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Panel OK's health savings account tax credit

The rotunda of the Wisconsin State Capitol in Madison, WI
The rotunda of the Wisconsin State Capitol in Madison, WI

MADISON, Wis. (WSAU) – Wisconsinites who save money for their future health care are one step closer to getting a state tax break for it.

The Legislature’s Joint Finance Committee voted 12-to-4 today to create a tax credit for those with Health Savings Accounts. The federal government allows a similar tax break, as do the majority of states.

But Democrats have long objected, saying those who couldn’t afford the H-S-A’s would pick up more of the tax burden. It would cost them an extra $47-million-dollars over the next two years.

Also today, the finance panel agreed to give a two-year state corporate tax exemption to companies that relocate to the Badger State. Walker originally wanted to give the tax break to firms that last operated in Wisconsin at least 10 years ago.

But lawmakers shortened the period to two years – and they allowed companies outside the U-S to qualify for the exemption. Both measures now go to the full Legislature later this week.