Gov. Scott Walker revealed his 2017-2019 budget plan last month, and it included several measures that would benefit the Wisconsin business community.
One component would be increasing the cap on investments that businesses can receive in order to earn a tax credit. Currently, companies can receive no more than $8 million in investments in order to be eligible for the state investor tax credits. If passed, Walker’s budget bill would increase the cap to $12 million, which would help boost job creation.
WisBusiness.com quoted Wisconsin Technology Council President Tom Still, who noted, “The $8 million cap has been in place for about a decade. Meanwhile, the venture capital needs of emerging companies have increased, especially for those companies engaged in capital-intensive industries. This proposal updates a key provision of Wisconsin’s Act 255 investor credit law, which has been a highly effective, nationally copied tool.”
Additionally, the proposed budget includes reducing the state’s two lowest individual income tax brackets by 0.1 percent each, which benefits small businesses who file their taxes as pass-through entities and pay the individual rate.
