Evers signs a bill reducing taxes for businesses that have taken out loans

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MADISON, Wisconsin (AP) – Gov. Tony Evers enacted a bill that cuts taxes by nearly half a billion dollars for Wisconsin businesses that have accepted loans to help them weather the coronavirus pandemic .

Evers signed the bill on Thursday. The new law makes loans administered through the federal government’s Paycheck Protection Program tax deductible under the Wisconsin tax code.

The loans are already tax deductible under federal law but not under state code. It is estimated that this will result in a reduction in state taxes of $ 540 million by the middle of 2023.

READ THE INVOICE: https://docs.legis.wisconsin.gov/2021/proposals/ab2

“This past year has been difficult and relentless for so many, but since the onset of this pandemic, we have been committed to providing economic assistance to people who have been affected by the pandemic. We know Wisconsin businesses and families need help now. I am therefore proud to be able to offer $ 480 million in tax relief to the citizens of our state.

Copyright 2021 The Associated Press. All rights reserved.

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