U.S. Rep. Ron Kind (D-WI) March 23 introduced the Rural Main Street Investment Credit Act of 2016. This legislation would help generate investment in both start up and expanding rural businesses with between one and five employees located in distressed areas by providing a federal tax incentive, in the form of a 35 percent tax credit.
“With the changing economy more and more people are starting their own businesses in distressed areas. These businesses typically start out very small and often face significant barriers in securing financing from traditional banks,” said Kind. “In order to help these businesses thrive and grow I introduced legislation that would provide entrepreneurs with a tax incentive to drive investment in distressed rural communities and free up money for them to reinvest in small businesses. If businesses in distressed areas thrive they will help the community thrive.”
The Rural Main Street Investment Credit Act of 2016 would help drive investment in businesses in distressed rural communities all over Wisconsin. According to a recent analysis by the Economic Innovation Group, these communities would include Readstown in Vernon County. Qualifying businesses must be owner operated business with five or fewer employees and annual gross revenues that do not exceed $1 million.