Fitchburg life sciences company Promega Corp. will receive up to $1.5 million in tax credits over three years from the Wisconsin Economic Development Corp.
Promega is building a $190 million, 270,000-square-foot research and development center on East Cheryl Parkway. The project is expected to add 100 jobs over the next five years. When it is done in 2020, it will be the 12th building in Promega’s Fitchburg campus, and the most expensive one.
The project also could qualify for up to $14.8 million in tax incremental financing from the city of Fitchburg. TIF funding helps with construction costs and is repaid later through higher taxes collected when the structure is complete.
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In 2018, the company received up to $185,000 in state tax credits for transferring some instrument manufacturing from California to Fitchburg in late 2017. The move was expected to create 25 jobs and to involve a $750,000 capital investment.
Promega provides more than 4,000 products used in biological research, drug discovery and genetic identification.
Founded in 1978, the company has 1,600 employees, including about 995 in the Madison area, and had 2018 revenue of nearly $450 million.