The debate over the manufacturing and ag tax credit continued today, with WMC rushing to its defense as Dems continued to slam it as skewed toward the wealthy.
The dustup was prompted by a study from the Wisconsin Budget Project, which noted the tax credit will cut revenue by $284 million when it’s fully phased in next fiscal year. That’s more than double the $129 million the Legislative Fiscal Bureau had projected for FY 2017 when the tax credit passed in 2011.
The credit reduces the amount of income taxes businesses or individuals have to pay for any manufacturing and ag activity, though the report found about $5 of every $6 of the credits has gone to manufacturers.
The Wisconsin Budget Project said yesterday there’s “little evidence” the tax credit has boosted job growth — and that it’s largely gone to the wealthy. Read the full story here.