MADISON – Wisconsin’s business climate and job prospects will improve in the wake of Governor Scott Walker signing a no-tax-hike state budget that dramatically reducesincome taxes for Wisconsin manufacturing, WMC said Sunday.
“Governor Walker and legislative Republicans deserve tremendous credit for making tough decisions to balance the state budget without raising taxes,” said Kurt R. Bauer, President/CEO of Wisconsin Manufacturers & Commerce. “The budget provides greater certainty for business executives and that should encourage job growth.”
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.
Walker signed the two-year, $66 billion budget at Fox Valley Metal-Tech Inc. in Green Bay.
“It’s fitting that he signed the bill at a manufacturing facility because our manufacturing sector is poised to rebound,” Bauer said. “The manufacturers tax credit will make Wisconsin a jobs magnet in the Midwest.”
Walker teamed up with lawmakers to pass the no-tax-hike budget, despite confronting a $3.6billion deficit. The budget eliminates the structural deficit and leaves a surplus for the first time in recent history. Earlier this year, the Legislature passed and Walker signed lawsuit reform, regulatory reform and tax cutsfor job creators.
“Those are significant changes that are receiving attention from business leaders around the state and the nation,” Bauer said.
Wisconsinwas ranked the 24th most business friendly state in 2011 — up from 41st in 2010 — 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.
WMC represents 3,500 businesses from every sector of the private sector economy, including manufacturers. Founded in 1911,WMC is dedicated to making Wisconsin the most competitive state in the nationfor employers.
FOR MORE INFORMATION CONTACT:
Kurt R. Bauer, (608) 258-3400