Tax Credits Boost Kestrel Program
Kestrel Aircraft will receive $30 million in federal tax credits, the state of Wisconsin announced on Tuesday, to help the company create new jobs. Alan Klapmeier, CEO of Kestrel and co-founder of Cirrus Aircraft, said the credits will provide $7.5 million in new cash for the company, which is working to produce a single-engine turboprop. The state has also provided Kestrel with a $2 million loan and created an enterprise zone that will provide up to $18 million more in tax credits. The city of Superior has added $6.5 million to help with the start-up, including land for two manufacturing sites.
"Attracting this visionary entrepreneur to relocate with the potential to create 600 new jobs is incredible news for the city of Superior and the entire state of Wisconsin," said Gov. Scott Walker. "In putting together an aggressive package, Wisconsin has decisively demonstrated its commitment to job creation and boosting our state economy." Klapmeier said the company will break ground this fall for its first industrial facility in Superior, according to the Milwaukee-Wisconsin Journal-Sentinel. Kestrel currently employs about 55 people in Wisconsin and 30 in Maine. AVweb's Mary Grady spoke with Klapmeier about the airplane and production plans in June; click here for that podcast.