No More Tax Breaks for Moving Jobs Out of Wisconsin?

In 2017, the last yacht produced by the Palmer Johnson Yacht Company floated out of its Sturgeon Bay shipyards before the company moved its operations to Europe. If the loss of at least 100 jobs wasn’t enough of a blow to Wisconsin, there was also this: Because of a wrinkle in state law, the company was able to lower its state tax bill by deducting its moving expenses. Now, a group of Democratic and Republican lawmakers have introduced legislation to prevent that from ever happening again.

Assembly Bill 10, which received a hearing on Wednesday, March 6, before the Assembly Committee on Federalism and Interstate Relations, would eliminate tax breaks for a series of moving-related expenses for companies that leave Wisconsin or the country. It comes as the latest attempt by lawmakers to adjust Wisconsin’s business incentives in response to a series of scandals at the state’s economic development agency and questions about the enormous amount of money being offered Foxconn Technology Group in return for its plans to build a massive factory in Mount Pleasant....

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Ken Notes: I am far more worried about the loss of jobs...



- - Volume: 7 - WEEK: 11 Date: 3/14/2019 7:18:33 AM -