Explain It To Me: Senate Universities and Revenue Committee Passes Personal Property Tax Elimination Bill

May 12, 2023 | Wisconsin Voices Blog

Patrick Hughes

From IRG Policy Analyst Patrick Hughes

What happened? This week the Senate Universities and Revenue Committee approved Senate Bill 2, which eliminates the personal property tax in a 7-2 bipartisan vote.

Why is it important? The bill eliminates the personal property tax, a tax levied against certain business property including office furniture, some machinery and tools and other non-exempt items. Compliance with this tax is time consuming and costly for businesses. The Department of Revenue estimates that elimination will result in approximately $412 million in tax relief. Repeal has been a major goal for tax reform advocates for many years.

What’s next? Although repealing the personal property tax has had bipartisan support – it has not made it to the finish line yet. Look for the debate to continue as budget deliberations get under way.