MADISON (May 24, 2017) The National Federation of Independent Business (NFIB) testified at a hearing before the Senate Committee on Revenue, Financial Institutions and Rural Issues regarding the elimination of the personal property tax in Wisconsin.
“The personal property tax in many ways is a small business tax,” according to Bill G. Smith, NFIB Wisconsin State Director. “It is a grab bag of exemptions and definitions that violates the basic principles of tax fairness, simple, cost effective administration, and low enforcement costs.”
Thirty-nine states have some form of taxation of personal property. However, a dozen states have eliminated the personal property tax or tax very little personal property. In order to be competitive with surrounding states, promote economic development, and encourage small business creation and growth, Smith testified in favor of eliminating the personal property tax.
“NFIB has made the elimination of the personal property tax a top priority for tax reform. According to NFIB member survey studies, 82 percent of the respondents encourage us to fight for it’s elimination, even if the lost revenue will need to be replaced by another form of taxation,” continued Smith, “we encourage lawmakers to take the step toward tax fairness, and support this key small business legislation.”