California 2021-2022 Regular Session

California Assembly Bill AB281 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION Assembly Bill No. 281Introduced by Assembly Member BurkeJanuary 21, 2021 An act relating to taxation. LEGISLATIVE COUNSEL'S DIGESTAB 281, as introduced, Burke. Personal income taxes: corporation taxes: gross income.The Personal Income Tax Law and the Corporation Tax Law, in conformity with federal income tax law, generally defines gross income as income from whatever source derived, except as specifically excluded, and provide various exclusions from gross income. Existing law, in conformity with the federal CARES Act, and its subsequent amendments in the Paycheck Protection Program and Health Care Enhancement Act and the Paycheck Protection Program Flexibility Act of 2020, among other things, excludes any amounts of covered loans forgiven under the CARES Act from gross income for purposes of the Personal Income Tax Law and the Corporation Tax Law. Existing law reduces the amount of any credit or deduction otherwise allowed under the Personal Income Tax and the Corporation Tax Law for any amount paid or incurred by the taxpayer upon which this exclusion is based by the amount of the exclusion allowed.Existing federal law, the Consolidated Appropriations Act, 2021, prohibits reductions in tax deductions, denials of basis adjustments, and reductions in tax attributes for federal income tax purposes based on the exclusion from gross income of specified loans provided in the federal CARES Act and its subsequent amendments.This bill would state the intent of the Legislature to enact legislation that would bring Californias tax treatment of covered Paycheck Protection Program loans into conformity with federal tax laws.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. It is the intent of the Legislature to enact legislation that would bring Californias tax treatment of covered Paycheck Protection Program loans into conformity with federal tax laws.
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3	3	CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION Assembly Bill No. 281Introduced by Assembly Member BurkeJanuary 21, 2021 An act relating to taxation. LEGISLATIVE COUNSEL'S DIGESTAB 281, as introduced, Burke. Personal income taxes: corporation taxes: gross income.The Personal Income Tax Law and the Corporation Tax Law, in conformity with federal income tax law, generally defines gross income as income from whatever source derived, except as specifically excluded, and provide various exclusions from gross income. Existing law, in conformity with the federal CARES Act, and its subsequent amendments in the Paycheck Protection Program and Health Care Enhancement Act and the Paycheck Protection Program Flexibility Act of 2020, among other things, excludes any amounts of covered loans forgiven under the CARES Act from gross income for purposes of the Personal Income Tax Law and the Corporation Tax Law. Existing law reduces the amount of any credit or deduction otherwise allowed under the Personal Income Tax and the Corporation Tax Law for any amount paid or incurred by the taxpayer upon which this exclusion is based by the amount of the exclusion allowed.Existing federal law, the Consolidated Appropriations Act, 2021, prohibits reductions in tax deductions, denials of basis adjustments, and reductions in tax attributes for federal income tax purposes based on the exclusion from gross income of specified loans provided in the federal CARES Act and its subsequent amendments.This bill would state the intent of the Legislature to enact legislation that would bring Californias tax treatment of covered Paycheck Protection Program loans into conformity with federal tax laws.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
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9	9	CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION
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11	11	Assembly Bill
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13	13	No. 281
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15	15	Introduced by Assembly Member BurkeJanuary 21, 2021
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17	17	Introduced by Assembly Member Burke
18	18	January 21, 2021
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20	20	An act relating to taxation.
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22	22	LEGISLATIVE COUNSEL'S DIGEST
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24	24	## LEGISLATIVE COUNSEL'S DIGEST
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26	26	AB 281, as introduced, Burke. Personal income taxes: corporation taxes: gross income.
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28	28	The Personal Income Tax Law and the Corporation Tax Law, in conformity with federal income tax law, generally defines gross income as income from whatever source derived, except as specifically excluded, and provide various exclusions from gross income. Existing law, in conformity with the federal CARES Act, and its subsequent amendments in the Paycheck Protection Program and Health Care Enhancement Act and the Paycheck Protection Program Flexibility Act of 2020, among other things, excludes any amounts of covered loans forgiven under the CARES Act from gross income for purposes of the Personal Income Tax Law and the Corporation Tax Law. Existing law reduces the amount of any credit or deduction otherwise allowed under the Personal Income Tax and the Corporation Tax Law for any amount paid or incurred by the taxpayer upon which this exclusion is based by the amount of the exclusion allowed.Existing federal law, the Consolidated Appropriations Act, 2021, prohibits reductions in tax deductions, denials of basis adjustments, and reductions in tax attributes for federal income tax purposes based on the exclusion from gross income of specified loans provided in the federal CARES Act and its subsequent amendments.This bill would state the intent of the Legislature to enact legislation that would bring Californias tax treatment of covered Paycheck Protection Program loans into conformity with federal tax laws.
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30	30	The Personal Income Tax Law and the Corporation Tax Law, in conformity with federal income tax law, generally defines gross income as income from whatever source derived, except as specifically excluded, and provide various exclusions from gross income. Existing law, in conformity with the federal CARES Act, and its subsequent amendments in the Paycheck Protection Program and Health Care Enhancement Act and the Paycheck Protection Program Flexibility Act of 2020, among other things, excludes any amounts of covered loans forgiven under the CARES Act from gross income for purposes of the Personal Income Tax Law and the Corporation Tax Law. Existing law reduces the amount of any credit or deduction otherwise allowed under the Personal Income Tax and the Corporation Tax Law for any amount paid or incurred by the taxpayer upon which this exclusion is based by the amount of the exclusion allowed.
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32	32	Existing federal law, the Consolidated Appropriations Act, 2021, prohibits reductions in tax deductions, denials of basis adjustments, and reductions in tax attributes for federal income tax purposes based on the exclusion from gross income of specified loans provided in the federal CARES Act and its subsequent amendments.
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34	34	This bill would state the intent of the Legislature to enact legislation that would bring Californias tax treatment of covered Paycheck Protection Program loans into conformity with federal tax laws.
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36	36	## Digest Key
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38	38	## Bill Text
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40	40	The people of the State of California do enact as follows:SECTION 1. It is the intent of the Legislature to enact legislation that would bring Californias tax treatment of covered Paycheck Protection Program loans into conformity with federal tax laws.
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42	42	The people of the State of California do enact as follows:
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44	44	## The people of the State of California do enact as follows:
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46	46	SECTION 1. It is the intent of the Legislature to enact legislation that would bring Californias tax treatment of covered Paycheck Protection Program loans into conformity with federal tax laws.
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48	48	SECTION 1. It is the intent of the Legislature to enact legislation that would bring Californias tax treatment of covered Paycheck Protection Program loans into conformity with federal tax laws.
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50	50	SECTION 1. It is the intent of the Legislature to enact legislation that would bring Californias tax treatment of covered Paycheck Protection Program loans into conformity with federal tax laws.
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52	52	### SECTION 1.