Gov. Tony Evers on Thursday signed into law a bill that cuts taxes by nearly half a billion dollars for Wisconsin businesses that accepted PPP loans to help them through the coronavirus pandemic.
The new law makes loans administered through the federal government’s Paycheck Protection Program (PPP) 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 $450 million by the middle of 2023.
“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,” Evers said in a statement saying he was proud to deliver tax relief.