Sununu to Sign PPP Tax Exemptions for New Hampshire Businesses by Christian Wade, The Center Square
New Hampshire businesses will be exempt from paying state taxes on federal disaster loans under legislation expected to be signed by Gov. Chris Sununu. Sununu told the New Hampshire Business Review he planned to sign the recently approved measure, which will eliminate taxes on the federal Paycheck Protection Program for more than 25,000 businesses that received the disaster loans. “Excited to move forward with yet another tax cut for the Main Street small businesses of New Hampshire,” the Republican governor told the publication. “This plan is a win-win.” Senate Bill 3, filed by Senate Majority Leader Jeb Bradley, R-Wolfeboro, passed the House on June 4, putting New Hampshire in line with a majority of other states that have exempted the PPP loans from taxation. The bill was previously approved by the Senate. Congress exempted the disaster loans from federal income taxes,
but New Hampshire was one of 18 states where the funds were scheduled to be taxed.
CIF Elects New Trustee The Collision Industry Foundation (CIF) is excited to announce the election of Yvette Burke, vice president of replacement and leisure division at Enterprise Holdings Inc., to the CIF Board of Trustees. CIF provides emergency relief by securing and distributing donations to collision repair professionals who have experienced significant losses due to natural disasters or other catastrophic events. Burke has a long history of philanthropic involvement, including within the collision repair industry as a member of the Women’s Industry Network (WIN), where she has contributed on numerous committees and as a mentor, and the National Auto Body Council as a member of the St. Louis Golf Tournament Committee. She is a current board member of the Alzheimer’s Association, chairing the “Walk to End ALZ” and participating on the ALZ Gala Committee.
eligible for PPP loan forgiveness if at least 60% of the proceeds go toward payroll expenses.
“Excited to move forward with yet another tax cut for the Main Street small businesses of New Hampshire. This plan is a win-win” ” — Chris Sununu Lawmakers who backed the move argued that the state has plenty of surplus money and can afford to give back to businesses that have struggled to survive during the pandemic. The state Department of Revenue Administration estimates the impact to state coffers ranging from about $80 million to $135 million. The Paycheck Protection Program was approved as part of the $2.2 trillion CARES Act passed by Congress in March to help keep small businesses afloat during the current pandemic. Under the law, borrowers are
A second pandemic relief package approved by Congress in December provided another round of forgivable PPP loans, and allowed businesses to claim tax deductions for the expenses they covered with forgiven loan proceeds. More than 25,000 New Hampshire businesses received about $3.72 billion through the loan program, according to the latest data from the U.S. Treasury. The federal program effectively ended last week, when the Small Business Administration stopped taking applications for funding.
Source: CIF
Automakers’ Lawsuit to Overturn Voter-Approved MA Vehicle Data Access Law Goes to Trial All eyes in the auto care industry will once again turn to Massachusetts on June 14 as the trial begins in federal court to hear the challenge brought by vehicle manufacturers against the state’s voters on the data access law. Approved by voters Nov. 3, 2020, by an overwhelming 75% to 25% margin, the new law would require manufacturers to provide vehicle owners both access and control of the diagnostic and repair data generated by their vehicles. The lawsuit, filed by the Alliance for Automotive Innovation, the car companies’ trade group, asks the court to overturn the data access ballot question based on a host of allegations, including cyber security concerns, insufficient time to comply with the new data access requirements and their contention
the ballot initiative is preempted by federal law. The trial is expected to last about a week. “Auto Care is carefully following the trial, as well as the verdict, which likely will occur sometime later in the summer,” said Bill Hanvey, president and CEO of the Auto Care Association. “Obviously, we hope that the court will uphold the will of the people of Massachusetts. However, no matter the result, the association is committed to continuing the campaign to ensure that car owners, nationwide, have the ability to directly access their in-vehicle data in real time and to have that data available to the repair shop of their choice.” Source: Auto Care Association
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