Lawmakers pass bill waiving taxes on aid
A plan passed by the Wisconsin Assembly 87–3 and the Senate 27–5 will waive taxes for coronavirus aid, according to a report from Wisconsin Public Radio. Under the bill, Wisconsin businesses that received Paycheck Protection Program (PPP) loans last year wouldn’t be responsible for state income taxes on their loans and would be able to deduct expenses paid with loan money from their state taxes. This treatment of PPP loans is already policy for federal taxes.
PPP loans were available to small businesses and the funds could be used to cover expenses like rent, utilities, and payroll. For most businesses, the loans were forgivable.
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