JFC approves $419 million tax break for companies that received PPP loans

The Joint Finance Committee voted 11-4 today to ensure Wisconsin businesses that received PPP loans aren't taxed on the expenses they covered with the money, saving those companies $419 million through mid-2023.
That's one of more than two dozens changes the bill would make to match state tax laws with federal codes. That includes a change to the Earned Income Tax Credit that would increase the benefit for low-income families by more than $30 million.
Dems argued the PPP tax break should be more targeted to ensure only businesses that really needed the help were impacted. Rep. Greta Neubauer, ...

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