Tax will pay for Mercury loans in WisconsinPosted on
A half-cent county sales tax – imposed this year for the first time in Fond du Lac (Wis.) County history – is generating enough funds to pay back loans for Mercury Marine and to hold off new county debt.
The tax was implemented after the county provided a $50 million economic assistance loan to Mercury Marine as part of the package that kept the marine engine manufacturer in the state. Proceeds from the county sales tax are being used to pay for the borrowing, the Fond du Lac Reporter newspaper reported.
“We’re feeling very positive that Brunswick (the parent company of Mercury Marine) is honoring their commitments,” Fond du Lac county executive Allen Buechel told the newspaper, referring to such matters as job creation, the transfer of production to Fond du Lac and financial stability. “We think it was worth the [financial] risk taken.”
Buechel and other leaders believe the county sales tax will generate about $6.5 million in revenue a year. The sum is more than is needed to repay the Mercury loan.
Welcome to TradeOnlyToday’s premium content! To continue reading, please register now, for access to 10 free stories per month. Or subscribe, for unlimited access to all TradeOnlyToday content!
Basic subscription: Registered members get free access to 10 premium content stories each month!
Individual subscription: $29 for unlimited site access for one year.
Small Business subscription: $140 for unlimited site access for up to 10 members of a company for one year.
Corporate subscription: $300 for unlimited site access for all members of a company for one year.
You may close this dialog after seconds.