Today, OBI joined more than 40 other organizations to oppose the -1 amendment to HB 2457, a concept that would require forgiven PPP loan amounts be added back as “taxable income” for Oregon businesses that used the program exactly the way it was intended. It is an unfair, retroactive tax increase on Oregon businesses at time when Oregon is already projected to bring in more revenue than ever before.
It appears that our efforts made an impact. The amendment was pulled from the agenda this afternoon at the House Revenue Committee without explanation. We will continue to watch this bill and will always oppose efforts to tax federal COVID relief.