SB3 (2021) Detail

Clarifying the tax treatment of federal Paycheck Protection Program loans.


CHAPTER 74

SB 3-FN - FINAL VERSION

 

 

2021 SESSION

21-1081

10/05

 

SENATE BILL 3-FN

 

AN ACT clarifying the tax treatment of federal Paycheck Protection Program loans.

 

SPONSORS: Sen. Bradley, Dist 3

 

COMMITTEE: Ways and Means

 

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ANALYSIS

 

This bill  excludes under the business profits tax the  business income of a taxpayer received by reason of forgiveness of indebtedness issued or created under the federal Paycheck Protection Program (PPP).

 

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

21-1081

10/

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Twenty One

 

AN ACT clarifying the tax treatment of federal Paycheck Protection Program loans.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

74:1  New Section; Business Profits Tax; Clarification of PPP Loans.  Amend RSA 77-A by inserting after section  3-b the following new section:

77-A:3-c Clarification of Tax Treatment of Paycheck Protection Program (PPP) Loans.  In determining gross business profits for any period, before net operating loss and special deductions, notwithstanding any other provision of law, a business organization shall apply the provisions of the United States Internal Revenue Code consistent with the following adjustments:

I.  No amount shall be included in the gross business income of the eligible recipient by reason of forgiveness of indebtedness issued or created under the federal Paycheck Protection Program (PPP) which was first established under the federal Coronavirus Aid, Relief, and Economic Security Act (P.L. 116-136, enacted March 3, 2020) or issued or created under the federal PPP Second Draw Loan Program established under the federal Consolidated Appropriations Act, 2021 (P.L. 116-260, enacted December 27, 2020).

II.  No deduction shall be denied, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of the exclusion from gross business income provided by paragraph I.

III.  This section shall apply to taxable years ending after March 3, 2020, corresponding with the date of the enactment of the federal Coronavirus Aid, Relief, and Economic Security Act.

74:2  Effective Date.  This act shall take effect upon its passage.

 

Approved: June 10, 2021

Effective Date: June 10, 2021

 

 

Links

SB3 at GenCourtMobile
SB3 Discussion

Action Dates

Date Body Type
Feb. 8, 2021 Senate Hearing
March 18, 2021 Senate Floor Vote
April 27, 2021 House Hearing
May 4, 2021 House Exec Session
May 11, 2021 House Exec Session
May 18, 2021 House Exec Session
May 25, 2021 House Exec Session
House Floor Vote
Feb. 8, 2021 Senate Hearing
March 18, 2021 Senate Floor Vote
April 27, 2021 House Hearing
May 4, 2021 House Exec Session
May 11, 2021 House Exec Session
May 18, 2021 House Exec Session
May 25, 2021 House Exec Session

Bill Text Revisions

SB3 Revision: 32726 Date: June 10, 2021, 3:25 p.m.
SB3 Revision: 32639 Date: June 4, 2021, 4:02 p.m.
SB3 Revision: 32062 Date: May 17, 2021, 11:19 a.m.

Docket


June 15, 2021: Signed by the Governor on 06/10/2021; Chapter 0074; Effective 06/10/2021


June 10, 2021: Signed by the Governor on 06/10/2021; Chapter 0074; Effective 06/10/2021


June 10, 2021: Signed by the Governor on 06/10/2021; Chapter 0074; Effective 06/10/2021 SJ 19


June 8, 2021: Enrolled Adopted, VV, (In recess 06/03/2021); SJ 19


June 3, 2021: Enrolled Adopted, VV, (In recess 06/03/2021); SJ 19


June 4, 2021: Enrolled (in recess of) 06/04/2021 HJ 9 P. 52


June 8, 2021: Enrolled (in recess of) 06/04/2021 HJ 9 P. 52


June 4, 2021: Ought to Pass: MA VV 06/04/2021 HJ 9 P. 34


June 4, 2021: Ought to Pass: MA VV 06/04/2021 HJ 9 P. 34


: Committee Report: Ought to Pass (Vote 23-0; RC) HC 26 P. 29


May 25, 2021: Committee Report: Ought to Pass (Vote 23-0; RC) HC 26 P. 29


May 19, 2021: Executive Session: 05/25/2021 09:30 am Members of the public may attend using the following link: To join the webinar: https://www.zoom.us/j/96012823030 / Executive session on pending legislation may be held throughout the day (time permitting) from the time the committee is initially convened.


May 25, 2021: Executive Session: 05/25/2021 09:30 am Members of the public may attend using the following link: To join the webinar: https://www.zoom.us/j/96012823030 / Executive session on pending legislation may be held throughout the day (time permitting) from the time the committee is initially convened.


May 12, 2021: Full Committee Work Session: 05/18/2021 09:30 am Members of the public may attend using the following link: To join the webinar: https://www.zoom.us/j/96731823451 / Executive session on pending legislation may be held throughout the day (time permitting) from the time the committee is initially convened.


May 18, 2021: Full Committee Work Session: 05/18/2021 09:30 am Members of the public may attend using the following link: To join the webinar: https://www.zoom.us/j/96731823451 / Executive session on pending legislation may be held throughout the day (time permitting) from the time the committee is initially convened.


May 5, 2021: ==RECESSED== Executive Session: 05/11/2021 09:30 am Members of the public may attend using the following link: To join the webinar: https://www.zoom.us/j/91063233087 / Executive session on pending legislation may be held throughout the day (time permitting) from the time the committee is initially convened.


May 11, 2021: ==RECESSED== Executive Session: 05/11/2021 09:30 am Members of the public may attend using the following link: To join the webinar: https://www.zoom.us/j/91063233087 / Executive session on pending legislation may be held throughout the day (time permitting) from the time the committee is initially convened.


April 28, 2021: Full Committee Work Session: 05/04/2021 11:00 am Members of the public may attend using the following link: To join the webinar: https://www.zoom.us/j/92340576130 / Executive session on pending legislation may be held throughout the day (time permitting) from the time the committee is initially convened.


May 4, 2021: Full Committee Work Session: 05/04/2021 11:00 am Members of the public may attend using the following link: To join the webinar: https://www.zoom.us/j/92340576130 / Executive session on pending legislation may be held throughout the day (time permitting) from the time the committee is initially convened.


April 14, 2021: Public Hearing: 04/27/2021 10:00 am Members of the public may attend using the following link: To join the webinar: https://www.zoom.us/j/95145735422 / Executive session on pending legislation may be held throughout the day (time permitting) from the time the committee is initially convened.


April 27, 2021: Public Hearing: 04/27/2021 10:00 am Members of the public may attend using the following link: To join the webinar: https://www.zoom.us/j/95145735422 / Executive session on pending legislation may be held throughout the day (time permitting) from the time the committee is initially convened.


Feb. 25, 2021: Introduced (in recess of) 02/25/2021 and referred to Ways and Means HJ 4 P. 50


March 31, 2021: Introduced (in recess of) 02/25/2021 and referred to Ways and Means HJ 4 P. 50


March 18, 2021: Ought to Pass: RC 23Y-0N, MA; OT3rdg; 03/18/2021; SJ 8


March 18, 2021: Ought to Pass: RC 23Y-0N, MA; OT3rdg; 03/18/2021; SJ 8


March 18, 2021: Committee Report: Ought to Pass, 03/18/2021; SC 15


March 8, 2021: Committee Report: Ought to Pass, 03/18/2021; SC 15


: Ought to Pass with Amendment 23Y-1Ns, RC 020421, MA; OT3rdg; [&]; SJ 3


Feb. 8, 2021: Remote Hearing: 02/08/2021, 09:00 am; Links to join the hearing can be found in the Senate Calendar; SC 10


Feb. 3, 2021: Remote Hearing: 02/08/2021, 09:00 am; Links to join the hearing can be found in the Senate Calendar; SC 10


Jan. 6, 2021: Introduced 01/06/2021 and Referred to Ways and Means; SJ 3


Feb. 3, 2021: Introduced 01/06/2021 and Referred to Ways and Means; SJ 3