Chamber Advocacy: Last Week in Raleigh
As previously reported, the Asheboro/Randolph Chamber participates in weekly meetings with the NC Chamber of Commerce with regard to advocating on behalf of business and industry. The Asheboro/Randolph's four main pillars of interest include: Healthcare, Education and Talent Supply, Competitive Business Climate, and Infrastructure and Growth.
Two bills of particular interest include Senate Bill 104 and Senate Bill 112. SB 104 would bring North Carolina into alignment with the federal CARES Act on the issue of PPP load deductibility. It would allow NC businesses, when calculating their state taxes, to deduct any expenses paid for with the proceeds of forgiven PPP loans. These would be effective beginning with 2020 taxable year. SB 112 would enact the same measures for the 2020 taxable year only. The NC Chamber's team is working through the two bills to determine their impact on business and industry before taking a position. If you have comments or concerns related to these two bills, please contact Linda Brown at the Asheboro/Randolph Chamber.
And finally, under the area of Competitive Business Climate:
HB 107/SB 114 DES COVID Modifications and Technical Changes
[HB 107 was filed on 2/17, and SB 114 was filed on 2/18.]+
These are companion bills that would make a number of modifications to unemployment insurance measures passed in 2020 COVID-19 relief legislation. Among the changes, they would keep the base contribution rate for experience-rated employers at 1.9%, extend the deadline for federal COVID-19 unemployment relieve until the end of 2021 (or until the state of emergency is rescinded in North Carolina), and award businesses a tax credit for contributions to the UI Fund payable under G.S. 96-9.2 for contributions due for the calendar year 2020. We support these bills as employers need support from state leaders to help fuel our economic relaunch. Reducing unemployment insurance burdens created by COVID 19 is the right thing to do on behalf of job creators.