Eliminate Tax on Business Equipment, Higher Property Taxes?
Wednesday, March 25th, 2015 -- 10:43 AM
(AP) -Opponents of a Republican proposal to eliminate the tax on business equipment say Wisconsin homeowners would see their property taxes increase to make up for the lost tax revenue.Proponents say the bill would spur business growth and help create jobs. The bill's co-sponsor, Rep. Robert Kulp, says the equipment tax is a burden on some businesses which need to keep an extra set of books to track taxable property.
An analysis from the bipartisan Legislative Fiscal Bureau shows taxes on an average home would increase 2.7 percent, or $80 dollars annually to make up for the lost revenue while keeping the current level of services. Overall, Wisconsin homeowners would see property taxes increase by $270 million a year.
The State Journal says real estate agents and local government officials say the shift in the tax burden is unacceptable.
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