SB 3 Passes Senate Ways and Means Committee
Contact Name: Marina Altschiller
Phone: (603) 271-3207
CONCORD – Today, the Senate Ways and Means Committee passed SB 3 in a vote of 5-0. SB 3 would update New Hampshire’s tax code to match federal changes made in December to exempt businesses from paying the state business profits tax on funding received through a PPP loan.
After the vote, Senator Lou D’Allesandro (D-Manchester) issued the following statement:
“The federal PPP loans have been an essential lifeline for New Hampshire’s business community, particularly our small businesses. Since December, federal law has exempted PPP loans from a business’ taxable income, and I am glad to see New Hampshire matching that methodology. As we move forward, we must be diligent with the state’s budget to account for the possible $65 million cost of this change, particularly at a time of financial instability. I look forward to working with my colleagues to continue supporting our small businesses and developing a fiscally responsible budget.”