Report: State overpaid more than $412,000 in tax credits

MADISON, Wis. (AP) — A new report says Wisconsin’s job creation agency has erroneously awarded more than $412,000 in tax credits to companies over how many jobs they created.

The Wisconsin State Journal reports the detail came out in a review by the Wisconsin Economic Development Corp. The agency first revealed the tax credit issue at a board meeting last month, but Thursday’s report was the first time the size of the problem was detailed.

The agency is reviewing 222 tax credits awarded since 2006 over the way jobs were counted. Based on 18 awards checked so far, more than $448,000 in over-awarded credits. About $36,000 was under-awarded.

With so many more credits to check, the overage may go significantly higher. Chief executive Mark Hogan declined to give an estimate to a board committee.