Today, Representative John Macco (R-Ledgeview) introduced Tax Fairness Reform Act. He released the following statement:
“This is the type of bill I was elected to work on,” said Rep. Macco. “The many components of this bill will create a more fair Wisconsin tax code and allow small business to comply with burdensome tax structure that exists in Wisconsin.”
Tax Fairness Reform Act seeks to simplify and streamline several areas of Wisconsin’s tax code and reduce onerous burdens on businesses. The provisions in the bill will:
- Clarify the definition of “business expense” for depreciation when claiming the Manufacturing and Agriculture Credit.
- Apply the 10% lump sum treatment in current law to all construction contracts.
- Standardize the state economic substance statute to match the federal statute.
- Empower Wisconsin based auditors in place of third party auditors at the Department of Revenue (DOR).
- Require DOR to apply the same rules to businesses that conduct business outside of Wisconsin as the rules for businesses that only conduct business in Wisconsin.
- Strengthen certain double jeopardy protections for taxpayers subject to audits.
- Clarify penalties to businesses that do not comply with document subpoenas.
“This bill has been a long time in the making. We’ve worked with legislators, small businesses and stakeholders to write a bill that makes a more fair tax environment in Wisconsin,” continued Rep. Macco. “I look forward to the Legislature taking swift action on this legislation.