The Wisconsin Department of Revenue has reached agreements with 87 banking companies concerning taxes on their out-of-state subsidiaries.
The number of banks that have settled with the state has risen from 26 in September, the Milwaukee Journal-Sentinel reported Wednesday.
The Department of Revenue began looking at the investment subsidiaries that Wisconsin banks had set up outside the state, mostly in Nevada, after tax audits in January showed the subsidiaries might be producing income taxable under Wisconsin law.
Many banks originally vowed to fight the department's efforts to collect taxes on the subsidiaries, but Eva Robelia, a spokeswoman for the department, said in an interview that $24 million of settlements have been reached. Forty more agreements are waiting for a final signature from banks, and another 40 are in review, she said.
Individual banks could still try to contest any assessment the department may hand down, but so far none have chosen to do so, she said.
