Amendment #5 to H89

Limiting double-dip tax break

Representatives Uyterhoeven of Somerville and Connolly of Cambridge move to amend the bill, as amended, SECTION XX. Notwithstanding any other provision of law, in any tax year in which a taxpayer, or an entity whose income is passed through to one or more Massachusetts taxpayers, excludes from income the amount of a federal Paycheck Protection Program loan which has been forgiven pursuant to the provisions of subsection (b) of section 1106 of the federal Coronavirus Aid, Relief, and Economic Security Act of 2020, Public Law 116-136, said taxpayer or entity shall add back to its income an amount equal to the expenses incurred by the taxpayer or entity that qualified it for loan forgiveness under the federal Paycheck Protection Program that are in excess of $100,000.  This provision shall apply to all recipients of forgiven Paycheck Protection Program loans, whether their income is taxable under chapter 62 or chapter 63 of the General Laws.

Additional co-sponsor(s) added to Amendment #5 to H89

Limiting double-dip tax break