Republicans on the Joint Committee on Finance included a provision in the state budget to eliminate the local personal property tax. State Representative Dan Knodl (R-Germantown) had introduced legislation this year to provide tax relief to main street businesses with the repeal of this onerous local tax. The Committee included his bill in the state budget.
Under current law, taverns and restaurants must pay local municipalities a tax on personal property like ovens, coolers and other tangible personal property. The Committee voted to repeal the personal property tax and reimburse local governments for the loss of income with $202 million for the 2021-23 budget cycle. This is a tremendous victory for small main street business in Wisconsin and will greatly help the beleaguered hospitality industry trying to recalibrate after the pandemic.
The repeal of the personal property tax will result in a $202 tax cut for Wisconsin’s Main Street Business. Please contact your legislator and Governor Evers to support the repeal of the personal property tax.