Both houses of the Wisconsin Legislature have approved a bill co-authored by Rep. Don Vruwink that will give crop growers a tax credit for losses due to weather damage and other calamities. The bill now goes to Gov. Tony Evers.
Vruwink, D-Milton, was the Assembly lead author of Senate Bill 387. Sen. Howard Marklein, R-Spring Green, was the Senate lead author.
“This bill corrects an omission when Wisconsin enacted the manufacturing and agriculture tax credit in 2012,” Vruwink said. “Crop insurance helps farmers mitigate losses due to flooding, drought, hail, wind, wildlife and other types of damage. When a grower receives a payment for a crop damage claim, it is considered taxable income. This bill allows farmers to report it as such on income tax forms, which then counts toward the tax credit. This gives farmers some peace of mind, knowing that they can buy feed for the current season or seed for the next planting season.”
Senate Bill 387 passed the Senate on Jan. 21 on a vote of 30-3. It passed the Assembly on Feb. 20 on a voice vote.