Evers signs bill cutting taxes for businesses that took loans

MADISON, Wis. (AP) - Gov. Tony Evers has signed into law a bill that cuts taxes by nearly half a billion dollars for Wisconsin businesses that accepted loans to help them through the coronavirus pandemic.

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

The loans are already tax deductible under federal law but not under the state code. It’s estimated to result in a state tax cut of $540 million by the middle of 2023.

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

“This past year has been challenging and unrelenting for so many, but since the beginning of this pandemic, we’ve been committed to providing economic relief to the folks who’ve been affected by the pandemic. We know business and families across Wisconsin need help now, so I’m proud to be able to deliver $480 million in tax relief for folks across our state.”

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