Shorewood Startup Certified for Business Investment Tax Credits
The startup designed a device for homeowners and well contractos that continuously measures underground water levels.
Shorewood-based startup Wellintel LLC, which has designed a device for homeowners and well contractors that continuously measures underground water levels, has been certified for early stage business investment tax credits.
The Wisconsin Economic Development Corporation announced Thursday Wellintel was one of five Wisconsin companies to be certified.
The investment program certifies companies as Qualified New Business Ventures, which makes investors in the company eligible for a 25 percent tax credit on the amount they invest in the business, according to WEDC.
Since it was established in 2005, more than 215 companies have been certified through the program, leveraging $637 million in private investments, WEDC said.
Wellintel is working to complete key tasks and get to commercial launch in the next 9 to twelve months.