Wisconsin Assembly Bill AB627

Wisconsin 2023-2024 Regular Session

• Introduced: 11/8/23
• Refer: 11/8/23
• Report Pass: 1/18/24
• Refer: 1/18/24
• Refer: 2/6/24
• Report Pass: 2/8/24
• Refer: 2/8/24
• Engrossed: 2/13/24
• Refer: 2/19/24
• Enrolled: 3/15/24
• Chaptered: 3/21/24
• Passed: 3/21/24

Caption

Various changes to the business development tax credit. (FE)

Impact

If passed, AB627 would revise the criteria and stipulations around the business development tax credit, impacting how businesses qualify for such incentives. The changes are expected to simplify the application process and widen the pool of eligible entities, which could enhance participation in the program. Additionally, by providing broader and more advantageous tax credits, the bill aims to stimulate economic development across various industries within the state.

Summary

AB627 seeks to implement various changes to the business development tax credit designed to encourage economic growth within the state. This bill aims to make the tax credit more accessible to businesses, potentially resulting in increased investments and job creation. The proposed amendments to the existing tax structure highlight a commitment to fostering a more business-friendly environment, which is a significant point of focus for state legislation.

Sentiment

The general sentiment surrounding AB627 appears to be positive among proponents who view it as a proactive measure to bolster the state's economy. Supporters argue that the enhancements to the business development tax credit will attract new businesses and help existing ones thrive. However, there are concerns from some stakeholders about whether these incentives could lead to unintended consequences, such as reduced state revenue or inequities between larger corporations and small businesses in accessing these benefits.

Contention

Notable points of contention regarding AB627 include debates about fiscal responsibility and the equitable distribution of tax credits. Critics may raise questions about how the increased incentives could affect the state budget and whether it might prioritize corporate interests over essential public services. There are also discussions about the effectiveness of tax credits as a tool for economic development, with some arguing that more direct forms of support might be necessary to truly achieve statewide economic growth.