Wisconsin Assembly votes in favor of half-billion dollar tax cut
The cuts target businesses that received loans during the pandemic.
MADISON, Wis. (AP) — The Wisconsin Assembly is signing off on a half-billion dollar tax cut for businesses that received loans to help them keep employees on the payroll during the pandemic.
The chamber voted 87-3 on Tuesday to approve the Republican bill. The legislation cuts taxes by $540 million by the middle of 2023 for businesses that got federal Payment Protection Plan loans.
State Representative Jim Steineke (R-Kaukauna) voted in favor of the bill, saying PPP loans that businesses used to “stay afloat” should not now be the reason that they have to close their doors.
“It’s no secret that small businesses around the state have had to endure challenge after challenge over the last year – putting an unnecessary and unexpected tax burden on them should not be another obstacle they have to overcome,” Steineke said.
Representative Robyn Vining (D-Wauwatosa) also voted in favor of the bill, saying it will provide relief to businesses in her district that need it.
“I will continue fighting for small businesses in response to COVID-19, to provide relief to those small businesses and working families that are struggling, and build towards economic recovery,” Vining said.
The measure is slated to go to the Senate later Tuesday.
If passed, it would then go to Democratic Gov. Tony Evers who was non-committal last week about whether he would sign or veto the measure.
The Senate passed a myriad of virus-related bills before debate began on the loan deductions in that chamber.
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