Bill > H0213

This bill amends existing law to revise provisions regarding Idaho taxable income. Specifically, it allows taxpayers to subtract the following from their taxable income: (1) any amounts included in taxable income for Idaho rebound cash grants for small businesses received under the Coronavirus Aid, Relief, and Economic Security (CARES) Act; (2) any amounts included in taxable income for loans forgiven under the Paycheck Protection Program (PPP) and Health Care Enhancement Act, and the Paycheck Protection Program Flexibility Act of 2020, except for forgiven economic injury disaster loan advance funds; and (3) any amounts excluded from taxable income for loans forgiven under the CARES Act and for funds received under the Emergency Rental Assistance Program established by the Consolidated Appropriations Act, 2021. The bill also declares an emergency and provides that it shall be effective retroactively to January 1, 2021.

Budget and Finance, Justice

Revenue and Taxation Committee (House)

https://legislature.idaho.gov/sessioninfo/2021/legislation/H0213/