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Madison – Governor Walker today released a draft of small business legislation that will provide tax relief for businesses with gross receipts of less than $500,000 per year.

“Small businesses are the backbone of our economy,” said Governor Scott Walker. “Their growth is the key to Wisconsin’s recovery and job growth. This legislation will provide tax relief to thousands of business owners, freeing them to expand and create jobs.”

98 percent of all small businesses will be eligible for tax relief under the Governor’s proposal. The legislation would allow a business with gross receipts of $250,000 or less to claim a tax credit of 15 percent of its total tax liability. The credit fades gradually until a business reaches gross receipts of $500,000. Businesses will be able to claim the credit on income earned starting on January 1, 2011.