WEDC Determines Exact Sciences Doesn’t Owe Anything

Based On Calculations For Job Creation, Madison-Based Company Doesn't Owe Tax Credits

Wisconsin capitol interior dome
Barry Dale Gilfry (CC BY-SA 2.0)

Wisconsin’s economic development agency has determined that Madison-based medical diagnostics firm Exact Sciences Corporation doesn’t have to repay any tax credits, after the company pledged to return $61,000 for jobs created outside of the state.

The Wisconsin Economic Development Corp. on June 11, told the president of Exact Sciences that based on new calculations for job creation the company didn’t owe any tax credits.

Exact Sciences in May said it would return $61,000 in enterprise zone tax credits a state audit determined had been paid to the company for 261 jobs created in 2017 that weren’t in Wisconsin.

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WEDC calculated tax credits the company earned through the end of 2018 and determined it had exceeded the number that had to be based in Wisconsin by 352 jobs. Because of that, WEDC Secretary Mark Hogan said the company owes nothing in back tax credits.