After a surprise finding of more funds than anticipated coming to Wisconsin, legislative efforts have been mounting towards passing a tax cut. Included in the Republican tax proposal is a full repeal of the personal property tax, a longstanding PIA priority.
The personal property tax is considered by many to be extremely outdated and uneven. Across more than 170 years that this tax has been in effect, there have been countless exemptions added, making compliance difficult and time-consuming. Businesses are forced to pay taxes on property they own, over and over again, disincentivizing small business owners from making investments in their business.
The Joint Committee on Finance met last week to take their final actions on the budget. In that meeting, they voted to set aside over $200 million to cover the cost of passing standalone legislation to complete the repeal. The Senate Committee on Economic and Workforce Development then met to have a hearing on and approve the standalone bill. The bill was voted out on a bipartisan basis.
The bill is now set for a vote by the full Senate and is positioned to be brought up alongside the budget next week.
PIA praises the bipartisan legislative efforts to get this done for small businesses across the state and will continue to advocate for swift passage. To view PIA’s full statement, click here.