House Approves "Get North Carolina Back to Work Act"
Raleigh, NC – Today, the North Carolina House of Representatives passed Senate Bill 116, the "Get North Carolina Back to Work Act" in a 71-36 overwhelming bipartisan vote.
The bill ends the “extra” $300 per week federal unemployment benefits while also providing much-needed tax relief to businesses and individuals impacted by the COVID-19 pandemic.
"This bill is the way to restore strength in our economy, and finally move forward, to put this pandemic in the rear view mirror," said Speaker Tim Moore. "This is a common-sense, reasonable approach to taking care of the people of this state, businesses, and the overall economy of this state."
Under the bill, businesses will be allowed to deduct expenses paid using a loan under the Paycheck Protection Program (PPP). This will reduce the tax burden on small businesses who utilized PPP loans to keep their employees on the payroll.
Furthermore, it excludes unemployment compensation from taxpayers’ gross income up to the amount specified under federal guidelines. This will extend tax relief to thousands of North Carolinians who were unemployed during the COVID pandemic.
Lastly, the bill includes $250 million in federal funds to assist in child care costs for families in need. This will help ensure families who are unable to return to work due to child care costs have the assistance they need to reenter the workforce.
It now heads to the Senate for further consideration.