HCAPITOL UPDATE

At the time of writing, the Joint Committee on Finance is in the final weeks of crafting the biennial budget agency by agency. At the same time, legislators have been working through a major effort to amend how state funding is distributed and provide much sought after increases to local governments. That effort, authored by Senator Mary Felzkowski (R –Tomahawk) and Representative Tony Kurtz (R – Wonewoc) cleared both houses of the Legislature and was signed by Governor Evers in late June. This legislation faced an upward battle due to objections over how Milwaukee would be able to enact additional sales tax but was ultimately approved on a widely bipartisan basis. One of the important policy provisions included in that effort was a longtime priority of PIA: repealing the personal property tax.

Wisconsin Businesses Celebrate the End of the Personal Property Tax

After over 175 long years, Wisconsin’s personal property tax is finally coming to a (much overdue!) end. Having existed since before Wisconsin became a state, the personal property tax has required all businesses to repeatedly pay an annual tax on all of their furniture, fixtures, and equipment. Though items depreciate in value, the value never reaches zero, so businesses have been paying tax on furniture that is decades old. This has put Wisconsin businesses at a continual economic disadvantage compared to neighboring states where the tax no longer exists.

By eliminating this tax, Wisconsin joins the same economic playing field as our neighbors and encourages small business owners to invest in their business without fear of duplicative taxation. As a longstanding priority for PIA, we are proud to have continued the push for this relief for our members and businesses owners. Thank you to Senator Duey Stroebel (R – Saukville) and Senator Dan Knodl (R –Germantown) for their work in crafting the language of this priority issue and thank you to Senator Mary Felzkowski and Representative Tony Kurtz for their efforts in leading the final bill (AB 245) that secured its passage. This is an outstanding success for members and small business owners statewide!

Wisconsin Assembly Approves Requiring Financial Literacy Education

PIA has continued to advocate for the importance of financial literacy education for high school students and has been supporting Assembly

Bill 109/Senate Bill 115 authored by Representative Alex Dallman (R –Green Lake) and Senator Joan Ballweg (R – Markesan). This legislation would require one-half credit of financial literacy education for high school graduation that includes instruction on credit and debt, risk management and insurance, money management, saving and investing and more.

This effort is important in preparing young adults to be financially conscious and responsible citizens. Poor financial decision making can make an impact on someone’s insurance options, and the decision to not obtain insurance can cause irreparable damage to their financial future. It not only could be disastrous for them personally, but it can be for others on the roads as well.

Providing this instruction does not guarantee responsible behavior, but it does give students the basic tools that they need to make more empowered financial decisions moving into adulthood. We are pleased to report that the bill made it through the committee process in the Assembly and came to the floor for a vote where it passed 95-1. PIA will continue to advocate for passage by the Senate prior to the end of the session so that students receive that base-level financial education.

Continue to keep up with PIA’s advocacy efforts by reading updates here and on our PIAW blog at piaw.org.