A new report blasts the state’s manufacturing and ag tax credit for going over cost estimates while doing “little to promote job creation.”
The report, from the Wisconsin Budget Project, found the tax credit will cut revenues 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. Read the full WisBusiness story here.