88% of MAC Recipients are Small Businesses that Make Less Than $1 Million a Year
MADISON – Wisconsin Manufacturers & Commerce (WMC) reiterated its support for the Manufacturing and Agriculture Tax Credit (MAC) on Tuesday, which has been a driving force behind the creation of tens of thousands of middle class jobs in the state.
“This tax credit has been a crucial to Wisconsin’s growing economy,” said Scott Manley, WMC Senior Vice President of Government Relations. “More than 10,000 employers of all different sizes took advantage of the MAC last year, and that has allowed them to invest more in their businesses, their workers and their communities.”
While opponents mischaracterize the tax credit and twist data for their talking points, the truth is that the MAC has directly impacted Wisconsinites for the better since its inception in 2013.
More than 42,000 jobs were created because of the MAC from 2013-2016, according to a University of Wisconsin-Madison report. Additionally, more than 88 percent of MAC recipients in 2017 were small businesses that had incomes of less than $1 million last year.
As taxes have decreased for Wisconsin manufacturers and farmers, property taxes have been reduced statewide and individual income taxes have been cut, revenues for state government have actually increased. In fact, it was just announced that the state will ends its two-year budget in June 2019 with $138 million more than originally expected – bringing the surplus up to $385 million.
“The simple fact is that cutting taxes for local businesses and individuals has led to the creation of more middle class jobs and more revenue for state government,” added Manley. “Anyone who is opposed to the MAC is clearly opposed to creating good-paying jobs for Wisconsin workers.”
More information about the MAC can be found here:
WMC Two-Minute Drill: Company Expands in Wisconsin Thanks to the MAC
WMC Two-Minute Drill: Manufacturers Create More Jobs Thanks to Manufacturing & Agriculture Tax Credit
For more information, contact:
Nick Novak, 608.258.3400