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PPP tax compromises still not a done deal at statehouse
The Legislature is still trying to find a compromise to avoid taxing thousands of businesses for the benefit they got under the federal Paycheck Protection Program. Author: Don Carrigan Updated: 2:44 PM EST March 6, 2021
AUGUSTA, Maine — Three weeks after the Mills Administration announced a plan to tax thousands of Maine businesses for part of their PPP loan money, businesses are still waiting for a final decision, while lawmakers are still at odds over what that decision should be.
On Tuesday, Governor Mills came out with a compromise that would leave 99 percent of the businesses the received PPP loans paying no tax on that money. The plan would basically exempt businesses that received less than a million dollars in PPP loan funds from paying state income tax. Congress already made those funds off-limits from federal income taxes.
MaineUnited-statesMatt-pouliotr-augustaMaureen-terryd-gorhamTaxation-committeePaycheck-protection-programMills-administrationPaycheck-protectionGovernor-millsMaureen-terryMatt-pouliotAssistant-minority-leader