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Home / Government / Wis. Assembly adopts business tax credit plan (9:10 p.m. 2/25/10)

Wis. Assembly adopts business tax credit plan (9:10 p.m. 2/25/10)

MADISON, Wis. (AP) — The state Assembly has passed a bill that would offer new tax credits for businness.

The measure creates a state supplement to the federal New Markets Tax Credit Program, which provides credits to businesses in low-income areas. The bill caps the annual total credit amount at $10 million.

The provisions will apply to taxable years beginning Jan. 1, 2011.

The Assembly also passed a bill that would allow people who make more than $100,000 a year to convert their individual retirement accounts to Roth IRAs and permanently allow those who served in the Wisconsin National Guard and military reserves to make IRA withdrawals without penalty if they’re called to active duty for at least 179 days.

The tax credits go next to the state Senate. That chamber approved the IRA changes earlier this month. That bill now goes to the governor.

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