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Chris Larson on Tax Reform

 

 


Don't allow pass-through companies option to reduce taxes

Legislative Summary:˙˙SB883: This bill allows pass-through entities to elect to be taxed at the entity level for purposes of the state's income and franchise taxes. Under current law, pass-through entities are generally not subject to the income or franchise tax at the entity level. Rather, any item of income, loss, or deduction flows through to their shareholders who are then subject to tax.

Analysis by The Capital Times:˙˙ This bill primarily deals with transportation issues and state highway funding. It also includes provisions that benefit certain companies, including partnerships and limited liability corporations, by effectively allowing them to reduce their tax burdens by choosing how they are taxed under state law.

Legislative Outcome:˙˙Passed Senate 18-15-0 on Dec/4/18; State Sen. Chris Larson voted NO; Passed Assembly 58-26-15 on Dec/4/18; Signed by Governor Scott Walker on Dec/14/18

Source: The Capital Times on Wisconsin voting record SB883 , Dec 4, 2018

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