The governor releases legislation that will provide tax relief to small businesses.
Governor Scott Walker says small business growth is the key to job growth and Wisconsin’s recovery from the economic downturn. James Buchen with Wisconsin Manufacturers and Commerce agrees. “It’s a very good first step in trying to address the problem of Wisconsin’s tax burden being an impediment to business growth in our state and he’s aimed it logical at small business where the bulk of the jobs are created. So hopefully this will be a good signal to the business community that Wisconsin is open for business.”
The legislation would allow a business with gross receipts of $250,000 or less to claim a tax credit of 15 percent of its total tax liability. The credit fades gradually until a business reaches gross receipts of $500,000. Walker has promised to help create 250,000 jobs in his first term. Buchen believes this legislation will help reach that goal. He says it’s sort of a “down payment on a more aggressive agenda on taxes that is yet to come.”
About 98 percent of all small businesses will be eligible for tax relief under the Governor’s proposal.