Friday, February 27, 2015


"Welcome to Wisconsin"


Last week, I circulated a bill that aims to bring new businesses to the state. I call my plan "Welcome to Wisconsin." The bill provides a 20 year tax holiday for eligible corporations to receive an income or franchise tax exemption, and grants owners of “pass-through” businesses (partnerships, LLCs and S-corporations) non-refundable, individual income tax credits equal to 7.65 percent of income from profits on sales of non-competing products. Eligible businesses must not produce products that directly compete with those of a current Wisconsin-based company.

Additionally, income tax revenues collected from employees of a eligible businesses will be used to decrease individual income tax rates proportionally the following year. After the 20 year sunset, the Department of Revenue will use the corporate and franchise tax revenues collected from corporations that took the exemption and decrease corporate tax rates across the state.  

Along with right to work and the Manufacturing and Agriculture credit, I believe that this bill is one more tool that will allow us to remain at the table with a business considering relocation to the Midwest. The benefits for Wisconsin taxpayers will include more family supporting jobs, a wider spectrum of job opportunities and individual income tax reductions based on the income taxes collected from the new corporate entities.

“Welcome to Wisconsin” will be administered by the Forward Wisconsin Development Authority board. Board members will ensure that businesses looking to take advantage of the program do not produce a product that currently competes with that of a current Wisconsin company.

 


Your Feedback is Important!


As always, I hope this information is helpful to you. Please know that I welcome your feedback, questions and concerns. To contact me, you can call my office toll-free at (888) 534-0059, or email me at Rep.Kremer@legis.wisconsin.gov.

I look forward to hearing from you!

Sincerely,

 

 
     

As always, if you have any comments or thoughts regarding the content of this
E-Update, please feel free to contact me.

If you would like to be removed from my e-update mailing list, email me and ask to unsubscribe.

State Capitol,
Room 17 West - P.O. Box 8952, Madison, WI 53708
(608) 266-9175
Email:Rep.Kremer@legis.wisconsin.gov