NFIB Statement on PPP Loan Forgiveness, Small Business Property Tax Reduction

Date: July 01, 2021

NFIB State Director Mike Hickey released the following statement today in response to the final passage of the special session omnibus tax bill, HF 9, legislation that finally conformed on PPP loan forgiveness and deductibility and reduced property taxes for small businesses:

“This is a big victory for small businesses. Minnesota should not be one of the few states to penalize the businesses that stepped up and kept their doors open and continued to employ people during the COVID-19 pandemic. This legislation ensures that will not happen.

“Our members are deeply frustrated because this didn’t happen in time for tax season, but we’re relieved to see an essential, commonsense bill like this finally pass with strong bipartisan support.”

“The small business property tax reduction will be very helpful to struggling main street businesses with lower taxable market values. It completely exempts any business with a taxable market value of under $150,000 from the state general tax which accounts for 20%-30% of a business’s total property taxes”

Related Content: Small Business News | Minnesota

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