January 12, 2024

NEWS RELEASE:                                                                                                                                                                                                 For More Information:

FOR IMMEDIATE RELEASE                                                                                                                                           Office of Senator Robert Cowles – (608) 266-0484

Tobacco Debt Goes Up in Smoke,

Saving Wisconsin Taxpayers Millions

MADISON – Senator Robert Cowles (R-Green Bay) released the following statement after Thursday’s announcement that the State of Wisconsin had paid down the bonds incurred to settle over $400 million of the state’s remaining tobacco settlement fund:

“The retiring of longstanding debts might not seem like the most exciting of policy decisions, but they ensure Wisconsin’s finances remain responsible to its citizens. I have repeatedly advocated for prudent financial decisions with taxpayer money in the Legislature. Closing a portion of the state’s remaining tobacco settlement accounts provides $40 million in interest payment savings. This is a welcome decision for the financial benefit of our state’s residents, and will provide for better budgeting for decades to come.

My thanks for this action go out to Senator Duey Stroebel and the Joint Finance Committee, who pushed to incorporate such a move in the 2023-2025 State Budget process. It is my hope that, as our finances allow, we look to retire more of the remaining tobacco settlement fund debt early.”

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