Bill Text: TX SB372 | 2021-2022 | 87th Legislature | Introduced

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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

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By: Hancock S.B. No. 372

AN ACT
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.