Wisconsin Allows Income Tax Subtraction for Financial Exploitation Losses

The Wisconsin Governor signed a law creating provisions in the state tax code that allow individuals to subtract losses from financial exploitation from their taxable income, provided the exploitation was reported to law enforcement and there was no reasonable prospect of recovery. The law took effect on April 5. [A.B. 685, enacted 04/03/26]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.