Austin Ayers: Thanks to Marklein for insisting that PPP loans be tax exempt | Opinion
Dear Editor: State Senator Howard Marklein is the co-chair of the Wisconsin Budget Committee. Prior to being elected to the legislature, he spent his professional career as a Chartered Public Accountant. I’m glad we have a CPA who oversees the state checkbook. When the US Congress passed the CARES Act last year, the intent of the Paycheque Protection Program was for employers to get the funds tax-free. These PPP funds have been a vital lifeline in helping businesses keep their doors open and pay their employees.
In December, Congress took action to ensure that emergency aid was not taxed at a time when so many businesses were shutting down. Thanks to Senator Marklein’s leadership, the state will not send an unexpected tax bill to businesses that are already struggling to survive. Recently passed legislation will federalize Wisconsin’s tax policy related to PPP loans so that they are treated the same for federal and state taxes. As a CPA myself and a member of the Wisconsin Institute of CPAs, which has advocated for state compliance with federal tax policy, I know how much this means to Wisconsin businesses. Thank you for insisting that much needed PPP loans be tax free.
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