Madison - Governor Scott Walker today released five drafts of bills that are being introduced during the special session the Governor called to get Wisconsin working again. The five bills released would create a business and job friendly legal environment, make health savings accounts more affordable, grant income and franchise tax credits for businesses relocating to Wisconsin, expand the economic development tax credit, and make it more difficult to raises taxes.
“These five pieces of legislation will create a more stable tax and regulatory environment, so business owners can focus on growing jobs,” said Governor Scott Walker. “We look forward to partnering with the legislature to implement these and other legislation that will open Wisconsin for business.”
The legislation to create a more job friendly legal environment includes common-sense proposals like requiring plaintiffs to prove that damages were actually caused by a manufacturer’s product, and protecting retailers from liability for defects caused by manufacturers or distributors. The legislation would also require a plaintiff to prove that the defendant acted with intent to cause injury to collect punitive damages. The lawsuit reform bill will also discourage plaintiffs from filing frivolous claims, cap non-economic damages for medical malpractice, improve rules of evidence, and protect best practices peer review information from being subpoenaed.
The legislation to make health savings accounts more affordable would create a non-refundable tax credit for income deposited in a health savings account.
Legislation was also released that would exempt businesses from income and franchise taxes for two years for businesses that have done business in Wisconsin for ten years or more. The Governor also released legislation that would increase the amount available for economic development tax credits from $75 million to $100 million.
Lastly, legislation was released that would require 60 votes in the Assembly and 20 votes in the Senate to pass any bill that raises taxes.