Walker releases small business tax cut plan

MADISON, Wis. (AP) — Gov. Scott Walker’s tax cut plan that he originally intended to target to businesses with fewer than 50 workers will now cover those with gross receipts of less than $500,000 a year.

Walker said it was impossible to target the tax cut to companies based on number of employees. The plan he released Wednesday is an income and franchise tax credit that begins at 15 percent of total liability and gradually decreases the more a company makes up to $500,000.

Walker said the tax savings will provide relief to thousands of business owners, freeing them to expand and create jobs.

The credit would apply to income earned this year.

Walker wants the Republican-controlled Legislature to pass this bill and others by March.