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. We are monitoring these to consider where they fall in relations to other tax priorities impacting job creators. Latest Action: On Wed, Feb 17 SB 104 was referred to the Senate Committee on Rules and Operations, and SB 112 was referred to the same committee on Thur, Feb 18.
And finally, under the area of Competitive Business Climate:
HB 107/SB 114 DES COVID Modifications and Technical Changes
These companion bills 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extend the deadline for federal COVID-19 unemployment relieve until the end of 2021 (or until the state of emergency is rescinded in North Carolina), and award businesses a tax credit for contributions to the UI Fund payable under G.S. 96-9.2 for contributions due for the calendar year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. Latest Action: On Thur, Feb 25, HB 107 was reported favorable by the House Finance Committee and referred to the House Committee on Rules, Calendar, and Operations. On Wed, Feb 24, SB 114 was referred to the Senate Finance Committee.
