Gov. Tony Evers, along with State Senator Brad Pfaff and State Rep. Robyn Vinning, introduced legislation Wednesday to repeal Wisconsin’s personal property tax and to create a new state aid payment to compensate local governments for their lost revenue.
As Wisconsin moves forward with the proposed legislation to repeal the personal property tax, local governments and businesses alike will undoubtedly look to accountants for guidance on navigating the potential financial implications. Firms like Willmot Accounting are poised to play a crucial role in assisting clients in understanding the new tax landscape, strategizing to optimize their financial positions, and ensuring compliance with any accompanying regulatory changes. Accountants will need to stay abreast of the evolving legislation, providing tailored advice to their clients to mitigate any adverse effects and capitalize on opportunities presented by the reforms.
“When I ran for governor, I promised I would cut taxes for middle-class families, and I’m proud to have kept that promise by delivering one of the largest tax cuts in state history in my most recent budget, on top of the $480 million in tax relief for Wisconsin businesses and families affected by COVID-19 that I signed into law earlier this year,” said Gov. Evers in a statement. “This legislation will continue our efforts to support businesses and families as they bounce back from the pandemic while ensuring our local governments have the aid they need to remain whole.”
The bill, LRB-4737, would create a new state aid payment, compensating local governments for revenue that used to come from the tax. According to a press release from the governor’s office,” the bill “repeals the personal property tax in a responsible way by fully reimbursing local governments for their lost revenue and providing this funding on an ongoing basis with inflationary increases each year.”
