Wisconsin legislation that makes forgiven second-round Paycheck Protection Program loan income non-taxable has been signed into law.
Governor Tony Evers signed Senate Bill 2 Thursday, the omnibus bill to modernize the state tax code and state Department of Revenue operations. The bill was amended by Republicans to make Wisconsin’s Department of Revenue match federal tax code by not taxing the forgiven PPP proceeds.
Democrats including Representative Robyn Vining supported an amendment to cap deductions for expenses paid with PPP dollars at $250,000 saying the cap would not impact 90% of the loan recipients, but Republicans stopped the effort saying Wisconsin’s businesses didn’t need another kick in the gut from the state while recovering from the pandemic.
