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Thursday, January 27, 2011

 11:57 AM 

Senate passes job creation tax break bill

A bill to create a tax break for businesses that create jobs passed the Senate with bipartisan support, though Dems were dubious about how effective it will be.

The bill passed 25-8. The Assembly passed the bill last week.

Sen. Terry Moulton, R-Chippewa Falls, said the bill will give employers incentive to hire more people.

The bill would create a $4,000 tax deduction for each job created by businesses with less than $5 million in annual gross receipts, while those companies with gross receipts of more than $5 million would receive a $2,000 deduction for each job created. Dems said that deduction will have an actual value to employers of between $92 and $316, which Dem Sen. Bob Jauch called "very small and insignificant."

The bill will cost state coffers about $67 million over the biennium.

Jauch said Republicans passing tax breaks without disclosing where state government spending will be cut in the next budget, which has a gaping structural deficit of $3 billion. He said Gov. Scott Walker will introduce a budget "that's going to slash and burn education" and other essential social programs.

"This is the political version of don't ask, don't tell," Jauch, D-Poplar, said. "Don't ask me where the cuts are going to come, I'll tell you later."


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