Minnesota HF373 amends state tax law to exempt certain business income from taxation.

Minnesota HF373 amends state tax law to exempt certain business income from taxation. Specifically, it exempts trade or business income for corporations and taxpayers who received Paycheck Protection Program loans. For these entities, the exemption begins in the taxable year immediately following the year when the cumulative tax paid equals or exceeds the aggregate amount of Paycheck Protection Program loans received. All other corporations are exempt from taxation for taxable years beginning after December 31, 2025.

Minnesota HF373 amends state tax law to exempt certain business income from taxation.

Minnesota HF373 amends state tax law to exempt certain business income from taxation. Specifically, it exempts trade or business income for corporations and taxpayers who received Paycheck Protection Program loans. For these entities, the exemption begins in the taxable year immediately following the year when the cumulative tax paid equals or exceeds the aggregate amount of Paycheck Protection Program loans received. All other corporations are exempt from taxation for taxable years beginning after December 31, 2025.