Indiana Senate Bill 309 (Prior Session Legislation)

---

Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on January 11 2021 - 25% progression, died in committee
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]

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.

Income tax exemption for payroll protection loans.

Sen. Brian Buchanan [R]

Sen. Linda Rogers [R]

Date	Chamber	Action
2021-01-11	Senate	First reading: referred to Committee on Tax and Fiscal Policy
2021-01-11	Senate	Authored by Senators Buchanan and Rogers

Type	Source
Summary	https://iga.in.gov/legislative/2021/bills/senate/309/details
Text	http://iga.in.gov/static-documents/9/3/9/2/9392a977/SB0309.01.INTR.pdf
Supplement	http://iga.in.gov/static-documents/7/3/4/d/734d232e/SB0309.01.INTR.FN001.pdf