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.