MADISON -- Representative James Edming (R-Glen Flora) voted today to stop the State of Wisconsin from taxing businesses that accepted a forgivable Paycheck Protection Program (PPP) loan. This program was created as part of the federal CARES Act that was signed into law last year by President Trump. If allowed to stand, this tax would cost Wisconsin businesses an estimated $431 million.
“I have heard from a lot of business owners across the 87th Assembly District who are still struggling and have used PPP loans to keep their employees working,” said Rep. Edming. “Stopping this tax on PPP loans could be the difference for some of these businesses in staying open or having to close their doors.”
This change was included as part of legislation to modernize the state tax code and operations at the Department of Revenue, Assembly Bill (AB) 2, which was approved by the State Assembly with wide bipartisan support. AB 2 was also approved by the State Senate and now heads to Governor Evers’ desk.