Walker Budget Includes Tweaks to Ag Tax Credit
Wisconsin Ag Connection - 02/16/2017
Gov. Scott Walker's proposed state budget includes a provision that would eliminate an unintended overlap in the state's tax laws that allows some businesses to claim two credits on the same income. The Capitol Times reports that the overlap is between the state's manufacturing and agriculture tax credit and a credit for taxes paid to other states.
The governor's office says eliminating the clause is expected to increase revenues by $9.7 million in each of the next two years. It would affect about 640 filers, which is about six percent of the total number of claimants for the manufacturing and agriculture tax
credit for tax year 2017.
Supporters of the credit say it helps keep Wisconsin competitive with other states by spurring manufacturing job growth. But critics claim that the majority of the beneficiaries are filers who earn more than a million per year.