials and devices with wide-ranging applications, such as in medicine, electronics and energy production. Nextsession we need to pass this bill, which would encourage these new companies to locate in our state and provide high-quality jobs.
During the past budget cycle we were already successful in investing in the renewable energy sector. I fought for an historic $30 million investment in renewable energy grants for projects. Recently, $7.3 million in grants and loans were awarded with the expectation of leveraging more than $44 million in investments and creating new jobs in our state. Renewable fuels will not only be a key to ending our dependency on foreign oil, but will continue to be a source of cutting edge jobs that will attract and retain young people.
If we successfully enact the provisions listed above, we can start to reverse the crippling effects of brain drain on our state. By strengthening workforce training and development programs, promoting business growth, and attracting new cutting edge businesses, we can help keep more university and technical college graduates in our workforce and we'll boost our state's economy. Wisconsin is already known for its strong schools and strong sense of community. All we need to do is improve the business and tax climate, and we'll get our economy growing again.
- Wisconsin State Rep. Brett Davis, R-Oregon, serves the 80th Assembly District, which includes all of Green County and portions of Rock, Dane and Lafayette counties.
