Bill > HF373

This bill proposes tax exemptions for corporations and businesses in Minnesota related to Paycheck Protection Program (PPP) loans received during the COVID-19 pandemic. Specifically, corporations and taxpayers would become exempt from paying taxes on their trade or business income starting after December 31, 2025, once the cumulative amount of taxes they've paid equals or exceeds the total amount of PPP loans they received. The bill defines "trade or business income" using specific sections of the Internal Revenue Code and includes detailed calculations for determining tax exemption eligibility. The tax exemption applies to both original and subsequent PPP loans as defined in the COVID-related Tax Relief Act of 2020. The commissioner of revenue is granted the authority to request any necessary documentation to administer this tax exemption provision. This legislation aims to provide financial relief to businesses that received PPP loans during the pandemic by offering a pathway to tax exemption after a certain period of tax payments.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0373&ssn=0&y=2025