Chamber sees business tax as ‘jagged rocks’

ST. PAUL, Minn. – The Minnesota Chamber of Commerce called on local chambers to urge their legislators to change the state tax code to save small businesses money in taxes. Unless the Legislature acts, businesses will be “on the hook” for the taxes on the Payback Protection Program’s forgivable CoVid relief loans, the Chamber said. The Chamber noted that federal law allows companies to reduce business expenses by the amount of PPP loan forgiveness – but the state government doesn’t. The Chamber used a life raft metaphor: “PPP was used as a life raft for many Minnesota businesses, and now it appears that life raft is headed towards some jagged rocks.”