Earlier this month a bill was filed with the NH Senate that would allow for PPP loan forgiveness to mirror the federal tax treatment. This ultimately means that loan forgiveness would not be taxable for BPT or BET purposes and the expenses would continue to be deductible.
The Senate majority leader is sponsoring the bill and as republicans have control of both the senate and house in the state there is a high likelihood this bill will be passed.
For now, all we can do is wait and see if the bill becomes law. Any tax returns preparing to file with PPP Loans are advised to wait to file until we have a final update.
For more information check out the News Release put out by the Senate.
Contact your accountant with any questions and remember to follow us on LinkedIn to stay up-to-date on all of our posts.
For now, all we can do is wait and see if the bill becomes law. Any tax returns preparing to file with PPP Loans are advised to wait to file until we have a final update.
For more information check out the News Release put out by the Senate.
Contact your accountant with any questions and remember to follow us on LinkedIn to stay up-to-date on all of our posts.
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