Today's Law As Amended


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AB-3208 Income tax: gross income: loan forgiveness.(2019-2020)



As Amends the Law Today


SECTION 1.

 Section 17131.8 is added to the Revenue and Taxation Code, to read:

17131.8.
 (a) For taxable years beginning on and after January 1, 2020, gross income does not include any covered loan amount forgiven pursuant to Section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (Public Law 116–136).
(b) For purposes of this section, “covered loan” has the same meaning as in Section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (Public Law 116–136).

SEC. 2.

 Section 24308.6 is added to the Revenue and Taxation Code, to read:

24308.6.
 (a) For taxable years beginning on and after January 1, 2020, gross income does not include any covered loan amount forgiven pursuant to Section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (Public Law 116–136).
(b) For purposes of this section, “covered loan” has the same meaning as in Section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (Public Law 116–136).
SEC. 3.
  This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.