State Senator Howard Marklein is the co-chair of Wisconsin’s budget committee. Before he was elected to the legislature, he spent his professional career as a certified public accountant. I am glad that we have a CPA watching over the state’s checkbook.
When the U.S. Congress passed the CARES Act last year, the intent of the Paycheck Protection Program was for employers to get the funds tax-free. Those PPP funds have been a critical lifeline to help businesses keep their doors open and pay employees. In December, Congress took action to make sure this emergency assistance was not taxed at a time when so many businesses are shutting down.
Thanks to Senator Marklein’s leadership, the state will not send an unexpected tax bill to businesses already struggling to survive. Recently passed legislation will federalize Wisconsin tax policy related to PPP loans so they are treated the same for federal and state taxes.
As a CPA myself and a member of the Wisconsin Institute of CPAs, which advocated for state conformity with the federal tax policy, I know just how much this means to Wisconsin businesses.
Thank you for pushing to make much-needed PPP loans tax-free.
—Austin Ayers, CPA