Madison, Wis. – March 30, 2015 – (RealEstateRama) — Representative David Craig (R-Town of Vernon) co-authored legislation regarding elimination of the personal property tax. The personal property tax is a tax on certain personal property owned by businesses. Over the years the legislature has exempted: individuals, farmers, computing equipment, and certain manufacturing equipment from the tax because of its onerous nature. The cost of complying with this tax to businesses can exceed the revenues it brings in. The reporting measures required by this tax are a tedious hindrance to business that they must comply with year after year.
Representative Craig issued the following statement:
“The personal property tax disproportionately affects small businesses which are the economic engine that drives the state’s economy. Instead of small businesses reinvesting the money paid into growth, they must pay this double tax with its costly and burdensome compliance demands. Additionally, repeal of this tax is a vital part of continuing our efforts to make Wisconsin an attractive place to do business. Among our neighbors, only Michigan still has a personal property tax and theirs is currently being phased out. This legislation is a vital step to grow the Wisconsin economy. I am proud to be one of the co-authors of this legislation and work towards its advancement in the legislature.”
The bill is currently being circulated for co-sponsorship.
Rep. Craig represents the 83rd Assembly District which is comprised of portions of Waukesha, Walworth, Racine and Milwaukee Counties.