By Rose Oswald Poels
On July 5, Governor Tony Evers signed the 2023–2025 state budget and supported a historic tax law change approved by the state Legislature that builds on the state’s success in attracting and investing in Wisconsin businesses. Beginning this year, the new law will promote further economic development by providing banks with an income tax exclusion on income earned from commercial loans for business or agricultural purposes of $5 million or less where the borrower resides or is located in the state of Wisconsin.
Meetings with key legislators and bankers began last summer and continued throughout the year. WBA staff also regularly met with key people in the Governor’s office.
Ultimately, this historic tax law change directly supports economic development as Wisconsin banks continue to work with their Main Street small businesses and farmers. WBA wishes to thank Governor Evers and his Administration, Senate Majority Leader Devin LeMahieu, Speaker Robin Vos, Joint Finance Committee Co-Chairs Sen. Howard Marklein and Rep. Mark Born, and all Joint Finance Committee members, including Rep. Terry Katsma and Sens. Mary Felzkowski and Pat Testin, for their collective leadership in support of Wisconsin’s banking industry. Additionally, WBA wishes to thank the many Wisconsin business and agricultural groups that sent messages of support into the Governor’s office on the bank budget provision.