Wisconsin Repeals Personal Property Tax

On Tuesday, June 20, Wisconsin Governor Tony Evers signed into law legislation repealing the personal property tax. The tax has been in effect since before Wisconsin became a state and has long been criticized for its complexity and burden on businesses.

With this repeal, Wisconsin aims to create a more business-friendly environment, simplify the tax obligations, and encourage business growth.

Repealing the personal property tax helps create a more business-friendly environment while alleviating the burden on individuals. This makes the state more attractive to new businesses, which can lead to new job creation and increased revenue. Existing businesses will also now have more resources to reinvest back into operations, equipment, facilities, research and development, and workforce training.

The repeal is a step towards fostering a more favorable business environment, attracting investments, and simplifying the taxation system. Removing this burden positions Wisconsin as an attractive destination for businesses and entrepreneurs, leading to job creation, economic growth, and increased prosperity.

The bill goes into effect January 1, 2024.