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Friday, November 22, 2024
Legislature passes tax credits

Tax Credit

Legislature passes tax credits

Both the state Senate and state Assembly passed tax bills Tuesday in the new administration's continuing effort to make Wisconsin more business-friendly.

 

The bill, which gives businesses a two-year tax break if they relocate to Wisconsin, was first passed by the Senate with a 24-8 vote. All Republican senators voted to pass the bill, with five Democrats joining them. All eight senators who voted against the bill were Democrats.

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State Sen. Van Wanggaard, R-Racine, said he sees no negatives in the bill.

 

""If no businesses relocate as a result of this, it's not going to be a cost to us,"" Wanggaard said. ""There is no expense unless they actually do relocate here to the state of Wisconsin.""

 

Minority Leader State Sen. Mark Miller, D-Monona, criticized the bill, saying policy needs to target businesses already in the state.

 

Senators then passed legislation adding $25 million to the Commerce Department's economic development tax credit program on a 25-8 vote. All senators voted the same as the previous bill, with Sen. Chris Larson, D-Milwaukee, joining the vote.

 

Miller proposed an amendment to transfer the money to a program he said would create more jobs today rather than far off in the future. However, the Senate rejected the amendment and passed the original bill.

 

The Assembly passed a tax deduction of $4,000 for each job created by small businesses on a 60-33 vote later in the day.

 

Rep. Mark Pocan, D-Madison, said he does not believe the bill will do enough good to cover its $67 million cost to taxpayers.

 

""We're going to get very little to satisfy the economy with this bill,"" Pocan said.

 

Rep. Robin Vos, R-Burlington, responded to Pocan's criticisms by blaming Democrats for the current unemployment problems.

 

""None of these bills are going to correct all of the ills that the Democrats have foisted upon Wisconsin,"" Vos said. ""This is a small, simple way to say the state of Wisconsin is here to help.""

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