On Tuesday, February 23rd Steve Baas, the Senior Vice President of Government Affairs of the MMAC joined CARW to discuss the proposed state budget. Steve provided great insight on the proposed state budget, which is a $41 billion dollar biennial budget (general purpose revenue from state and local taxes). The budget currently shows that the Governor has $3.8 million dollars of new money coming in of which $3.2M goes to new spending and $600M goes to tax cuts and $1.6M of tax increases. Eighty percent of the spending in the budget comes from: DPI/school aids, medical assistance, corrections, UW, property tax credits, shared revenue, and tech colleges.
Steve provided what he called “the good, the bad and the ugly of the budget” and the MMAC’s take on how it will affect economic growth within our state. You can view a recording of the meeting to hear all of the details. While there are a number initiatives like broadband expansion and increase in education funding which hopefully creates a strong talent base for our businesses, there are a number of items like reducing the manufacturing and agricultural tax credits that the MMAC feels will negatively impact businesses in Wisconsin.
Check out the full presentation HERE.
View Powerpoint slides HERE