california assembly - taxes
Taxation: Coronavirus Aid, Relief, and Economic Security Act: Federal Consolidated Appropriations Act, 2021.
District 62 Assembly Member Autumn Burke
- Excludes PPP grants from being taxed as income.
- Taxable years would begin on or after January 1, 2019, from gross income any advance grant amount, as defined, issued pursuant to specified provisions of the CARES Act or the Consolidated Appropriations Act, 2021, and covered loan amounts forgiven pursuant to the Consolidated Appropriations Act, 2021.
- 04/29/21 - Chaptered by Secretary of State - Chapter 17, Statutes of 2021.
- Recommended Position: Support
- As HACLAS are currently written, businesses can be taxed on PPP money. For those that received PPP grants, be aware that you can be taxed.
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