Businesses that create new jobs in Wisconsin will qualify for a tax deduction, under a bill signed into law by Governor Scott Walker on Friday. The Governor says the measure is just another incentive for businesses to hire more people.
The legislation offers a tax deduction of between $2,000 and $4,000 for each job created by a business. Smaller companies will qualify for the larger deduction, which is based on the number of employees they have.
Governor Walker disagrees with critics of the bill, who argued the deductions are not big enough to convince businesses to add new jobs. Businesses will only see between $92 and $316 in cash back from each hire. Walker says it will still have an impact when the benefits are combined with other measures included in his special session on job creation. The Governor says those will help encourage employers to relocate or expand in Wisconsin.
The Governor signed the bill Friday afternoon during a ceremony in Madison.