Federal Tax Relief and Tax Code Reform Coming Next Year
The most significant rewrite of the federal income tax code since 1986 is pending final approval by President Trump.
Starting next year, individuals, pass-through businesses and c-corporations will be impacted by the Tax Cuts and Jobs Act (TCJA). The non-partisan Tax Foundation has prepared a narrative summary of the TCJA as approved by Congress that is worth your time to review.
Formal tax guidance from the Internal Revenue Service will be forthcoming after the TCJA is signed into law.
Find New Customers on Wisconsin’s Supply Chain Marketplace
In 2015, New North – an economic development organization in northeastern Wisconsin – created an online platform for local employers to find new customers. Thanks to additional funding from the Wisconsin Economic Development Corporation (WEDC), the Supply Chain Marketplace is now available statewide.
The Supply Chain Marketplace allows companies to find new customers and reach new markets by highlighting their capabilities and by making connections. The online tool is free of charge, and all Wisconsin businesses are eligible to create a profile at www.wisupplychainmarketplace.com.
Once a company creates a profile, it will be added to the appropriate directories by clicking a box. Participating companies should provide a complete picture of their capabilities to ensure receipt of the appropriate opportunities. Company listings may be searched via keywords, certifications, ownership, industry-specific categories, and more. Nearly 30 industry categories currently exist within the Supply Chain Marketplace, and more will be added, as needed. So far, more than 430 companies have created profiles.
We encourage members to consider posting their company profile on the Supply Chain Marketplace.
Legislative Leaders Create School Funding Commission
Assembly Speaker Robin Vos (R-Rochester) and Senate Majority Leader Scott Fitzgerald (R-Juneau) have created a Blue Ribbon Commission on School Funding. The Commission has been directed to examine how state tax dollars are distributed to schools and make recommendations to better meet the needs of students across Wisconsin.
By way of background, state aid to local school districts is the largest annual expenditure of state taxpayer funds. In the current fiscal year, the State of Wisconsin is projected to collection $16.1 billion in taxes. Of that amount, $6.67 billion will be redistributed back to local school districts.
The sixteen-member panel is comprised of Republican and Democrat legislators as well as experts in the field of education. The Commission’s work will be guided by State Representative Joel Kitchens (R-Sturgeon Bay) and State Senator Luther Olsen (R-Ripon).
Beginning in January, the Commission will travel around the state conducting public hearings to learn more about school funding issues in Wisconsin. The Commission’s recommendations will be presented to legislative leaders before the end of next year.
We will be closely monitoring the activities and recommendations of the Commission.