MADISON – The state’s largest business lobby Friday praised the Legislature for passing the first truly balanced budget in over twelve years, eliminating the deficit without raising taxes. Doing so positions Wisconsin to grow its economy and, most importantly, create jobs.
“The Legislature did a tremendous job crafting a state budget with no tax increases, and even included tax relief for manufacturers who create the high-wage jobs that support middle class families,” said Kurt R. Bauer, WMC President/CEO. “There were very tough choices that had to be made to cut spending in the wake of the recession and revenue loss, but increased workplace flexibility will help state and local governments cope with those spending cuts.”
The Senate and Assembly approved the $66 billion two-year spending plan originally developed by Governor Scott Walker. Walker will receive the bill and consider potential vetoes, before signing the bill.
“Wisconsin is on a roll,” Bauer said. “This no-tax-hike budget comes in the wake of legal reforms, regulatory reforms and other measures aimed at improving our business climate. Recent survey results show that the business community in Wisconsin and nationwide is keenly aware that our state is heading in the right direction, and we need to keep up the momentum with even more tax relief in the future.”
Contained in the state budget is a manufacturing income tax credit. The credit would reduce income tax liability for income based on manufacturing production in the state.
“That proposal is a jobs magnet,” Bauer said. “We will be able to retain and attract manufacturers based on our significant tax advantage compared to other states. Wisconsin families will have more high-wage job opportunities as Wisconsin renews its position as the premiere manufacturing state in the nation.”
Wisconsin leapt to the 24th most competitive state in the nation – up from 41st – in a recent survey conducted by CEO Magazine . The WMC Economic Outlook Survey found that 53 percent of businesses will be adding jobs in the next 12 months and 88 percent said the state is heading in the right direction.
“This budget confirms that we are getting our fiscal house in order,” Bauer said. “I am confident our families will see more job opportunities in the coming months and years because of the courage of the lawmakers and governor who supported this budget.”
FOR MORE INFORMATION CONTACT:
Kurt R. Bauer, (608) 258-3400