Wisconsin Making Strides To Improve Small Business Environment

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Wisconsin Making Strides To Improve Small Business Environment

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Governor Scott Walker is at it again in Wisconsin. No, he is not shipping all union members out of the state. Instead, he has recently signed into law a tax deduction for health savings accounts that will expand coverage choices and reduce costs for small business owners.

Governor Walker also has created an Office of Free Market Health Care that is designed to assess the effects of the Patient Protection and Affordable Care Act (Obamacare) on the state's health insurance market. Walker's plan will also attempt to align his market approach to health care with the federal mandate that all states create health insurance exchanges.

The federal health care law, at least what we know about it at this point, is going to be very expensive for small business owners. It contains regulations and mandates that mean less flexibility and capital for a small business. Walker continues to emphasize a market-oriented approach to health insurance coverage and is trying to find ways to limit costs imposed by the federal law.

Walker has also signed into law the Relocation Tax Credit, which eliminates income and franchise taxes for two years on a business moving to Wisconsin. One stipulation to the bill is that a business locating to Wisconsin must not have conducted business in the state for at least two years.

Further efforts to make Wisconsin business friendly include a tort reform bill that limits punitive damages. Minimizing or limiting the threat of lawsuits is clearly a positive step toward business investment and more jobs.

Wisconsin is currently ranked 31st of the 50 states in the Small Business Survival Index. This index ranks states according to their public policy climates for small business. Walker intends to move his state up into a much more business-oriented, competitive position. He seems well on his way to making Wisconsin a better place to work.

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Tags: • taxes • regulations • obamacare • business investment • tax credit • insurance coverage • health insurance • health care • savings accounts • tax deduction • business environment • small business • health savings accounts •

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