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NH Will Exempt Forgiven Pandemic Loans From Taxation

By Daniel Tay · June 11, 2021, 3:02 PM EDT

New Hampshire will exclude from the state's business profits tax forgiven federal loan amounts granted to small businesses in response to the coronavirus pandemic under a bill signed by the governor.

Republican Gov. Chris Sununu signed S.B. 3 on Thursday. The measure, introduced in February by Sen. Jeb Bradley, R-Wolfeboro, will 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 revenue. The bill passed the Senate in March and the House on June 4.

--Additional reporting by Jaqueline McCool and James Nani. Editing by Neil Cohen.

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