SB 112 – Temp Align PPP Treatment to Federal Treatment

SB 112 – Temp Align PPP Treatment to Federal Treatment

Primary Senate Sponsors: Sen. Jim Burgin (R-Harnett, Johnston, Lee); Sen. Kevin Corbin (R-Cherokee, Clay, Graham, Haywood, Jackson, Macon, Swain); Sen. Don Davis (D-Greene, Pitt)

Summary

This bill seeks to repeal statutory language which requires corporate and individual taxpayers to add the amount of any expense deducted under the Internal Revenue Code to the taxpayer’s adjusted gross income to the extent the payment results in forgiveness of a covered loan pursuant to the portion of  the CARES Act governing the Payment Protection Program and the income associated with the forgiveness is excluded from gross income pursuant to the CARES Act.

Movement

Filed – 2/17/2021

Referred to the following Senate committees:

-Rules and Operations

 
 

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