IN SB0309 | 2021 | Regular Session

Status

Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on January 11 2021 - 25% progression
Action: 2021-01-11 - First reading: referred to Committee on Tax and Fiscal Policy
Pending: Senate Tax and Fiscal Policy Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Income tax exemption for payroll protection loans. Provides that federal Paycheck Protection Program loans that are subsequently forgiven are not subject to Indiana adjusted gross income tax (AGI). Provides that if a taxpayer incurs an expense described in 15 U.S.C. 9005(b) that: (1) would have been deductible in determining AGI; but (2) the deduction for the expense was denied for federal purposes as the result of being paid from loan amounts forgiven or reasonably anticipated to be forgiven; the taxpayer is permitted a deduction in determining AGI in the amount that otherwise would have been allowable in determining AGI. Provides a deduction in the calculation of AGI.

Tracking Information

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Title

Income tax exemption for payroll protection loans.

Sponsors


History

DateChamberAction
2021-01-11SenateFirst reading: referred to Committee on Tax and Fiscal Policy
2021-01-11SenateAuthored by Senators Buchanan and Rogers

Indiana State Sources


Bill Comments 750

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