AB 281

  • California Assembly Bill
  • 2021-2022 Regular Session
  • Introduced in Assembly
  • Assembly
  • Senate
  • Governor

Personal income taxes: corporation taxes: gross income.

Abstract

The Personal Income Tax Law and the Corporation Tax Law, in conformity with federal income tax law, generally defines "gross income" as income from whatever source derived, except as specifically excluded, and provide various exclusions from gross income. Existing law, in conformity with the federal CARES Act, and its subsequent amendments in the Paycheck Protection Program and Health Care Enhancement Act and the Paycheck Protection Program Flexibility Act of 2020, among other things, excludes any amounts of covered loans forgiven under the CARES Act from gross income for purposes of the Personal Income Tax Law and the Corporation Tax Law. Existing law reduces the amount of any credit or deduction otherwise allowed under the Personal Income Tax and the Corporation Tax Law for any amount paid or incurred by the taxpayer upon which this exclusion is based by the amount of the exclusion allowed. Existing federal law, the Consolidated Appropriations Act, 2021, prohibits reductions in tax deductions, denials of basis adjustments, and reductions in tax attributes for federal income tax purposes based on the exclusion from gross income of specified loans provided in the federal CARES Act and its subsequent amendments. This bill would state the intent of the Legislature to enact legislation that would bring California's tax treatment of covered Paycheck Protection Program loans into conformity with federal tax laws.

Bill Sponsors (1)

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Actions


Jan 22, 2021

Assembly

From printer. May be heard in committee February 21.

Jan 21, 2021

Assembly

Read first time. To print.

Bill Text

Bill Text Versions Format
AB281 HTML
01/21/21 - Introduced PDF

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