Tax,
Covid Columns
Sep. 9, 2020
Bill would align state, federal law on PPP loan forgiveness
Potentially impacting thousands of businesses, the California Legislature has passed Assembly Bill 1577, a bill that would conform California tax law to the federal tax treatment of forgiven loans from the federal Paycheck Protection Program.
Phil Jelsma
Partner and Chair of the Tax Practice Team
Crosbie Gliner Schiffman Southard & Swanson LLC (CGS3)
Email: pjelsma@cgs3.com
Phil is chair of the tax practice team at CGS3. He is recognized as a leading joint venture and tax attorney, with a 30-year background in real estate exchange transactions, syndications, nonprofit corporations and international tax planning.
Potentially impacting thousands of businesses, the California Legislature has passed Assembly Bill 1577, a bill written by Assemblywoman Autumn Burke (D-South Bay) that would conform California tax law to the federal tax treatment of forgiven loans under the federal Paycheck Protection Program -- which was enacted as part of the Coronavirus Aid, Relief and Economic Security Act, aka CARES Act.
Since California businesses borrowed ov...
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