Shared Revenue law gives more money back to municipalities and taxpayers: local leaders hold Revenue Roundtable

STEVENS POINT, Wis. (WAOW) — The new Revenue Sharing law put into place this year means more of the money you spend in your community, will stay in your community.

Local leaders dove into the importance of the new law at a Revenue Roundtable at the Portage County Annex Friday.

A key element of the Revenue Sharing law is getting a portion of tax revenue back to municipalities across Wisconsin.

"Every nickel the state collects in sales tax, a penny of that, 20% of all sales tax collection, is going to go back to local municipalities and counties," said Wisconsin State Representative Katrina Shankland (D).More money for municipalities means more money going to things you go to or use everyday like roads, schools, and local businesses.

There will also be more incentive for property taxes to stay lower to that, coupled with a portion of tax revenue going back to you means more money for your needs and your wants.

"I may have some more cash available to buy a new car, do a home improvement, go out to eat once a week or something along those lines," said Stevens Point Mayor Mike Wiza. "[That] generates sales tax, which increases the amount of money that the state will give us back, therefore again keeping that tax rate for property taxes a little more stable."

Local businesses benefit too with people having more spending money.

"We need a strong middle class that can support our small businesses and I will say when government is helping save taxpayer money, that will put more money in people's pockets and that will help our small businesses grow too," said Shankland.

Shankland went on to call the roundtable a great step forward and was happy to get so many local leaders together to talk.

Projections for how much tax money is coming back to you and your municipalities will be updated and will hopefully mean less taxes for you in the future.