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Wisconsin Embraces Federal Tax Treatment of PPP Loans

Feb. 17, 2021, 7:23 PM

Wisconsin businesses taking advantage of the federal Paycheck Protection Program would be able to deduct expenses funded with forgiven loans under a bill passed late Tuesday by the Legislature.

Lawmakers approved an omnibus tax bill (AB 2) that modifies several features of the state tax code at the request of the Department of Revenue. An amendment was added bringing Wisconsin into conformity with federal PPP provisions excluding the loan amount from a business’s taxable income and permitting the taxpayer to deduct qualified expenses.

Other big-impact tax policies could be on the horizon in the Badger State, if the ...

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