Terrence Wall’s Business: $25-50 Million in Assets Ten-Year State Income Tax Bill: $0
Records Show No State Net Tax from 1999-2008
MADISON, Wis. — The “T Wall Properties Master Limited Partnership” business listed on Madison developer Terrence Wall’s Senate candidate financial disclosure report has paid no net state income taxes in the last 10 years, according to records from the Wisconsin Department of Revenue obtained by One Wisconsin Now.
“We already know multi-millionaire Terrence Wall paid personal state income taxes just once in the past ten years on his massive wealth,” said Scot Ross, One Wisconsin Now Executive Director. “Now we see a business he owns, worth as much as $50 million, hasn’t paid state income taxes in ten years.”
The figures obtained by One Wisconsin Now show that “T Wall Properties Master Limited Partnership” had net state income taxes of $0 in the years 2000-01 and 2003-2008. It had no record of a tax filing in 1999 and 2002.
According to Wall’s financial disclosure form, the trusts and businesses he owns control 59 percent of “T Wall Properties Master Limited Partnership,” which has assets between $25 million and $50 million – meaning Wall controls between $14.7 million and $29.5 million in wealth in just this one enterprise.
T Wall Properties Master Corporation, which owns 20 percent of T Wall Properties Master Limited Partnership, is registered as a foreign entity based in Delaware. The lack of state income tax in Delaware has allowed companies in the past to use so-called Las Vegas Loophole to avoid paying Wisconsin income taxes.
Calculations performed by One Wisconsin Now using information from the disclosure form, Wall had income of between $798,429 and $3,555,722 just through the four entities related to “T Wall Properties Master Limited Partnership.”
“It might be legal for Terrence Wall to use complicated and confusing tax shelters, structures and loopholes to avoid owing taxes on his tens of millions of dollars in personal and business income,” said Ross. “But he should thank the rest of us who have to pay more because he and his business pay nothing.”
In addition to the wealth disclosed on his financial form, Wall’s primary residence is a mansion with a market value of $2.3 million, according to the Dane County Assessor. The house is located on Lake Mendota in Maple Bluff, perhaps Dane County’s most expensive neighborhood.
One Wisconsin Now has previously raised a series of issues related to Wall and tax avoidance. For more information, go to http://www.onewisconsinnow.org/press.