NH Will Exempt Forgiven Pandemic Loans From Taxation

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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