More than one way to define ‘profit’ in dispute over PPP tax

GOV. DANIEL J. MCKEE said during his press briefing at the Statehouse on Tuesday that companies that made a profit of over $250,000 while in receipt of Paycheck Protection Program loans would be obligated to pay Rhode Island taxes. / PBN PHOTO/CASSIUS SHUMAN
PROVIDENCE – How many ways are there to define a "profit" in business? When it comes to Rhode Island companies that received forgivable Paycheck Protection Program loans, more than they, Gov. Daniel J. McKee and other state Democratic leaders can agree on. The House on Thursday is set to vote on a $13.1 billion fiscal…

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  1. This is not only bad policy but bad politics for the administration and state legislators who support this…..with the excess funding from the Feds why choose this issue to battle over and create yet another reason to not reside in or relocate your business to this state…particularly if you are a successful business? For what……a one time pickup that has a lasting negative impression of the state? Foolish. The state did a lot of good things during the pandemic to help businesses…is this what you want businesses to remember about how the state treated those that were in the most need and managed to actually pull through successfully?

  2. This is a fiasco. “Loan” recipients should have been advised upfront that if they don’t repay the “Loan”, it is treated as taxable income. Gina and Seth should have made that clear. Another ball dropped.