Senator Hassan Questions Deputy Treasury Secretary Nominee on Out-of-State Taxes and Relief to New Hampshire New & Small Businesses
Senator Hassan Also Called for Additional Action to Disrupt Terrorist Financing
WASHINGTON – U.S. Senator Maggie Hassan (D-NH) today questioned President Joe Biden’s nominee to be Deputy Treasury Secretary, Wally Adeyemo, during a Senate Finance Committee hearing. The Senator questioned Mr. Adeyemo on a number of important economic priorities for New Hampshire, including Senator Hassan’s bipartisan efforts to prevent other states from taxing Granite Staters working in New Hampshire and ensuring that New Hampshire small businesses receive the COVID-19 relief that that they need.
Senator Hassan also called for additional action to disrupt terrorist and organized criminal financing through the trade in art and antiquities.
To watch Senator Hassan’s questioning, click here.
Protecting Granite Staters from Out-of-State Taxes
During the hearing, Senator Hassan discussed her bipartisan efforts to protect Granite Staters, working from home in New Hampshire, from out-of-state income taxes. “Earlier this month, I called on Senate leadership to protect Granite Staters from out-of-state income taxes in the next legislative package,” Senator Hassan said. “Currently, other states are trying to impose income taxes on New Hampshire residents who normally commute to those states, but they are working from home during the pandemic. I strongly oppose these unconstitutional out-of-state taxes, and I’ll continue working with the Committee and my colleagues to build on a bipartisan proposal to provide strict limits on states’ authority to tax workers outside their borders.”
Supporting Small Businesses
Senator Hassan discussed concerns she has heard from newly opened small businesses about the lack of federal support amid the COVID-19 pandemic.
“Startups and new businesses will play a central role in job creation and economic growth during the recovery from COVID-19,” said Senator Hassan. “Unfortunately, many new businesses have limited access to current small business assistance programs, including the Paycheck Protection Program and the Employee Retention Tax Credit…I strongly support addressing this in upcoming relief legislation.”
Mr. Adeyemo committed to working together on ways to support innovative new businesses.
Senator Hassan also called on the Treasury Department to help ensure that small businesses fully understand how they can use both the Paycheck Protection Program and the Employee Retention Tax Credit.
“The year-end COVID relief package contained a bipartisan bill that I introduced with Senator Burr that made small businesses eligible for both the Paycheck Protection Program and the Employee Retention Tax Credit with guardrails to prevent from double-dipping,” Senator Hassan said. “Recently, I joined with Senator Burr to urge the Treasury to ensure that PPP participants have full access to the Employee Retention Credit by issuing much-needed guidance.”
Following her questioning, Mr. Adeyemo committed to Senator Hassan that he would help ensure that small businesses promptly receive the guidance that they need to take full advantage of the Employee Retention Tax Credit, as well as increase educational outreach for the credit.
Combating Terrorist Financing
Lastly, the Senator discussed the Treasury’s role in combating emerging forms of terrorist financing and highlighted concerning reports that the Islamic State sold looted antiquities to help fund their campaign of terror.
Mr. Adeyemo agreed on the importance of addressing terrorist financing and committed to working on it.
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