Wautoma, WI
Current Conditions
0:56 AM CDT
Cloudy
Temperature
59°F
Dew Point
55°F
Humidity
86%
Wind
CM at 0 mph
Barometer
30.04 in. F
Visibility
10.00 mi.
Sunrise
06:06 a.m.
Sunset
07:46 p.m.
Afternoon Forecast (12:00pm-7:00pm)
Temperatures will range from 55 to 67 degrees with mostly cloudy skies. Winds will range between 8 and 17 miles per hour from the south. Rain amounts of less than a tenth of an inch are expected.
7-Day Forecast
Sunday
67°F / 52°F
Light Rain
Monday
70°F / 32°F
Partly Cloudy
Tuesday
54°F / 32°F
Partly Cloudy
Wednesday
49°F / 34°F
Light Rain
Thursday
61°F / 43°F
Light Rain
Friday
49°F / 29°F
Partly Cloudy
Saturday
46°F / 25°F
Sunny
Detailed Short Term Forecast
Issued at 0:56 AM CDT
Sunday...Temperatures will range from a high of 67 to a low of 52 degrees with cloudy skies. Winds will range between 1 and 17 miles per hour from the southsouthwest. 0.10 inches of rain are expected.
This Evening ...Temperatures will range from 65 to 56 degrees with cloudy skies. Winds will range between 5 and 10 miles per hour from the northeast. No precipitation is expected.
Overnight ...Temperatures will range from 55 to 52 degrees with cloudy skies. Winds will range between 1 and 6 miles per hour from the northeast. Rain amounts of less than a tenth of an inch are expected.
Monday...Temperatures will range from a high of 70 to a low of 32 degrees with partly cloudy skies. Winds will range between 1 and 19 miles per hour from the northwest. 0.27 inches of rain are expected.

New Wisconsin income tax credit kicks in for agriculture, manufacturing

Jan. 8, 2013 | 0 comments

With the start of 2013, Wisconsin's income tax law is giving a new credit to agricultural and manufacturing production. It is known as the Wisconsin Qualified Production Activities Credit.

Current Wisconsin law taxes agricultural and manufacturing net incomes at 7.9 percent. The new law will reduce that by 1.875 percentage point in 2013, 3.75 percent in 2014, 5.526 percent in 2015, and 7.5 percent in 2016, leaving the rate at .4 percent.

This incremental income tax credit was approved in the state's 2011 budget bill that was approved by the legislature and signed by Gov. Scott Walker on June 26, 2011.

It applies to the owners of productive agricultural and manufacturing entities, regardless of the type of ownership of the eligible business.

In agriculture, the tax credit belongs to the operators of agricultural land. This means that land renters, not the landlords, are eligible for the tax credit.

This credit is not available to construction firms, on the sale, rental, or leasing of land, food and beverages prepared at a retail establisment, or to utilities, engineering and architectural companies, or film producers.

It also does not apply to income that agricultural and manufacturing producers derive from investments, royalties, or other sources.

These are examples of the amount of income tax payments at the rate that applied through 2012 and what it will be in 2016 and thereafter: $9,875 and $500 on a taxable income of $125,000; $39,500 and $2,000 on a taxable income of $500,000; and $118,000 and $6,000 on a taxable income of $1.5 million.

According to the Wisconsin legislature's non-partisan fiscal bureau, income tax collections in Wisconsin would be reduced by $10.1 million in 2013 and escalating to $128.7 million annually in 2016 and beyond.

The legislation also allows the eligible entities to carry unused credits forward for up to 15 years.

Post a Comment

Limit of 2000 characters,  characters remaining

Preview

Discussion guidelines | Privacy policy | Terms of use

Please login to post a comment.

Page Tools

Search

Advertisement

Advertisement

Advertisement

Advertisement

Advertisement

Advertisement