Bill Summary for H 334 (2021-2022)

Summary date: 

Apr 20 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.

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Bill summary

House amendment makes the following changes to the 2nd edition.

Changes the act's long title. 

Changes the expiration of the proposed changes to the definition set forth for the defined term Code under GS 105-228.90(b)(7), now providing for expiration for taxable years beginning on or after January 1, 2022 (was, January 1, 2021).

Effective for taxable years beginning on or after January 1, 2022 (was, January 1, 2021), reenacts GS 105-130.5(a)(32) and GS 105-153.5(c2)(20), which require corporate and individual taxpayers to add to the taxpayer's adjusted gross income the amount of any expense deducted under the Internal Revenue Code 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 (governing the Payment Protection Program/PPP) and the income associated with the forgiveness is excluded from gross income pursuant to section 1106(i) of the CARES Act, as they existed immediately before their repeal, as enacted and effective for taxable years beginning on or after January 1, 2020.

Adds a new deduction to GS 105-153.5(b), allowing a taxpayer to deduct the amount excluded from the taxpayer's gross income for unemployment compensation received by the taxpayer under section 9042 of the American Rescue Plan Act of 2021, effective for taxable years beginning on or after January 1, 2020. 

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