"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.
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.
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.
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.
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
I look forward to hearing from you!