Waupaca, WI
Current Conditions
0:35 AM CDT
Cloudy
Temperature
66°F
Dew Point
53°F
Humidity
64%
Wind
ESE at 10 mph
Barometer
0.00 in. F
Visibility
10.00 mi.
Sunrise
06:54 a.m.
Sunset
06:38 p.m.
Afternoon Forecast (12:00pm-7:00pm)
Temperatures will range from 63 to 68 degrees with mostly cloudy skies. Winds will remain steady around 13 miles per hour from the southeast. No precipitation is expected.
7-Day Forecast
Wednesday
68°F / 56°F
Mostly Cloudy
Thursday
70°F / 51°F
Mostly Cloudy
Friday
55°F / 33°F
Scattered Showers
Saturday
43°F / 33°F
Partly Cloudy
Sunday
54°F / 35°F
Partly Cloudy
Monday
57°F / 35°F
Light Rain
Tuesday
57°F / 34°F
Sunny
Detailed Short Term Forecast
Issued at 0:35 AM CDT
Wednesday...Temperatures will range from a high of 68 to a low of 56 degrees with mostly cloudy skies. Winds will range between 1 and 15 miles per hour from the southeast. Less than 1 tenth inch of rain is possible.
This Evening ...Temperatures will range from 63 to 57 degrees with mostly cloudy skies. Winds will range between 5 and 13 miles per hour from the southeast. No precipitation is expected.
Overnight ...Temperatures will range from 58 to 56 degrees with mostly cloudy skies. Winds will range between 1 and 6 miles per hour from the southeast.
Thursday...Temperatures will range from a high of 70 to a low of 51 degrees with mostly cloudy skies. Winds will range between 1 and 17 miles per hour from the east. 0.65 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.

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