summary
Introduced
03/29/2021
03/29/2021
In Committee
03/29/2021
03/29/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
192nd General Court
Bill Summary
Relative to providing for a paycheck protection program loan tax exemption. Covid-19 and Emergency Preparedness and Management.
AI Summary
This bill proposes to provide a tax exemption for Paycheck Protection Program (PPP) loan forgiveness received by eligible recipients for tax years 2020, 2021, and 2022. The PPP was established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help small businesses maintain their payrolls during the COVID-19 pandemic. This bill would ensure that the forgiveness of these PPP loans is not included in the gross income of eligible recipients for Massachusetts state tax purposes. Section 2 of the bill then repeals Section 1, and Section 3 sets the effective date of Section 2 to January 1, 2023.
Committee Categories
Military Affairs and Security
Sponsors (3)
Last Action
Accompanied a study order, see H4968 (on 07/20/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/192/H486 |
| Bill | https://malegislature.gov/Bills/192/H486.pdf |
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