MADISON, Wisconsin – 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.
“This past year has been difficult and relentless for so many people, but since the onset of this pandemic, we have been committed to providing economic assistance to people who have been affected by the pandemic,” Governor Evers said in a statement. . announcing the signing of House Bill 2, which now becomes Wisconsin Act 1 of 2021 – the first COVID-19 bill passed and enacted since April 2020. “We know that businesses and families in the Wisconsin needs help now, so I’m proud to be able to offer $ 480 million in tax relief to the citizens of our state. “
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.
The full text of the new law is available here.
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