Raleigh Chamber: GA Update: The G.R.E.A.T Broadband Expansion Act & JOBS Grants And Tax Relief

Raleigh NC

01 June, 2021

3:30 PM

Description

Press release from the Raleigh Chamber: 6/1/2021 House Bill 947: The G.R.E.A.T Broadband Expansion Act HB 947 proposes to make an additional $400 million allocation to assist counties with access to affordable broadband service upon participating in the Completing Access Broadband Program (CAB). House Bill 334: JOBS Grants and Tax Relief Senate PCS for HB 334 JOBS Grant Program This grant program appropriates $1 billion of federal funds from the American Rescue Plan Act of 2021 to provide grants to NC businesses that received a COVID-related loan from the state or federal government. The maximum grant amount would be $18,750 and is determined by multiplying the lesser of the award amount or $250,000 of the award by 7.5 percent. Tax Policy Initiatives This initiative reduces individual and corporate income taxes, simplifies the franchise tax, extends the sunset on the mill rehabilitation tax credits for two years, modifies the gross premiums tax and the tax on cigars, imposes a sales tax on peer-to-peer vehicle rentals, changes the calculation of the late tax payment penalty, and exempts vaccines and cemetery property from the local property tax base. IRC Update and Related Changes This updates the IRC reference date from May 1, 2020 to April 1, 2021. The change permanently reduces the medical expense deduction threshold from 10 percent of AGI to 7.5 percent. This part enacts a SALT cap election for pass-through entities and provides a separate net operating loss calculation for individual taxpayers. Revenue Laws Study Committee Recommendations This makes technical, clarifying, and administrative changes to the tax law as suggested by the Department of Revenue and recommended by the Revenue Laws Study Committee. HB 334 passed the Commerce and Insurance Committee, passed the Appropriations/Base Budget Committee and is currently with the Senate Rules and Operations Committee. learn more webpage This press release was produced by the Raleigh Chamber. The views expressed here are the author's own.