Explain It To Me: Rep. Knodl to re-introduce personal property tax elimination

Jan 13, 2023 | Wisconsin Voices Blog

What happened? Last session, Representative Knodl introduced Assembly Bill 191, which would have eliminated the antiquated personal property tax. The bill passed both houses on a bi-partisan basis, but unfortunately, it was vetoed by Governor Evers. This past Monday, Knodl sent the same bill around for co-sponsorship effectively reintroducing the bill.

Why is it important? The personal property tax is a complex, outdated, and burdensome tax on Wisconsin businesses. Even though collections have fallen in recent years, it still accounts for over $200 million in revenue. Because personal property taxes help fund local governments, the legislature set money aside in the 2021-2023 budget to backfill any lost revenues.

What’s next? The bill is currently being circulated for sponsors right now, and will be formally introduced within the next two weeks. From there, it will go through the normal legislative process of committee hearings and likely pass both chambers. This time around, the Governor has expressed a willingness to sign the bill.