NC House Passes Tax Relief Bill for Small Businesses Impacted by COVID-19 Pandemic | Beaufort County Now | Business Owners Rally Support for Bill Before Bipartisan Passage

Coronavirus Disease 2019 (COVID-19)
Press Release:

    Raleigh, NC     Today, the North Carolina House of Representatives voted 111-2 to pass House Bill 334 — Temporarily Align PPP Treatment to Federal Treatment, which will conform the state to the federal tax structure on the deductibility of business expenses paid for with the Paycheck Protection Program (PPP).

    This will reduce the tax burden on small businesses who utilized PPP loans to keep their employees on the payroll by allowing them to deduct expenses paid for by the loans. Currently, North Carolina is one of only three states that do not allow business owners to deduct expenses paid for by PPP loans.

    "This is a commonsense bill to help businesses across the state who have been dealing with the significant economic impact of the COVID-19 pandemic," said Rep. Ray Pickett (R-Ashe), a primary sponsor of the bill. "For this specific situation, we felt it was best to simplify the process, align with the Federal treatment of PPP loans, and save businesses a little more money towards the bottom line."

    "Not only did our business community keep the economy moving last year, they kept countless North Carolinians employed and able to support their families," said Rep. Jason Saine (R-Lincoln), who is also a primary bill sponsor. "This bill will make life easier for our small businesses, job creators, and tax professionals as they deal with fiscal year 2020 and work to get our state back on track in 2021."

    In 2020, the federal government passed the CARES Act to provide relief to those affected by the COVID pandemic. The CARES Act created the Paycheck Protection Program (PPP), which allowed businesses to receive forgivable loans for payroll and basic operating expenses such as rent, utilities, and personal protection equipment. Historically, loans have been treated as taxable income and aren't deductible.

    The Cares Act allowed for PPP loans to be nontaxable and directed the federal government to allow businesses to deduct expenses paid by PPP funds. House Bill 334 would align North Carolina's treatment of PPP loans with federal tax guidelines in the CARES Act. House Bill 334 will be sent to the State Senate for further action.


  • Contact: Jimmy Milstead
  •     Jimmy.Milstead@ncleg.net

Go Back

HbAD0

Latest Bloodless Warfare: Politics

A new Axios-Ipsos Latino Poll shows how critical the situation really is for Democrats when it comes to Hispanic voters. It’s become more than just a “problem” for their party, but the new normal.
(Raleigh, N.C.) – Unliver, PLC announced yesterday that the company had sold its Ben & Jerry’s ice cream business to the local licensee in Israel
The State Board of Elections on Thursday voted not to recognize the Green Party as an official political party in North Carolina, citing an ongoing investigation into evidence of fraud and other irregularities in the petition process used to seek ballot access for the party.
It’s clear that the Biden administration thinks that the American people are stupid.
Today, Senator Thom Tillis led a letter, also signed by Richard Burr and U.S. Representatives Dan Bishop, Ted Budd, Virginia Foxx, Richard Hudson, Patrick McHenry, Greg Murphy, and David Rouzer, to Attorney General Merrick Garland
RALEIGH: Today, Governor Roy Cooper announced four judicial appointments to District Courts across the state.
WASHINGTON – Today, Republican National Committee (RNC) Chairwoman Ronna McDaniel released the following statement on the historic U.S. Supreme Court victory for life:
U.S. Senator Thom Tillis (R-NC) and six of his colleagues introduced the Iran China Accountability Act to call attention to Iran’s ties with Communist China
The North Carolina State Health Plan and the National Academy for State Health Policy Find that North Carolina's Seven Largest Hospital Systems Reaped Billions of Dollars in Cash, Investments and Profits After Taking COVID Relief

HbAD1

Today, the Senate passed the Bipartisan Safer Communities Act, legislation introduced by Senators Thom Tillis (R-NC), John Cornyn (R-TX), Chris Murphy (D-CT), and Kyrsten Sinema (D-AZ) that will reduce violence and protect the Second Amendment rights of Americans.
As President Biden’s failing liberal policies continue to destroy the economy, Democratic Legislative Campaign Committee (DLCC) President Jessica Post this weekend urged Biden to campaign for Democratic state legislative candidates.
Have you heard the latest? Uncle Joe is attempting to appropriate billions of dollars to a program designed to mandate that CRT is taught across the nation in OUR public schools.
The North Carolina State Health Plan and the National Academy for State Health Policy Find that North Carolina's Dominant Hospital Systems Recorded Billions of Dollars in Profits After Taking Taxpayer-Funded COVID Relief
Milestone Air Quality Legislation Paved Way for Significant Environmental and Clean Energy Efforts
RALEIGH: Today, Governor Roy Cooper tested positive for COVID-19. The Governor is experiencing mild symptoms. He has begun taking Paxlovid, an oral antiviral pill to treat COVID-19. Governor Cooper is vaccinated against the virus and has received two booster shots.
Cheri Beasley loves saying that she doesn’t accept corporate PAC money. The problem is, that isn’t true… at all.

HbAD2

Washington, N.C. – ECU Health, in partnership with the Rivers East Workforce Development Board and NCWorks, will host a series of hiring events including both virtual and in-person job fairs in the months of July and August.
RALEIGH: Governor Roy Cooper has proclaimed June 19 as Juneteenth Day in North Carolina to honor the oldest known commemoration of the abolition of slavery in the United States.
RALEIGH: Today, North Carolina Governor Roy Cooper and North Carolina Department of Natural and Cultural Resources (NCDNCR) Secretary Reid Wilson visited the North Carolina Aquarium at Fort Fisher to highlight investments in the aquarium from the 2021-22 state budget
RALEIGH: Today, Governor Roy Cooper attended the Pollocksville Town Hall Rededication Ceremony to celebrate the ongoing recovery of Pollocksville following severe flooding during Hurricane Florence in 2018.
U.S. Senators Thom Tillis (R-NC), Tom Cotton (R-AR), Marsha Blackburn (R-TN), Bill Cassidy (R-LA), Steve Daines (R-MT), Josh Hawley (R-MO), John Kennedy (R-LA), John Thune (R-SD), and Todd Young (R-IN) introduced the Stop Gun Criminals Act

HbAD3

 
Back to Top