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M&G Trucking: PPP tax 'could be devastating for us' - Providence Business News


GOV. DANIEL J. MCKEE S proposed taxation of Paycheck Protection Program loans over $150,000 is causing concerns for some Rhode Island businesses. / PBN PHOTO/CASSIUS SHUMAN
PROVIDENCE – Melody Majkut went from a feeling of relief when her business received a federal Paycheck Protection Program loan to shock after she learned that the company could be taxed on the money.
Majkut and her husband, Mark, have operated M&G Trucking and Transportation Inc. in Pawtucket for 27 years. The company, which delivers general freight to as far away as Texas, received two $450,000 PPP loans, which she said “arrived in the nick of time” to save the business. Now, she is concerned of the burden to the business in having to pay $45,000 in taxes on the forgiven loans. ....

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McKee committed to PPP taxation over $150K - Providence Business News


McKee committed to PPP taxation over $150K
Updated at 7:07 p.m. on April 7, 2021
GOV. DANIEL J. MCKEE is committed to a budget proposal calling for taxation of Paycheck Protection Program loans over $150,000 that would generate about $67.7 million in general revenue in 2021 and 2022. / AP PHOTO/STEVEN SENNE
PROVIDENCE – Gov. Daniel J. McKee’s proposal to tax forgiven Paycheck Protection Program loans greater than $150,000 would generate an estimated $67.7 million in revenue for the state in fiscal years 2021 and 2022, according to the governor’s office.
Despite growing opposition from business groups, McKee spokesman Matt Sheaff on Wednesday said the governor remains committed to the proposal, which marks a shift in policy from what Paul L. Dion, chief of the R.I. Office of Revenue Analysis, told the Senate Committee on Finance in January. ....

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Raimondo transfers budget powers to McKee via executive order


Raimondo transfers budget powers to McKee via executive order
The governor also named three new acting heads of state departments
By Brian Amaral Globe Staff,Updated February 22, 2021, 7:31 p.m.
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Rhode Island Governor Gina Raimondo signs an executive order on Feb. 22 directing state departments to cooperate with Lieutenant Governor Dan McKee in his efforts to develop the state s budget for the upcoming fiscal year.Photo Courtesy of the Office of the Governor of Rhode Island/Handout
PROVIDENCE — Rhode Island Governor Gina Raimondo on Monday handed over budget powers to her soon-to-be successor, Lieutenant Governor Dan McKee, with her departure for President Joe Biden’s cabinet possibly stretching into March. ....

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Raimondo delegates budget power to McKee, names 3 to cabinet


Raimondo delegates budget power to McKee, names 3 to cabinet
Gov. Gina Raimondo Monday turned her constitutionally-granted state budget-writing responsibilities over to Lt. Gov. Dan McKee.
A tax and spending plan for the year beginning July 1 is due by state law no later than March 11, but Raimondo s nomination to be U.S. Commerce Secretary awaits Senate confirmation with no date set for a vote.
In an executive order she signed Monday evening, Raimondo delegated  development of the FY 2022 Budget to McKee, regardless of whether she is in office. The Rhode Island Constitution requires the governor to prepare and propose an annual budget to the General Assembly. ....

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