KNUDSON VOTES FOR LOCAL BUSINESS
Bills will reduce regulation and promote growth.
STATE CAPITOL-State Representative Dean Knudson (R-Hudson) voted in favor of the Community Development Financial Institution (CDFI) tax credit during Tuesday’s assembly session. The CDFI and two related bills remove restrictive regulations on small businesses to allow investors to inject capital into local communities and grow local business.
“Today’s bipartisan effort shows that the message has finally hit home for everyone,” Knudson said. “Job creation and a stronger Wisconsin economy is how we must move forward together.”
Investors will qualify for a tax credit by putting a minimum of $10,000 into one of twenty-one CDFI’s across the State. The investment will remain under the CDFI’s control for a minimum of five years. The level of the tax credit granted to investors is determined by the amount of money committed to the CDFI.
The Assembly also passed bills Tuesday to reform the Small Business Regulatory Review Board (AB 70) and to improve the efficiency of the DNR permitting process (AB 177).