Gov. Tony Evers signed 43 bills on Friday, April 15, including two bills that simplify Wisconsin’s tax code for limited liability companies (LLCs).
Senate Bill 566, now 2021 Wisconsin Act 258, adopts and modifies the most recent versions of the Uniform Limited Partnership Act and Uniform Limited Liability Company (LLC) Act. The bill makes changes to the state’s partnership laws and to laws governing business corporations and non-stock corporations to improve consistency across the state’s business organization statutes.
Senate Bill 794, now 2021 Wisconsin Act 262, makes changes related to the Department of Revenue’s audits of pass-through entities. The law defines a pass-through entity as a partnership, an LLC, a tax-option corporation, an estate or a trust treated as a pass-through entity for federal income tax purposes.
WICPA president and CEO Tammy Hofstede attended the governor's passage of both these bills.