Tax Climate
In the early 1970s, Wisconsin recognized that business taxes would have to be adjusted to a modest level to ensure the state's competitiveness and avoid stifling business development. As a consequence, beginning in 1971, a number of important business tax reductions were initiated, including the following:
- adoption of the more favorable Federal depreciation schedule;
- elimination of property taxes on machinery and equipment used in manufacturing; and
- introduction of a tax credit for fuel and electricity used in manufacturing.
Since the early 1970s, further business tax reductions have been made in every legislative session with significant benefits for all businesses operating in Wisconsin. In short, Wisconsin's business taxes are among the lowest in the US.