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)


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.


Filed – 2/17/2021

Referred to the following Senate committees:

-Rules and Operations


Share this Post


Leave a Reply

The NCMS moderates this blog, so expect a slight delay in posting. Please include your full name and affiliation. We insist on respectful dialogue and reserve the right not to post remarks incompatible with our guidelines.

Your email address will not be published. Required fields are marked *