Copyright: Brandon Bourdages
NMHC and NAA joined trade associations in a letter to congressional leadership asking that COVID-19 relief legislation include a provision enabling taxpayers to take deduction for expenses funded by forgiven Paycheck Program Protection Programs.
At time of publication, 683 organizations are supporting the effort. In addition, Reps. George Holding (R-NC), Lizzie Fletcher (D-TX), and Drew Ferguson (R-GA) sent a letter to leadership (attached) with 179 members in support.
While the Treasury Department has, unfortunately, taken the position that expenses funded by forgiven PPP loans are not tax deductible, NMHC and NAA are supporting a legislative fix to address this issue. For more information on this topic, please visit the NMHC Advocacy webpage.
Staff Resource
Related Articles
- Treasury and IRS Issue Clean Energy Tax Credit Guidance
- Business Coalition Letter Regarding 199A
- NMHC and NAA Statement for House Committee on Ways and Means Field Hearing on the State of the American Economy: The South
- NMHC Advocates for Tax Policy as Solution to Housing Affordability Crisis
- Sharon Wilson Géno Written Testimony on Behalf of the NMHC and NAA to the Senate Committee on Finance Hearing Entitled Tax Policy’s Role in Increasing Affordable Housing Supply for Working Families