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Tax cut for relocating businesses clears panel
By: Associated Press//January 18, 2011//
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MADISON, Wis. (AP) — Key pieces of Gov. Scott Walker‘s tax cutting agenda have passed the Legislature’s budget committee.
The panel on Tuesday approved one bill that would eliminate the state tax on Health Savings Accounts. It also approved eliminating corporate and franchise taxes for companies that relocate to Wisconsin.
The HSA tax cut is expected to cost $47 million over the next two years. The relocating business tax credit would cost only $1 million over that time.
That proposal was changed from what Walker originally wanted — to shorten from 10 years to two years the time that businesses could have last operated in Wisconsin to qualify. It was also broadened to allow for companies outside of the United States to qualify.
Both bills could be taken up by the Senate and Assembly Thursday.
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