NFIB is urging members to contact their legislators and encourage them to support HB 1195, legislation that would let small business owners deduct forgiven expenses paid for with federal Paycheck Protection Program (PPP) loans from their gross receipts taxes.
“The federal COVID-19 recovery act signed into law in December lets employers deduct these expenses on their federal income taxes, but Texas law doesn’t, and that’s not fair to the small businesses that took the PPP loan to keep Texans on payroll,” Spilman said.
“HB 1195 would save Texas businesses millions of dollars and help Main Street businesses recover from the economic downturn brought about by the pandemic,” Spilman said. “With the money they save, owners could invest more in their businesses and afford to give employers higher wages and better benefits.
“HB 1195 would ease some of the financial pressure on small businesses and help them get through this crisis and keep people employed.”