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CA AB1577
Bill
Status
Passed
9/9/2020
Primary Sponsor
Autumn Burke
Click for details
AI Summary
- Excludes from California state gross income any covered loan amounts forgiven under the federal CARES Act (Public Law 116-136), the Paycheck Protection Program and Health Care Enhancement Act (Public Law 116-139), and the Paycheck Protection Program Flexibility Act of 2020 (Public Law 116-142)
- Applies to taxable years beginning on or after January 1, 2020
- Requires reduction of any credits or deductions otherwise allowed for amounts paid or incurred that are subject to this exclusion
- Defines "covered loan" using the same meaning as in Section 1106 of the CARES Act
- Applies to both personal income tax (Section 17131.8) and corporation tax (Section 24308.6)
Legislative Description
Income taxes: federal CARES Act: gross income: loan forgiveness.
Last Action
Chaptered by Secretary of State - Chapter 39, Statutes of 2020.
9/9/2020
Committee Referrals
Revenue and Taxation8/30/2020
Appropriations7/30/2020
Governance and Finance7/9/2020
Rules7/2/2020
Business, Professions and Economic Development5/16/2019
Rules5/2/2019
Jobs, Economic Development, and the Economy3/28/2019
Full Bill Text
No bill text available