Posted Thursday, May 31, 2012 --- 7:00 a.m.
BELOIT, Wis. (AP) -- A Beloit billionaire who is Gov. Scott Walker's largest campaign donor owed no state taxes in 2010 because of a change in her corporation's structure.
State Department of Revenue records show Diane Hendricks' tax obligation dropped from $2.2 million in 2009 to zero in 2010. Hendricks owns ABC Supply Inc., the nation's largest wholesale distributor of roofing, windows and siding. Records show Hendricks had a seven-figure tax bill in four of the previous five years.
Hendricks is a financial supporter of conservative causes and has given Walker's campaign more than $500,000. ABC Supply's tax director Scott Bianchini tells the Journal Sentinel (http://bit.ly/KyJ792 ) the company changed its structure so the profits and the tax obligations stay with the company, not with Hendricks.
Information from: Milwaukee Journal Sentinel, http://www.jsonline.com
Copyright 2012. The Associated Press.