Potential New Laws That Could Benefit Dentists
The American Dental Association (ADA) and American Institute of CPAs (AICPA) supports several new bills that could benefit dental practices and their owners.
The first bill, which was introduced at the end of June, included a provision that would give a dental practice and other small businesses a tax credit of up to $25,000 for the purchase of gloves, medical masks, respirators, eye protection, gowns and aprons, boots or closed-toe work shoes, cleaning detergents, hand sanitizers, cleaning products, and tools, as well as the retrofitting or installation of equipment.
The second bill, currently referred to as “The Paycheck Protection Program Small Business Forgiveness Act,” is a bipartisan bill that included a provision that would forgive all PPP loans under $150,000. According to the coalition supporting the bill, 86% of all recipients have a loan under the limit, but that same group only accounts for 27% of the PPP funds loaned year-to-date.
The above two bills would be a victory for small businesses and dental practices, and we will continue to monitor the bills if and when they progress. If you have questions you should consult your tax advisor.