Updated guidance from the Wisconsin Department of Revenue (DOR) reflects the newly enacted income and franchise tax exemption for businesses that received Restaurant Revitalization Fund (RRF) grants.
On March 7, Gov. Tony Evers signed into law 2021 Wisconsin Act 156 to help restaurants across the state recover and rebound from the COVID-19 pandemic. Under the new law, RRF grants are exempt from state income and franchise taxes.
The law also provides that expenses paid for by the proceeds of RRF grants are deductible, conforming to the tax treatment adopted for Paycheck Protection Program forgiven loans and other pandemic assistance programs.
See the Wisconsin 2021 income/franchise tax forms for instructions.