MADISON, WI (WSAU) — Governor Evers has signed a bill that clears the way for businesses to deduct federal COVID-19 assistance such as Paycheck Protection Program funds from their state taxes.
Money from the PPP was deductible for businesses under the federal tax code, but not Wisconsin’s own tax laws.
The bill amounts to an estimated $540 million tax break for businesses statewide.
Evers also signed a measure that aligns the state’s tax code for low-income families with the federal code, a move that will save an estimated $30 million for those that qualify.
“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,” said Evers in a press release.
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