Lower Taxes A Top Priority for Wisconsin Businesses
MADISON – Wisconsin’s job outlook will improve with nearly $1 billion in lower individual and business taxes contained in the state budget approved by the powerful Joint Finance Committee, the state chamber of commerce said Tuesday.
“Wisconsin’s business climate will improve considerably with the tax cuts and other reforms passed by the Joint Finance committee earlier today,” said Scott Manley, WMC Vice President of Government Relations. Wisconsin Manufacturers & Commerce is the state’s chamber of commerce and largest business association. “These tax cuts will help move Wisconsin out of the top ten highest taxed states in the nation, and will send a clear message to the world that Wisconsin is open for business.”
Early today, the Joint Finance Committee approved a state budget that includes $654 million in income tax cuts, and continued income tax relief for manufacturing and agricultural employers. The total tax relief package approaches $1 billion, according to figures from the non-partisan Legislative Fiscal Bureau.
“Governor Scott Walker and the legislative Republicans deserve credit for doubling down on job creation by cutting taxes on individuals and businesses,” Manley said. “By focusing tax relief on key sectors like manufacturing and agriculture, lawmakers are strengthening the economic engines that drive middle class job creation.”
Governor Walker had proposed a $350 million income tax cut, and the committee increased the tax cut by $304 million. The income tax cut lowers the income tax rates, with the 6.75 bracket dropping to 6.27 percent.
“Most businesses, especially small businesses, pay their taxes under the individual income tax laws, so the reforms passed today will provide significant relief to Main Street businesses,” Manley said.
In addition, the Joint Finance Committee made changes to tax laws that have been long-sought by businesses, such as standardizing the federal depreciation in the state tax code and extending the research and development tax credit to limited liability corporations and S-corporations.
For Further Information Contact:
Scott Manley, (608) 209-0568