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NC S112

Bill

Official Source

Status

Introduced

2/17/2021

Primary Sponsor

Jim Burgin

Click for details

Origin

Senate

2021-2022 Session

AI Summary

  • Eliminates the addback for business expenses deducted to the extent payment results in forgiveness of a covered loan under the federal CARES Act for the 2020 taxable year only
  • Repeals G.S. 105-130.5(a)(32) for the 2020 tax year, then reenacts it effective for taxable years beginning January 1, 2021
  • Repeals G.S. 105-153.5(c2)(20) for the 2020 tax year, then reenacts it effective for taxable years beginning January 1, 2021
  • Effective for taxable years beginning on or after January 1, 2020
  • Aligns North Carolina's tax treatment of Paycheck Protection Program (PPP) loan forgiveness with federal treatment for one year

Legislative Description

Temp Align PPP Treatment to Federal Treatment

Public

Last Action

Ref To Com On Rules and Operations of the Senate

2/18/2021

Committee Referrals

Rules and Operations of the Senate2/18/2021

Full Bill Text

No bill text available