MADISON, Wisconsin (AP) – Gov. Tony Evers on Thursday enacted a bill that cuts taxes by nearly half a billion dollars for Wisconsin businesses that have accepted loans to help them weather the pandemic of coronavirus.
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 tax cut of $ 450 million by the state by mid-2023.
“The past year has been difficult and relentless for many, but since the onset of this pandemic, we have been committed to providing economic relief to people who have been affected by the pandemic,” Evers said in a statement saying that he was proud to offer tax relief.
The new law will benefit nearly a dozen lawmakers whose companies have accepted PPP loans, according to data from the US Office of Personnel compiled by Federalpay.org, a website built by federal employees. Republican recipients include Assembly Speaker Robin Vos, Representatives Rob Brooks, Cindi Duchow, Cody Horlacher and Gary Tauchen; and Senator Joan Ballweg. Democrats include Senator Kelda Roys and Representatives Gary Hebl and Francesca Hong.
The bill passed on Tuesday with bipartisan support.
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