Loading chat...
NC S104
Bill
Status
Introduced
2/16/2021
Primary Sponsor
Charles Edwards
Click for details
AI Summary
-
Repeals G.S. 105-130.5(a)(32) regarding the addback for business expenses deducted to the extent payment results in forgiveness of a covered loan under the federal CARES Act
-
Repeals G.S. 105-153.5(c2)(20) for the same purpose of eliminating the addback for forgiven Paycheck Protection Program (PPP) loan expenses
-
Aligns North Carolina tax treatment of forgiven PPP loans with federal tax treatment by removing state-level addback requirements
-
Effective for taxable years beginning on or after January 1, 2020
Legislative Description
Align PPP Tax Treatment to Federal Treatment
Public
Last Action
Ref To Com On Rules and Operations of the Senate
2/17/2021
Committee Referrals
Rules and Operations of the Senate2/17/2021
Full Bill Text
No bill text available