Minnesota farmers who used the Paycheck Protection Program during the pandemic will not owe state income tax on those loans. Minnesota Pork Producers Association CEO David Preisler says that’s consistent with every other state in the Upper Midwest.
“It just took a little longer for us to work through that process here in Minnesota, but that was a big win. Even six to eight weeks ago there was discussion about taxing a portion of that, so it was good to see it all come through and not be taxable.”
Most states exempted PPP income, but Minnesota lawmakers went back and forth until the end of June’s special session before coming to terms on a tax bill that was signed by Governor Walz. Preisler says PPP loans helped pork producers through some really dark times.
“What that did is really enable them to keep paying their bills in order to try and live to another day. And that’s really the value proposition of that, and it made a big difference.”
Preisler says the legislative session produced other wins too including increased funding for the Board of Animal Health and Department of Agriculture, as well as additional resources to support local meat processors.