Senate Bill 176 proposes the creation of new tax exemptions and deductions related to broadband expansion funding in Wisconsin. Specifically, it introduces provisions that exempt from state income and franchise taxes any income received as grants or funding for broadband expansion from state, local, tribal, or federal sources. The bill establishes new sections in the statutes, including 71.05 (1) (j), 71.26 (1) (j), 71.34 (1k) (q), and 71.45 (1) (dp), which outline these exemptions and deductions. Additionally, the bill stipulates that individuals cannot claim these new exemptions if they have already claimed exemptions under existing law for the same grant.

The bill aims to encourage broadband expansion by alleviating the tax burden on entities receiving funding for such projects. It is important to note that the exemptions will only apply to taxable years beginning after December 31, 2024. The legislation has been referred to the Committee on Agriculture and Revenue for further consideration.