Last week legislation was finalized in the State of New Hampshire allowing for Payroll Protection Program (PPP) Loan forgiveness to conform to the federal treatment. This will allow any forgiven funds to be nontaxable.
Senate Bill 3 was first filed back in February and the decision has been long awaited. If your business filed a NH tax return making PPP forgiveness taxable, you may want to amend your return. If your business had been waiting to file its NH tax return, the wait is officially over. See the NH Business Review's article for more details on this bill.
If you have questions on how this impacts your business, contact your accountant and remember to follow us on LinkedIn to stay up to date on all of our posts.
If you have questions on how this impacts your business, contact your accountant and remember to follow us on LinkedIn to stay up to date on all of our posts.
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