MADISON — Gov. Evers signed Assembly Bill 2 Thursday, Feb. 18, which will provide $480 in tax relief to businesses and low-income families who have been affected by the pandemic.
Nearly $450 million in tax relief will go to Wisconsin businesses and $30 million to low-income families.
The bill cuts taxes for those who accepted loans to help them through the coronavirus pandemic.
The new law makes loans administered through the federal government’s Paycheck Protection Program tax-deductible under Wisconsin’s tax code. The loans are already tax-deductible under federal law but not under the state code.
It’s estimated to result in a state tax cut of $540 million by the middle of 2023.
“This past year has been challenging and unrelenting for so many, but since the beginning of this pandemic, we've been committed to providing economic relief to the folks who've been affected by the pandemic,” said Gov. Evers in a statement. “We know business and families across Wisconsin need help now, so I’m proud to be able to deliver $480 million in tax relief for folks across our state.”