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News

ARTICLE

Date ArticleType
6/30/2021 Member News

OHBA Joins Coalition of Businesses and Trade Organizations to Defeat State PPP Tax


Working together, a broad coalition of concerned trade organizations and businesses (including our state association, OHBA) fought off a last-minute attempt to tax what was not intended to be taxed, Paycheck Protection Program Loans (PPP). On May 25, an amendment to Senate Bill 137, was heard during the Senate Committee on Finance and Revenue that would have required forgiven PPP loan amounts in excess of $100,000 be added back as “taxable income” for Oregon businesses that used the program.

In response to the COVID-19 pandemic, through the CARES Act, Congress authorized the creation of the PPP that provided temporary and limited funding to small businesses (fewer than 500 employees) in the form of loans that would be fully forgiven if used for authorized purposes like payroll, rent, and utilities. The funds were intended to keep as many employees on payroll as possible when states were experiencing massive spikes in unemployment benefit claims due to the government-ordered business closures and other impacts of the pandemic. Congress was clear that these funds should not be considered income, and after the IRS issued a ruling that these funds would not be allowed as regular deductible business expenses, Congress responded by expressly fixing this unintended consequence with the passage of the Consolidated Appropriations Act of 2020.

Unfortunately some in Salem did not feel the same way. Not only would this amendment have contradicted the spirit and intent Congress had envisioned for the program, it was offered at a time when Oregon is projecting a very strong economic outlook. The May forecast showed a $1.1 billion increase from the March Revenue Forecast and a $2.3 billion increase from the 2019 Close of Session Forecast, a forecast made prior to the pandemic. This amendment, had it passed, would have cost Oregon businesses an estimated $450-600 million when many, even with PPP help, are struggling to survive. For more information on advocacy efforts at the state level, contact OHBA.

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15555 Bangy Road   | Lake Oswego, OR 97035
Phone: (503) 684-1880 | info@hbapdx.org | sitemap
MemberClicks
  • Member Login
  • Join Now
  • Membership Rates
  • How your HBA membership saves you money
  • Good for your business
  • HBA's Brand Unveiling
  • Our Team
  • Our Board
  • Our History
  • Consumer Shows
  • Home Building Foundation
  • Oregon Home Builders Association
  • National Association of Home Builders
  • Contact Us
  • Member Benefits
  • Home Building Association of Greater Portland Receives Two National Association Excellence Awards
  • Home Performance Council
  • Portland Building and Urban Development Council
  • Remodeling & Custom Building Council
  • Professional Women in Building
  • Government Affairs Committee
  • Support our Political Engagement
  • HBA PAC House
  • Advocacy Resources
  • News
  • Building Science Program
  • Webinar Recordings
  • Construction Contractors Board (CCB)
  • Home Builders University
  • Lead Based Paint Classes
  • BuildRight Conference
  • Housing Forecast