Wisconsin Legislative Deal Includes Personal Property Tax Repeal

In a significant development, a recently announced legislative deal in Wisconsin includes the repeal of the personal property tax. This move marks a major milestone in the tax industry, with the goal to provide relief to businesses and individuals who have been burdened by this tax. Wisconsin Governor Tony Evers signed Assembly Bill 245 (AB 245) on June 20, 2023. The repeal of personal property tax will go into effect January 1, 2024; the 2024 Statements of Personal Property, typically filed by March 1, will not be required, and the state will not issue 2024 tangible personal property assessments.

Personal property tax, which applies to tangible assets owned by businesses and individuals, has long been debated because of its perceived complexity and administrative burden. Removing this tax is expected to streamline the tax system, reduce compliance costs, and encourage business growth.

As a result of eliminating personal property tax, Wisconsin hopes to enhance its business-friendly environment, attract new businesses, stimulate economic activity, and create jobs. Business owners and individuals will likely benefit from this decision, as it simplifies tax obligations and allows for financial savings.

Overall, the repeal of the personal property tax in Wisconsin reflects a commitment to fostering a favorable business climate and reducing the tax burden on individuals. It is a significant step toward tax reform and aligning the state’s tax policies with the evolving needs of its residents and businesses.

The local experts at Ryan will continue to monitor this legislation and the impact it will have on property owners. Reach out to one of our experts if you have any questions.