The Wisconsin legislature has passed the “Dairy Manufacturing Facility Investment Income Tax Credit.”
Senate Bill 260, authored by Senator Sheila Harsdorf (R-River Falls), and its companion measure Assembly Bill 357, authored by State Rep. Travis Tranel (R-Platteville), have each received unanimous support from the Agriculture Committees in their respective houses, and also from the State Senate that voted last week 33–0 for passage of the bill.
In an interview with Agri-View, Harsdorf explained how current law allows a dairy cooperative to claim the Dairy Manufacturing Facility Investment Income Tax Credit based on amounts paid in the tax year by the cooperative to modernize or expand its dairy operation.
Those tax credits are passed on to dairy cooperative members and the members claim the credit for the tax year in which the member receives its share of the tax credit. The amount of the tax credit each member receives is in proportion to the amount of milk that the member delivers to the cooperative.
Source: Agri-View, by Joan Sanstadt, News Editor