Exact Sciences ID’d as company in audit of the Wisconsin Economic Development Corp.

Madison-based medical diagnostics firm Exact Sciences Corp. is the unnamed company highlighted in an audit that revealed it received $61,000 in tax credits for jobs created outside of Wisconsin, an open records request by The Associated Press revealed.

The Legislative Audit Bureau did not name Exact Sciences and Wisconsin Economic Development Corporation CEO Mark Hogan refused to name it during an interview the day the audit came out last week. But after consulting with its legal counsel after the AP request, WEDC said on Wednesday that Exact Sciences was the company...

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Ken Notes: Exact Science is a great company and great for Wisconsin. They are NOT the issue the issue is that WEDC uses a system for distribution of funds that is difficult to track and make claw-backs, a term they coined, almost impossible. The solution is simple, make all incentives income and property tax credit based with new jobs and value behind them. If the jobs go away so do the tax credits and the value needs to be guaranteed. If they need up front incentives companies can use the future tax credits as collateral against private or bank funding. If banks do not see that as a worthy investment that may be a clue that we should not invest either. Business plays the systems with far more expertise than we bring to the table.

Back to Exact Science they have done much for the State and hopefully will continue to grow, and we should be happy to support this growth. We should place them at the top of the list for support from a new program from the State closely followed by every other company bringing new jobs to the State...