NH House Panel OKs Tax Exclusion Of Forgiven Pandemic Loans

A New Hampshire House of Representatives panel advanced a bill that would exclude from the state's business profits tax forgiven federal loan amounts granted to small businesses in response to the pandemic.

The House Ways and Means Committee passed S.B. 3 on Tuesday, 23-0. The measure, introduced in February by Sen. Jeb Bradley, R-Wolfeboro, would exclude from state business profits tax forgiven Paycheck Protection Program loan amounts granted to small businesses under the Coronavirus Aid, Relief and Economic Security Act .

The measure is estimated to cost the state $99.4 million in forgone revenue. The bill now goes to the House floor for consideration. 

The bill passed the Senate in March, 23-0.

--Additional reporting by Jaqueline McCool. Editing by Roy LeBlanc.

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