Insight

Attorney Tom Nichols Instrumental in New Legislation Lowering Wisconsin Pass-Through Business Taxes

Attorney Tom Nichols Instrumental in New Legislation Lowering Wisconsin Pass-Through Business Taxes

Thomas J. Nichols

Thomas J. Nichols

December 27, 2018 01:07 PM

Meissner Tierney President and Shareholder, Tom Nichols, was influential in the creation of a recent bill passed by the Wisconsin legislature which creates tax-saving opportunities for pass-through entities.

The Governor just signed into law new Wisconsin Act 368, https://docs.legis.wisconsin.gov/2017/related/acts/368. By allowing profitable Wisconsin pass-through businesses (S corporations, limited liability companies and partnerships) to elect to pay tax at the entity level, this legislation will enable them to lower their net after-tax income tax cost by up to approximately 2.1%, and even almost 2.7% in certain circumstances. Tom first proposed this idea to Gov. Scott Walker in January of 2018, but it was State Sen. Howard Marklein who sponsored and championed this Act and got it over the finish line. For more detail, click here to a summary that is scheduled to be posted to the blogs of the Business Law Section and Taxation Section shortly after the beginning of 2019. Tom also drafted and worked with the Wisconsin Department of Revenue to come up with final statutory language for this new election.

Tom has extensive experience in the tax area at both the state and federal levels. Over his 35+ years of practice, he has done a great deal of work involving business entities, tax planning, and other considerations involved in the structuring and conduct of business ventures. Those interested in more information on Wisconsin Act 368 may contact Tom at tjn@mtfn.com or by calling (414) 273-1300.

Related Articles

A Consumer's Guide to Business Litigation: Protecting Your Rights and Interests


by Best Lawyers

Business litigation is not limited only to organizations. It’s a potentially useful option for consumers as well. Learn more about business litigation below.

Three animated businessmen review a contract on top of a magnifying glass

A Globalized Sprint: How Japan’s Insolvency Practice Is Expanding and Preparing for the Future


by Best Lawyers

Emerging legal trends are a relished opportunity for reorganization, while natural disasters present an opportunity for innovation.

Interview with Nishimura & Asahi Law Firm

Trending Articles

Discover The Best Lawyers in Spain 2025 Edition


by Jennifer Verta

Highlighting Spain’s leading legal professionals and rising talents.

Flags of Spain, representing Best Lawyers country

Unveiling the 2025 Best Lawyers Editions in Brazil, Mexico, Portugal and South Africa


by Jennifer Verta

Best Lawyers celebrates the finest in law, reaffirming its commitment to the global legal community.

Flags of Brazil, Mexico, Portugal and South Africa, representing Best Lawyers countries

Presenting the 2025 Best Lawyers Editions in Chile, Colombia, Peru and Puerto Rico


by Jennifer Verta

Celebrating top legal professionals in South America and the Caribbean.

Flags of Puerto Rico, Chile, Colombia, and Peru, representing countries featured in the Best Lawyers

How to Increase Your Online Visibility With a Legal Directory Profile


by Jennifer Verta

Maximize your firm’s reach with a legal directory profile.

Image of a legal directory profile

Prop 36 California 2024: California’s Path to Stricter Sentencing and Criminal Justice Reform


by Jennifer Verta

Explore how Prop 36 could shape California's sentencing laws and justice reform.

Illustrated Hands Breaking Chains Against a Bright Red Background

Paramount Hit With NY Class Action Lawsuit Over Mass Layoffs


by Gregory Sirico

Paramount Global faces a class action lawsuit for allegedly violating New York's WARN Act after laying off 300+ employees without proper notice in September.

Animated man in suit being erased with Paramount logo in background

Tampa Appeals Court ‘Sends Clear Message,” Ensuring School Tax Referendum Stays on Ballot


by Gregory Sirico

Hillsborough County's tax referendum is back on the 2024 ballot, promising $177 million for schools and empowering residents to decide the future of education.

Graduation cap in air surrounded by pencils and money

The Future of Family Law: 3 Top Trends Driving the Field


by Gregory Sirico

How technology, mental health awareness and alternative dispute resolution are transforming family law to better support evolving family dynamics.

Animated child looking at staircase to beach scene

The Human Cost


by Justin Smulison

2 new EU laws aim to reshape global business by enforcing ethical supply chains, focusing on human rights and sustainability

Worker wearing hat stands in field carrying equipment

The 2025 Legal Outlook Survey Results Are In


by Jennifer Verta

Discover what Best Lawyers honorees see ahead for the legal industry.

Person standing at a crossroads with multiple intersecting paths and a signpost.

The Litigation Finance Mass Tort Gold Rush


by Justin Smulison

Third-party litigation funding is transforming mass torts, propelling the high-risk area into a multi-billion-dollar industry

Gold coins with data chart backdrop

ERISA Reaches Its Turning Point


by Bryan Driscoll

ERISA litigation and the laws surrounding are rapidly changing, with companies fundamentally rewriting their business practices.

Beach chair and hat in front of large magnify glass

Best Lawyers Expands With New Artificial Intelligence Practice Area


by Best Lawyers

Best Lawyers introduces Artificial Intelligence Law to recognize attorneys leading the way in AI-related legal issues and innovation.

AI network expanding in front of bookshelf

Safe Drinking Water Is the Law, First Nations Tell Canada in $1.1B Class Action


by Gregory Sirico

Canada's argument that it has "no legal obligation" to provide First Nations with clean drinking water has sparked a major human rights debate.

Individual drinking water in front of window

New Mass. Child Custody Bills Could Transform US Family Law


by Gregory Sirico

How new shared-parenting child custody bills may reshape family law in the state and set a national precedent.

Two children in a field holding hands with parents

How US Immigration Works: Everything You Need to Know


by Jennifer Verta

Explore the pathways, processes and evolving policies shaping U.S. immigration today.

Illustration of Immigrant Family Journey in Front of American Flag