Bill Summary for H 334 (2021-2022)

Summary date: 

Mar 30 2021

Bill Information:

View NCGA Bill Details2021
House Bill 334 (Public) Filed Wednesday, March 17, 2021
AN ACT TO MAKE TECHNICAL, CLARIFYING, AND OTHER MODIFICATIONS TO THE CURRENT OPERATIONS APPROPRIATIONS ACT OF 2021 AND OTHER LEGISLATION AFFECTING THE STATE BUDGET.
Intro. by Pickett, Saine.

View: All Summaries for BillTracking:

Bill summary

House committee substitute makes the following changes to the 1st edition.

Adds the following. Modifies the definition set forth for the defined term Code under GS 105-228.90(b)(7) to provide a distinct definition for the purpose of the amount of any expense deducted under the Code (defined as the Internal Revenue Code as it existed as of May 1, 2020) to the extent that payment of the expense results in forgiveness of a covered loan pursuant to section 1106(b) of the federal CARES Act, defining the term to mean the Internal Revenue Code as enacted as of January 1, 2021. Defines covered loan by federal statutory cross-reference to section 1106 of the CARES Act, to include certain small business loans under the Paycheck Protection Program/PPP. Effective for taxable years beginning on or after January 1, 2020, and expires for taxable years beginning on or after January 1, 2021.

© 2021 School of Government The University of North Carolina at Chapel Hill

This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.

Printer-friendly: Click to view