McKee committed to PPP taxation over $150K

Updated at 7:07 p.m. on April 7, 2021

GOV. DANIEL J. MCKEE is committed to a budget proposal calling for taxation of Paycheck Protection Program loans over $150,000 that would generate about $67.7 million in general revenue in 2021 and 2022. / AP PHOTO/STEVEN SENNE
PROVIDENCE – Gov. Daniel J. McKee's proposal to tax forgiven Paycheck Protection Program loans greater than $150,000 would generate an estimated $67.7 million in revenue for the state in fiscal years 2021 and 2022, according to the governor's office. Despite growing opposition from business groups, McKee spokesman Matt Sheaff on Wednesday said the governor remains committed…
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  1. Rhode Island’s political leadership is moving on all fronts to secure Rhody’s reputation as the worst state in the USA to invest capital and employ people. First the Legislature targets the Charter Schools, an important educational beacon of hope to thousands of inner city families. Then an environmental bill that is half baked and full of opportunity to punish employers and other institutions. Now it is time to reach into the Federal Government’s COVID rescue funds to businesses and take back money that was specifically provided tax free to employers to keep employees working who would other wise be let go by businesses as they strived to survive. And that burden on Sub-S corporations, the corporate form of most all small businesses, will be especially brutal. Two of the three are supported by a Governor who claims to be pro-small business but now appears to be more interested in economic destruction than rebuilding Rhody’s economy. While Massachusetts is also taxing the PPP they have a thriving economy; great infrastructure, best in the nation public education and are not known as the worst place in the USA to run a business. I guess small companies will be left to go to the bank and borrow so that they can pay these taxes. WOW.