Memo: Tax credit cost state $262.1 million last fiscal year
MADISON, Wis. — A new memo from the Legislature’s fiscal analysts shows tax breaks targeted at manufacturers and farmers cost the state more than $260 million in revenue during the last fiscal year.
Assembly Minority Leader Gordon Hintz released the Legislative Fiscal Bureau’s memo to the media on Tuesday. The bureau found the manufacturing and agriculture tax credit cost the state $262.1 million in the year that ended June 30. The credit is expected to cost the state $275.5 million in fiscal year 2017-18 and $294.8 million in 2018-19.
The analysis shows 10,379 people claimed the credit in 2017, including 15 who make at least $30 million. Their average credit was $1.8 million.
Democrats have long criticized the tax credit as being too expensive at a time when budgets for schools, roads and higher education are strapped.
But its supporters say the tax credit helps attract companies to locate and expand in Wisconsin.
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