The two-month budget stalemate is over, as the Senate passed a $76 billion budget in a 19-14 vote.
The resulting proposal includes a variety of proposals that will impact small business owners. The budget currently awaits Gov. Scott Walker’s signature.
The Milwaukee Journal Sentinel outlined the agreement, which includes:
- Eliminating Gov. Walker’s proposals for a $203 million state income tax cut proposal a $22 million sales tax holiday, and a $20 million increase to the earned income tax credit program
- Cutting local property taxes on business machinery, not including manufacturers
- Nixing the alternative minimum tax
- Blocking a special tax district in Milwaukee from putting assessments on residential properties
- Approving a new method for regulating room rental websites, such as Airbnb, in which local governments can’t prohibit these rentals if they are at least a week long but fewer than 29 days and the websites would need to register with the state and collect sales and room taxes
