Evers signs bills to help restaurants

Gov. Tony Evers signed Assembly Bill 717, now 2021 Wisconsin Act 156, to assist Wisconsin restaurants as they continue to rebound and recover, according to a release from the administration. Act 156 creates an exemption under the Wisconsin individual income tax for grants received from the Restaurant Revitalization Fund established under the American Rescue Plan Act of 2021 and provides that expenses paid for by the proceeds of the grants are deductible if they would otherwise be deductible. The governor also signed Senate Bill 339, now 2021 Wisconsin Act 157, which federalizes Wisconsin’s treatment of the net capital loss deduction by increasing the amount of ordinary income that may be offset by net capital losses from $500 to $3,000 beginning in the tax year 2023, and extends the increased maximum net capital loss offset to tax option corporations electing to be taxed at the entity level.