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House Bill 334 - Temp Align PPP Treatment to Federal Treatment (North Carolina, 2021)

Summary

House Bill 334, General Assembly of North Carolina, Session 2021, with the short title Temp Align PPP Treatment to Federal Treatment, by Representatives Pickett and Saine (Primary Sponsors), referred to Commerce, if favorable, Finance, if favorable, and Rules, Calendar, and Operations of the House on March 22, 2021. The act is titled to eliminate the addback for business expenses deducted to the extent the payment results in forgiveness of a covered loan under the federal CARES Act for the 2020 taxable year only. Section 1 and Section 2 each repeal a provision and reenact it effective for taxable years beginning on or after January 1, 2021, and Section 3 makes the act effective for taxable years beginning on or after January 1, 2020.

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“House Bill 334 - Temp Align PPP Treatment to Federal Treatment (North Carolina, 2021).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-03-30-h334v1-0531697390/, SHA-256 800d82d5d32b54255f551d365edf01ba7c6a7a1d99d752f77f8e929ec971b99a.

Full text

                         GENERAL ASSEMBLY OF NORTH CAROLINA
                                     SESSION 2021
     H                                                                                                            1
                                              HOUSE BILL 334


     Short Title:   Temp Align PPP Treatment to Federal Treatment.                                        (Public)
     Sponsors:      Representatives Pickett and Saine (Primary Sponsors).
                        For a complete list of sponsors, refer to the North Carolina General Assembly web site.
     Referred to:   Commerce, if favorable, Finance, if favorable, Rules, Calendar, and Operations of
                    the House
                                                 March 22, 2021

 1                                     A BILL TO BE ENTITLED
 2   AN ACT TO ELIMINATE THE ADDBACK FOR BUSINESS EXPENSES DEDUCTED TO
 3      THE EXTENT THE PAYMENT RESULTS IN FORGIVENESS OF A COVERED LOAN
 4      UNDER THE FEDERAL CARES ACT FOR THE 2020 TAXABLE YEAR ONLY.
 5   The General Assembly of North Carolina enacts:
 6              SECTION 1.(a) G.S. 105-130.5(a)(32) is repealed.
 7              SECTION 1.(b) Effective for taxable years beginning on or after January 1, 2021,
 8   G.S. 105-130.5(a)(32) is reenacted as it existed immediately before its repeal.
 9              SECTION 2.(a) G.S. 105-153.5(c2)(20) is repealed.
10              SECTION 2.(b) Effective for taxable years beginning on or after January 1, 2021,
11   G.S. 105-153.5(c2)(20) is reenacted as it existed immediately before its repeal.
12              SECTION 3. Except as otherwise provided, this act is effective for taxable years
13   beginning on or after January 1, 2020.




                                             *H334-v-1*

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