State budget committee approves tax cut for PPP loans

February 11, 2021

The Wisconsin Joint Committee on Finance voted Wednesday, Feb. 10, to ensure state businesses are not taxed on their Paycheck Protection Program (PPP) loans, saving those businesses millions of dollars through mid-2023.

The bill (SB 2) would also make a host of other changes to match state tax laws and federal codes. The legislation includes a change to the earned income tax credit that would increase the benefit for low-income families by more than $30 million.

The committee’s vote clears the way for an Assembly vote next week. If passed, the bill will head to Gov. Tony Evers for his signature.

The WICPA sincerely thanks Sen. Howard Marklein and Reps. Mark Born, Bob Wittke and David Armstrong for their leadership in protecting Wisconsin employers from these unexpected taxes.

The WICPA continues to urge legislators and the governor to support this bill.

← View All News