What kind of tax does Wisconsin have, and what are the tax rates?
Wisconsin has both a franchise tax and an income tax. However, only one tax is imposed against a corporation in a taxable year for the privilege of exercising its Wisconsin franchise or for doing business in Wisconsin.
Franchise tax applies to:
• All domestic corporations (those organized under Wisconsin law) and
• Foreign corporations (those not organized under Wisconsin law) doing business in Wisconsin, except where taxation is exempted by statute or barred by federal law.
The tax rate is 7.9%. Income from obligations of the United States government and its instrumentalities is included in income under the franchise tax law.
Income tax applies only to foreign corporations that are not subject to the franchise tax and which own property in Wisconsin or whose business in Wisconsin is exclusively in foreign or interstate commerce. The tax rate is 7.9%. Income from obligations of the United States government and its instrumentalities isn't included in income under the income tax law.
Estimated Tax for Corporations: Corporations must make estimated franchise or income tax payments if their current-year tax liability will be $500 or more unless they owed no tax for the previous 12-month taxable year and their Wisconsin net income is less than $250,000 for the current taxable year. For additional details visit DOR official site HERE.
State of Wisconsin Department of Revenue: Economic Development Surcharge
Partner info can be found at Walworth County Economic Development Alliance (WCEDA).