Effective in the 2024 tax year, businesses will no longer pay their local municipalities personal property taxes (PPT) on equipment, fixtures and furnishings. Included in the massive Local Shared Revenue Bill recently brokered between Senate Majority Leader Devin LeMahieu, Assembly Speaker Robin Vos and Governor Tony Evers, the PPT was officially repealed when the Governor signed the bill on June 20, 2023.
The WRA has advocated for PPT relief/repeal for 20-plus years and played a major role in the past decade to get the law repealed. Many WRA members have testified at legislative committee hearings and made office visits with their legislators, telling their story on how onerous the PPT is and how negatively it effected their business. We thank all of our members who helped get the message across and contributed to this repeal.
The repeal will save Wisconsin businesses over 200 million dollars in 2024. The WRA joined forces with over 50 other business organizations to get the repeal completed.
Keep in mind, Wisconsin businesses will still have to pay their 2023 PPT bill in early 2024, since the “backfill” to make municipalities whole does not take effect until the 2024 tax year.
Questions? Contact us.