Bill Text: TX SB372 | 2021-2022 | 87th Legislature | Introduced
Bill Title: Relating to the forgiveness of a loan made under the Paycheck Protection Program for franchise tax purposes.
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: (Introduced - Dead) 2021-04-15 - Co-author authorized [SB372 Detail]
Download: Texas-2021-SB372-Introduced.html
| By: Hancock | S.B. No. 372 | |
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| relating to the forgiveness of a loan made under the Paycheck | ||
| Protection Program for franchise tax purposes. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 171.1011, Tax Code is amended by adding | ||
| subsection (y) to read as follows: | ||
| (y) Total revenue does not include any amount of loan forgiven | ||
| under the Paycheck Protection Program, as provided for under | ||
| section 1106 of the Coronavirus Aid, Relief, and Economic Security | ||
| Act, as amended by the Paycheck Protection Program Flexibility Act. | ||
| Qualifying expenses paid with such loan proceeds may be included in | ||
| the determination of cost of goods sold under Section 171.1012 or in | ||
| the determination of compensation under Section 171.1013. | ||
| SECTION 2. This Act applies only to a report originally due | ||
| on or after January 1, 2021. | ||
| SECTION 3. Except as provided in SECTION 2 of this Act, | ||
| this Act takes effect September 1, 2021. | ||
