The Wisconsin Institute of CPAs announced Thursday, July 23, that Tammy Hofstede, president and CEO, along with 27 other state society CEOs, sent a letter to congressional leadership urging them to pass legislation that would close a projected collective budget gap of $555 billion that states and local governments face in this fiscal year and the following two years.
The response stems from the COVID-19 pandemic’s impact on legislators and local officials in states and municipalities across the nation, who are dealing with crippling budget shortfalls to close this fiscal year and limited resources to craft 2021 budgets.
State society leaders came together to support this effort and work to find a solution, so legislators won’t have to resort to tax increases and cuts to important state programs. Together, the group represents nearly 280,000 CPAs from across the country.
“The WICPA is proud to work with our partners to make an impact with elected officials in Wisconsin and in Congress,” said Hofstede. “We are hopeful that the next round of federal relief assistance will include funding for state and local governments.”
Hofstede and her colleagues stated that without the promise of federal relief, tax increases on already burdened taxpayers and cuts to critical state and local programs are all but inevitable. Citing their tax and financial expertise and the millions of individuals, small businesses and thousands of local and county governments and others whom they represent, the state society leaders affirmed that CPAs stand ready to assist in rebuilding our economies and stabilizing our country.
To read their letter, click here.