NFIB State Director Tom Underwood released the following statement in response to Gov. Andy Beshear signing House Bill 278, a bill allowing small businesses to deduct forgiven expenses paid for with federal Paycheck Protection Program (PPP) loans on their Kentucky income taxes:
“Our members really appreciate the General Assembly and Governor Beshear for passing HB278 and signing it into law so quickly. Small businesses could deduct these COVID-19-related expenses on their federal taxes, but they couldn’t deduct them on their state taxes, and that wasn’t fair. As the bill’s primary sponsor, Rep. Patrick Flannery (96th District) lead the effort to bring relief to Main Street. The freshman legislator’s dedication saw the bill move swiftly through the General Assembly.
“The pandemic has been devastating to Kentucky’s economy, especially its small businesses. This legislation is going to save small businesses millions of dollars in taxes by allowing them to deduct some of the costs associated with staying open throughout the pandemic and keeping people employed.”
