Updates on Issues Discussed In the Last Legislative Watch
Federal Updates: American Rescue Plan Act Last week, President Biden signed the American Rescue Plan Act, a $1.9 trillion economic relief package. Nonprofit advocacy efforts proved effective, resulting in the inclusion of the following priorities in this package:
Paycheck Protection Program As of now, the deadline for PPP Loan Applications remains March 31. On March 9, the House of Representatives introduced the bipartisan PPP Extension Act of 2021 in efforts to extend the application deadline through May 31st. Universal Giving Pandemic Response and Recovery Act On Tuesday, March 9th, Senator Lankford (R-OK) introduced the bipartisan Universal Giving Pandemic Response and Recovery Act; the bill would make available to taxpayers who do not itemize on their tax returns a below-the-line deduction for charitable giving on federal income taxes valued at up to one-third of the standard deduction (around $4,000 for an individual filer and $8,000 for married joint filers). This incentive would be available for tax years 2021 and 2022. WORK NOW Act On Thursday, March 11th, Senator Klobuchar (D-MN) introduced the WORK NOW Act, the legislation to provide $50 billion in grants to charitable nonprofits to expand staff and hire unemployed individuals. Priority relief would be provided to organizations that provide services related to the COVID-19 pandemic. Employee Retention Tax Credit When first enacted, nonprofits could not claim the ERTC if they also received a PPP loan. Congress changed this restriction at the close of 2020, meaning nonprofits can now claim the ERTC for wages not part of their forgiven PPP loan. Click here for more information. Happening Now in IdahoBelow is relevant proposed legislation currently under consideration by the Idaho Legislature.Senate Bills:
Stay Connected with the Idaho Legislature: Idaho In Sessio Idaho Public Television offers Idaho In Session, a free streaming service that allows organizations to track hearings and legislation that impacts them and their constituents can be found here. The Idaho Nonprofit Center would like to thank the National Council of Nonprofits for Content Themes.
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