Conform the Maine Income Tax Law with Federal Law To Exempt Paycheck Protection Program Loans

Last updated: Feb 7, 2021

Details about this bill
Category: Taxation
Status: In Committee
Sponsor: Senator Jim Dill, Senate 5 - Penobscot County
Session: 130
Bill #: LD 288

Position:

Monitoring

Summary:

Senator Dill of Penobscot introduces a stand-alone bill on the tax conformity issue. This bill conforms Maine tax law to federal income tax treatment of loan forgiveness under Section 1106(i) of the federal CARES Act, Public Law 116-136, by providing an income tax exclusion for income attributable to paycheck protection program loan forgiveness that is excluded from federal gross income.