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.
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