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Start-up business initiatives unveiled by Gov. Walker's office

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MADISON, WI (WTAQ) - Governor Scott Walker says he’ll ask legislators to approve millions of dollars in state tax breaks for new technology firms and other start-up businesses.

The Republican Walker issued a statement Thursday afternoon, promising to include the measures in the state budget he’ll submit to the Legislature on February 20th. Economic development leaders from around the state heard about Walker’s plans at a meeting Thursday in Madison.

Walker’s office said it would propose an extra $75 million in tax credits for a program that encourages companies to invest in new equipment, and create or preserve jobs or a corporate headquarters.

About $11 million would be given to the state’s Economic Development Corporation for marketing Wisconsin to prospective businesses. $6 million would support entrepreneurs and start-up firms with potentially large numbers of high-paying jobs.

A half-million dollars would be given to a program that helps veterans start businesses. Matching funds would go to a variety of mentoring and business planning programs.

Entrepreneurs who’ve completed accelerator programs would be access to state financing. And a cap on Angel Investment Tax Credits would be lifted for those helping fund new start-ups.

Walker says most jobs in the state come from small companies and new employers – and his budget package would support efforts at innovation and entrepreneurship.