Legislative Proposal Would Grant Some New Businesses a 20-year Tax Exemption
April 16, 2015
A legislative proposal is in the works that would grant a 20-year state income tax exemption to some businesses that move their headquarters to Wisconsin.
Republican Rep. Jesse Kremer, of Kewaskum, says his proposal creates a tax “holiday” by granting income or franchise tax exemptions to corporations that relocate their headquarters in Wisconsin, and grants individual income tax credits to owners of business partnerships and limited liability corporations.
Only businesses that do not sell products that compete with other businesses that are already based in Wisconsin would be eligible for the tax breaks, according to the proposal.
Business and manufacturing interests contributed nearly $3,100 between Jan. 1 and Oct. 20, 2014, to Kremer, who was elected in 2014, which was about 25 percent of the $12,495 in contributions he accepted from all special interests during that time.
Kremer’s top individual business and manufacturing contributors were Timothy Schmidt, of Jackson, president of Delta Defense, and his wife, Tonnie, $1,000; Barbara and Rodney Hendricks, of Cedarburg, who are employees of Kohl’s and Costco, respectively, $937; and Terry Kohler, of Sheboygan, president of Windway Capital, $500.