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A BILL TO BE ENTITLED
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AN ACT
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relating to the forgiveness of a loan made under the Paycheck |
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Protection Program for franchise tax purposes. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 171.1011, Tax Code is amended by adding |
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subsection (y) to read as follows: |
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(y) Total revenue does not include any amount of loan |
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forgiven under the Paycheck Protection Program, as provided for |
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under section 1106 of the Coronavirus Aid, Relief, and Economic |
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Security Act, as amended by the Paycheck Protection Program |
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Flexibility Act. Qualifying expenses paid with such loan proceeds |
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may be included in the determination of cost of goods sold under |
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Section 171.1012 or in the determination of compensation under |
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Section 171.1013. |
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SECTION 2. This Act applies only to a report originally due |
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on or after January 1, 2021. |
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SECTION 3. Except as provided in SECTION 2 of this Act, this |
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Act takes effect September 1, 2021. |