HOUSE DOCKET, NO. 3535        FILED ON: 2/19/2021

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 486

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Paul K. Frost

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to PPP loan tax exemption.

_______________

PETITION OF:

 

Name:

District/Address:

Date Added:

Paul K. Frost

7th Worcester

2/19/2021

Patricia A. Haddad

5th Bristol

3/9/2021

Norman J. Orrall

12th Bristol

3/9/2021


HOUSE DOCKET, NO. 3535        FILED ON: 2/19/2021

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 486

By Mr. Frost of Auburn, a petition (accompanied by bill, House, No. 486) of Paul K. Frost, Patricia A. Haddad and Norman J. Orrall relative to providing for a paycheck protection program loan tax exemption.  Covid-19 and Emergency Preparedness and Management.

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninety-Second General Court
(2021-2022)

_______________

 

An Act relative to PPP loan tax exemption.

 

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION 1. Paragraph (2) of subsection (a) of section 2 of chapter 62 of the General Laws, as appearing in the 2018 Official Edition, is hereby amended by adding the following subparagraph:-

(R) An amount which, but for this section, would be included in the gross income, in whole or in part, of an eligible recipient, as described in subsection (a) of section 1102 of the Coronavirus Aid, Relief, and Economic Security Act, P.L. 116-136, because of the forgiveness described in subsection (b) of section 1106 of said act, for tax years 2020, 2021 and 2022.

SECTION 2. Section 1 is hereby repealed.

SECTION 3. Section 2 shall take effect January 1, 2023.