MADISON – Wisconsin Manufacturers & Commerce (WMC) – the combined state chamber and manufacturers’ association – thanked state legislators for their work negotiating the repeal of the personal property tax. On Tuesday, Gov. Tony Evers signed the legislation into law, officially repealing the tax.
“For businesses small and large, the state’s personal property tax has been an undue burden,” shared WMC’s Director of Tax, Transportation & Legal Affairs Evan Umpir. “Oftentimes, navigating the red tape and recordkeeping for this tax could be more expensive than the tax itself. For business owners, that time and money could be spent investing in higher wages for employees, capital improvements or back into their local communities.”
Wisconsin’s personal property tax dates back to before the state’s inception. Uneven enforcement, litigation and the addition of hundreds of exemptions have made the tax difficult and expensive to comply with. Neighboring states Minnesota, Iowa, Illinois and Michigan have all repealed personal property tax laws.
“Thank you to legislative leadership and Gov. Evers for prioritizing the repeal of this archaic and unnecessary tax,” Umpir continued. “Our business climate – and our state – is better off without the personal property tax.”