SB 309

Bill Subjects

Abstract

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.