NFIB will continue working with lawmakers to make tax relief a reality
The Wisconsin State Legislature has reached an agreement with Governor Tony Evers on shared revenue legislation – which includes a repeal of the personal property tax. NFIB State Director Bill G. Smith, who testified in support of the repeal, said it was key to ensuring the Wisconsin economy remained competitive with neighboring states.
If signed into law, the repeal would provide upwards of $175 million in relief for small businesses. As reported by the Wisconsin Examiner:
“To be competitive with our surrounding states, to promote economic development, and most importantly, to encourage small business creation and growth, we believe the elimination of the personal property tax is a key reform that will have a positive impact on the bottom line of small businesses throughout our state,” Smith said. “The personal property tax created in colonial times is really a small business tax. And it’s involved into a, really, a grab bag of exemptions and definitions that violate the basic principles of tax fairness; simple, cost-effective administration and low, efficient enforcement costs. Importantly, the elimination of the personal property tax would impact all Main Street businesses, regardless of economic status, number of employees, amount of revenue or type of business.”
Time will only tell if the personal property tax relief will be signed into law. We’re continuing to work with lawmakers here in Madison to make tax relief a reality.
