Tax Relief

BCC: Tax breaks increase the financial system

By Doug Loon, President, Minnesota Chamber

As much as Minnesotans may not be proud, we have a lot to be proud of, even beyond our Olympic athletes. We have a strong business legacy of entrepreneurship and innovation, delivering a high quality of life for citizens in every corner of the state.

Burnsville employers and workers have weathered the storm of the past year and a half, as has the Minnesota economy. And despite the enormous challenges in this legislative period, business leaders spoke up and political decision-makers adopted guidelines that will help our economy to survive and create jobs and opportunities well into the future.

During the COVID-19 pandemic, nearly 190,000 companies took on loans from the Paycheck Protection Program (PPP) so they could not only keep their businesses afloat, but keep their employees on payroll as well. It was up to the legislature to adhere to federal tax laws or those loans would be taxed and these companies penalized.

Companies in the area and across the state set out to show lawmakers exactly why these loans are important and urged them not to be taxed. And this story is not uncommon for all employers and workers who rely on this critical funding to stay afloat.

Legislators stepped forward and met in tripartite ways to comply with federal law and prevent further taxation of these loans. Together with hundreds of thousands of affected companies, we would like to thank the legislators for making this possible. We’d like to thank the local businessmen and business leaders who made their voices heard at the Capitol this year and the lawmakers who listened. We remain committed to working with our elected officials to help Minnesota’s economy – and both employers and workers – emerge strong from the COVID-19 pandemic and be prepared for long-term success.

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