Are you a business owner? Have you ever considered relocating your company for tax purposes? Well, you will be interested to know that the Wisconsin State Senate just passed a law that would allow businesses that relocate to the state to receive a tax break. The tax break was approved earlier this year, in January.
So, what does this mean for business owners? Well, what would happen is your company would get a good deal on your tax burden! Basically, the tax break being offered would allow companies to forego state corporate as well as personal income taxes. This would apply to any company that relocates to the state of Wisconsin from any other state for the next two years. The catch is that this tax break only applies to businesses that have not been in the state for the past two years.
Of course, Democrats and Republicans don’t see eye-to-eye on this tax break for relocating businesses. The Democrats claim that the bill, even though it was passed, is quite insignificant and will end up costing about $1 million in the next couple of years. Republicans believe that the tax break is a much bigger deal and could lead to repairing the state’s badly damaged economy and broken budget.
Regardless of whether the tax break will do anything for Wisconsin’s economy or budget, it may do a world of good for your business. If you are in a position to relocate and Wisconsin is appealing to you – why not take a careful look at this tax break and how you could benefit. If the savings are worth it, why not consider moving your company?
Lance Grooms
