SB 112/HB 334 – 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)
Primary House Sponsors: Rep. Ray Pickett (R-Ashe, Watauga); Rep. Jason Saine (R-Lincoln)
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
HB 334
Filed – 3/17/2021
SB 112
Filed – 2/17/2021
This bill was referred to the following Senate committees:
-Rules and Operations