Saturday, November 22nd, 2014

Walk-O-Meter

Suspend taxes for two years on businesses that relocate here


Will “work to make Wisconsin a highly attractive place to start a business by eliminating corporate taxes for the first two years of operation.“

Subjects: Jobs, Taxes

Updates

Bill signed on eve of Walker's first State of the State address

On Jan. 31, 2011, Scott Walker signed legislation that would provide a total personal income or corporate tax break for two years for businesses that relocate here, the Journal Sentinel reported.

The incentive would be retroactive to Jan. 1, 2011 and would lower state revenue by an estimated $1 million over two years. Firms receiving it cannot have done business in the state for at least two years before moving here.

The bill had bipartisan support. It passed the Senate 24-9 and the Assembly 82-12.

According to the Journal Sentinel, some Democrats raised concerns that the bill needed more accountability measures to ensure it wasn't unfairly used. For instance, some lawmakers raised concerns that businesses receiving the credit could use it to compete with established Wisconsin businesses that aren't eligible for the incentive.

But, based on the bill itself, it fulfills a campaign promise. We move it to Promise Kept.

Sources:

JSOnline.com, Walker signs bill that eliminates taxes for relocated businesses, Jan. 31, 2011

JSOnline.com, Tax cut for job creators advances, Jan. 25, 2011