Both houses of the state legislature approved a bill Tuesday, Feb. 16, that ensures businesses are not taxed on their Paycheck Protection Program (PPP) loans.
Senate Bill 2 (SB 2) matches state tax laws and federal codes regarding the treatment of PPP loans.
SB 2, amended to include the We’re All In grants program, passed both the Assembly (87-3) and the Senate (27-5) with bipartisan support. The bill now heads to Gov. Tony Evers' desk for his signature.
“With so much bipartisan support, we urge and hope Gov. Evers will sign the bill into law,” said WICPA President & CEO Tammy Hofstede.
The WICPA thanks the legislators of both parties who supported this legislation and gives special thanks to Sens. Howard Marklein, Dale Kooyenga and Chris Kapenga as well as Rep. Bob Wittke.