The National Federation of Independent Business: Small business fights for personal property tax elimination

Contact: Toni Angelini
732-642-0815
toni.angelini@nfib.org

Madison, Wisconsin – The National Federation of Independent Business (NFIB) testified at a hearing before the Senate Committee on Revenue, Financial Institutions and Rural Issues regarding the elimination of the personal property tax in Wisconsin.

“The personal property tax in many ways is a small business tax,” according to Bill G. Smith, NFIB Wisconsin State Director. “It is a grab bag of exemptions and definitions that violates the basic principles of tax fairness, simple, cost effective administration, and low enforcement costs.”

Thirty-nine states have some form of taxation of personal property. However, a dozen states have eliminated the personal property tax or tax very little personal property. In order to be competitive with surrounding states, promote economic development, and encourage small business creation and growth, Smith testified in favor of eliminating the personal property tax.

“NFIB has made the elimination of the personal property tax a top priority for tax reform. According to NFIB member survey studies, 82 percent of the respondents encourage us to fight for it’s elimination, even if the lost revenue will need to be replaced by another form of taxation,” continued Smith. “We encourage lawmakers to take the step toward tax fairness, and support this key small business legislation.”

About NFIB: NFIB is the nation’s leading small business association, with offices in Washington, D.C. and all 50 state capitals. Founded in 1943 as a nonprofit, nonpartisan organization, NFIB gives small and independent business owners a voice in shaping the public policy issues that affect their business. NFIB’s powerful network of grassroots activists sends their views directly to state and federal lawmakers through our unique member-only ballot, thus playing a critical role in supporting America’s free enterprise system. NFIB’s mission is to promote and protect the right of our members to own, operate and grow their businesses. More information is available online at www.NFIB.com/newsroom.