Signed by Governor Scott Walker

Vote Smart's Synopsis:

Vote to pass a bill that establishes a tax credit for businesses, effective January 1, 2011.

Highlights:

• Establishes a 15 percent tax credit for businesses with no more than $250,000 in gross receipts (Sec. 2).

• Establishes a tax credit equal to 15 percent for businesses with more than $250,000 but less than $500,000 in gross receipts, minus the total of the gross receipts that exceed $250,000 multiplied by 0.00006 percent (Sec. 2).

• Prohibits businesses with more than $500,000 in gross receipts from claiming the tax credit (Sec. 2).

• Prohibits partnerships, limited liability companies, and tax-option corporations from claiming the credit (Sec. 2).

• Defines "gross receipts" as items included in gross income including, but not limited to, the following (Sec. 2):
• Gross sales;
• Gross dividends;
• Gross interest income; and
• Gross rents.

Vote Smart's Synopsis:

Vote to pass a bill that establishes a tax credit for businesses, effective January 1, 2011.

Highlights:

• Establishes a 15 percent tax credit for businesses with no more than $250,000 in gross receipts (Sec. 2).

• Establishes a tax credit equal to 15 percent for businesses with more than $250,000 but less than $500,000 in gross receipts, minus the total of the gross receipts that exceed $250,000 multiplied by 0.00006 percent (Sec. 2).

• Prohibits businesses with more than $500,000 in gross receipts from claiming the tax credit (Sec. 2).

• Prohibits partnerships, limited liability companies, and tax-option corporations from claiming the credit (Sec. 2).

• Defines "gross receipts" as items included in gross income including, but not limited to, the following (Sec. 2):
• Gross sales;
• Gross dividends;
• Gross interest income; and
• Gross rents.

Full Bill Text