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SB 309 IN

Income tax exemption for payroll protection loans.

IN · session 2021 · Senate · bill

A state bill is a proposed law in a state legislature — separate from the U.S. Congress. Learn more →

Introduced Jan 11, 2021

Latest action (Jan 11, 2021) First reading: referred to Committee on Tax and Fiscal Policy

Summary

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.

Sponsors (2)

Action history (2)
  1. Jan 11, 2021 Authored by Senators Buchanan and Rogers · upper
  2. Jan 11, 2021 First reading: referred to Committee on Tax and Fiscal Policy · upper
Subjects
INCOME TAXES, Adjusted Gross Income Taxes

Text versions (1)

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

  • Introduced Senate Bill (S) · Jan 11, 2021 · PDF

Full text

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