Oregon Legislature Wants to Tax PPP Loans

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The following is a Legislative update from The Dalles Chamber of Commerce and the Oregon State Chamber of Commerce

The Legislature Wants to Tax PPP Loans:OPPOSE HB 2457 (-1 Amendment)
 What is the legislature’s fascination with taxing the Federal stimulus benefits to small businesses and families? First, they want to deny small business tax benefits granted by Congress (HB 2839, SB 137) in the CARES Act. Then, they have no interest in passing legislation to prevent state taxes on stimulus checks (SB 842). Now they want to tax forgiven PPP Loans? Yes, they do. We’ve been watching HB 2457 carefully. It’s posted for tomorrow in House Revenue Committee to “consider an amendment.” What is that amendment? It adds back forgiven PPP loans into taxable income so the state can tax it! All of this right after the legislature got word that it’s receiving $2.6 billion from the Federal Government to fill its coffers. So let’s get this straight. The state collects $2.6 billion from the Federal Government to fill all of its budget shortfalls but they won’t allow YOU to claim any federal benefits without taxing them? Tell the legislature to keep its hands off of federal programs designed to benefit small businesses and families. The PPP program did not cost the state a single penny. In fact, the state already benefitted with retained jobs and paychecks. There’s absolutely no reason for the legislature to try and get its hands on additional money by taxing forgiven PPP loans.
 How to Submit Written Comment for the Record
 Provide your letter of comment on your Chamber letterhead. Please provide specific, local examples where possible.When submitting written comments for the record, please address them to the committee.Email your comments to the Committee Assistant.

 

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