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Wisconsin legislature advances logging equipment tax relief bill
April 13, 2010
Wisconsin legislature advances logging equipment tax relief bill
MADISON, WI, April 13, 2010 (Press Release) - Representative Donald Friske on Tuesday passed a major component of his Rural Job Creation Agenda announced last November at Ponsse North American headquarters in Rhinelander. Assembly Bill (AB) 749 provides a tax credit for logging businesses that purchase heavy equipment used to harvest woody biomass.
"Wisconsin's logging equipment is aging and the industry is changing," Friske said. "Loggers need to include biomass harvesting as part of their business plan and the State should encourage loggers to upgrade equipment, create new jobs and fuel both our homes and our economy sustainably with wood."
Friske gathered with other legislators, job creators and economic development experts in Rhinelander last November to release their rural job creation plan for 2010. The legislators focused on tax relief, transportation infrastructure and renewable energy to begin creating new jobs around Wisconsin.
"My bill creates a tax credit to recover 10% of the cost of modern biomass harvesting equipment," Friske said. "AB 749 caps the benefit to a maximum of $100,000 and requires at least half of all funding be reserved for small logging businesses because those operations need the assistance more than larger businesses."
The tax credit is scheduled to only be available from January 1, 2010 through December 31, 2015. The bill passed the Assembly 97-1 and now heads to the Senate for consideration.
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