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The 2013-15 state budget includes significant tax policy reforms that will improve the business climate in Wisconsin, including tax relief amounting to nearly $986 million over two years.
WMC has assembled the “Tax Policy Toolkit” to help navigate the changes made as part of this historic reform. Among the provisions adopted under the budget are:
- Individual Income Tax Rate Reduction
- Phase-In of the Manufacturing and Agricultural Credit
- Federalizing Depreciation and Depletion (Including Section 179)
- Federalizing Net Operating Loss Rules
- Extending the R&D Expense Credit to Pass-Through Entities
- Adopting an Internal Revenue Code Update
- Cutting Income Taxes if Sales Tax Nexus for Out-of-State Retailers is Adopted
- Eliminating the Economic Development Surcharge on Pass-Through Entities
- Creating an Appeal Process for Unreasonably High Municipal Fees
- Changing the Venue of Tax Appeals
- Prior Audit Determinations
- Phase-In of the Health Insurance Premium Deduction
- Clarifications to the Manufacturing R&D Sales Tax Exemption
- Elimination of Eighteen Business Tax Credits
- Eliminate Angel Investment Tax Credit Cap
- Interest on Amounts Owed to Taxpayers
- State Budget
