Rep. Rob Stafsholt (R – New Richmond) and his Assembly colleagues approved legislation that would close a tax loophole that benefits businesses moving out of Wisconsin.
“State funds should not be used to benefit businesses that choose to move across the state border,” said Representative Stafsholt. “Assembly Bill 10 is a practical and common sense approach which guarantees that our tax dollars are used on programs that help Wisconsin small businesses, and strengthen our overall business climate.”
The tax provision in question relates to moving expenses that businesses can deduct from their state income tax and franchise tax liabilities. Under current law, expenses such as van rentals, storage, wages, meals, fuel, and lodging can be deducted when moving within the state, and outside of the state. Assembly Bill 10 eliminates language that offers these benefits to businesses moving out of Wisconsin.
“Tax dollars should be spent wisely, and allowing businesses that move out of Wisconsin to receive tax benefits is ridiculous,” saidRepresentative Stafsholt. “I am happy to support this common sense bill and I will always try to protect Wisconsin citizens and small businesses. Legislation like this is a prime example of the good bipartisan work that can be done in Madison when both sides work together.”
The Assembly unanimously approved Assembly Bill 10. The bill now awaits action in the Wisconsin State Senate.