More States Exempting PPP Loans from Taxes as Budgets Improve

June 11, 2021, 5:17 PM

New Hampshire has become the latest state to exempt forgiven Paycheck Protection Program loans from corporate taxes, thanks in part to a recent federal aid package.

Federal law allows for most loans to eventually be forgiven and deducted from corporate taxes—a move designed to juice the economy during the pandemic-driven economic downturn.

New Hampshire became the 11th state to excuse the loans, after Gov. Chris Sununu (R) signed a state Senate bill (S.B. 3) Thursday. It follows Vermont, which passed a bill conforming to federal law in April, just before Treasury allowed states to cover the ...

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