MADISON, Wis. (AP) — Gov. Tony Evers has signed into law a bill that eliminates a tax benefit for companies that move out of Wisconsin.
The measure he signed Monday targets tax deductions businesses claim when they move. Under current law, a business may deduct from its income or tax liability all expenses paid to move from one location to another.
The new law that passed the Legislature with bipartisan support does not allow for businesses to deduct expenses if they move out of state. The state Department of Revenue does not anticipate the change will result in a significant change in taxes paid, likely less than $1 million a year.