Household Tax Bill Includes PPP Loan Forgiveness for Business

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ST. FLOOR. The Minnesota State House is due to pass another budget bill before midnight Wednesday to avoid a partial shutdown by the state government. At noon, representatives meet to vote on the tax bill.

State representative Lisa Demuth of Cold Spring says there are some tax breaks for business owners and people who received unemployment benefits during the COVID-19 pandemic.

We know there is forgiveness for the PPP loans and unemployment benefits we’ve been waiting for. This is what we should have done back in March so that it doesn’t complicate things for our business owners who had PPP loans to keep moving forward. It’s finally on the tax invoice and I’m happy to see it hitting the floor of the house.

From the Senate side, they still need to vote on the education budget bill on Wednesday.

The Minnesota Legislature is nearing the finish line for the state’s $ 52 billion over the next two years.

Lawmakers were unable to resolve differences between the Democratic-controlled House of Representatives and the Republican-led Senate before the end of the regular session in May – even with a projected budget surplus. This forced them to return to a special meeting on June 14th.

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