Republicans want to cut business taxes $450M with state deduction for COVID-19 loans
Wisconsin Republicans are drafting legislation that would cut business taxes by $450 million by allowing those that received federal Paycheck Protection Program loans to deduct related purchases on their 2020 state taxes. The Paycheck Protection Program (PPP), formed under the CARES Act last year, awarded forgivable tax-free loans to businesses facing financial losses during the COVID-19 pandemic. Because that money was not taxed as income, the Internal Revenue Service determined expenditures paid with those funds are not tax deductible under current federal and state laws. Congress last mont...
Source: journaltimes.com