Contact: Bill G. Smith at (608) 255-6083
Jack Mozloom at (609) 989-8777
15 percent tax credit will boost small business job creation
MADISON (January 5, 2011) – The National Federation of Independent Business (NFIB) today said that a proposed tax credit for small businesses announced by Governor Scott Walker this afternoon will invigorate the state’s struggling economy and put people back to work.
“Two thirds of all new jobs in Wisconsin are created by small businesses and a large majority of our members will benefit directly from this proposal,” said NFIB/Wisconsin Director Bill G. Smith. “There’s no question that it will promote small business investment, expansion and job creation.”
Under the Governor’s proposal, unveiled today as part of a special session of the Legislature focusing exclusively on the economy and jobs, small businesses with annual gross receipts of $250,000 or less will qualify for a tax credit of up to 15%. Firms with gross receipts between 250,000 and 500,000 will also receive some tax relief.
“Small businesses will use that money to hire new workers or invest in ways that will generate business-to-business sales,” said Smith. “It also makes Wisconsin more competitive generally as a place in which to do business. We’re going to keep more of our small businesses and we’re going to attract more new investors.”
The tax-credit proposal is a promising start to the Governor’s administration and the new Legislature, according to Smith.
“Beyond the quantitative effect of the tax credit, policies like this send out a very positive message to the business community that Wisconsin is serious about creating economic growth and that it appreciates the importance of small business,” said Smith.
For more information on NFIB, please visit http://www.nfib.com/Wisconsin.