MADISON, Wis. — As Tax Day approaches, Wisconsin small businesses are keeping more of their hard-earned money this year because of Governor Tony Evers’ small business tax cuts.
Small businesses and family farms are the backbone of our state’s economy. That’s why the governor found common ground to deliver historic tax relief to Wisconsin families, with a $480 million tax cut for small businesses and families affected by the pandemic and a 15 percent income tax cut for working families.
Thanks to Gov. Evers, businesses that took federal loans during the pandemic won’t have to pay state taxes on the money. The AP reports that Gov. Evers’ legislation is estimated to result in a state tax cut of $450 million by the middle of 2023.
It’s more than just tax cuts — Gov. Evers is building back our main streets with his small business grant program, which has provided $10,000 grants to more than 3,400 businesses in all 72 counties. Carol Roth, executive director of Crawford County’s economic development organization said, “For your small mom-and-pop business that’s on Main Street, it’s huge.”
As a result of the governor’s investments in local businesses, Wisconsin’s economy is booming — with a $3.8 billion budget surplus and the lowest unemployment rate in state history.
“With Tax Day around the corner, small businesses will get to keep more of their money this year thanks to Governor Tony Evers’ historic tax cuts,” said Tony for Wisconsin Press Secretary Kayla Anderson. “Gov. Tony Evers is turning Wisconsin into the small business powerhouse of the Midwest, providing tax cuts and grants to businesses in every corner of the state. While Republicans only care about providing giveaways to their wealthy donors and corporations, Gov. Evers is prioritizing our Main Streets and powering our local economies.”