| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | By: Hancock S.B. No. 372 | |
| 2 | 2 | ||
| 3 | 3 | ||
| 4 | 4 | AN ACT | |
| 5 | 5 | relating to the forgiveness of a loan made under the Paycheck | |
| 6 | 6 | Protection Program for franchise tax purposes. | |
| 7 | 7 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 8 | 8 | SECTION 1. Section 171.1011, Tax Code is amended by adding | |
| 9 | 9 | subsection (y) to read as follows: | |
| 10 | 10 | (y) Total revenue does not include any amount of loan forgiven | |
| 11 | 11 | under the Paycheck Protection Program, as provided for under | |
| 12 | 12 | section 1106 of the Coronavirus Aid, Relief, and Economic Security | |
| 13 | 13 | Act, as amended by the Paycheck Protection Program Flexibility Act. | |
| 14 | 14 | Qualifying expenses paid with such loan proceeds may be included in | |
| 15 | 15 | the determination of cost of goods sold under Section 171.1012 or in | |
| 16 | 16 | the determination of compensation under Section 171.1013. | |
| 17 | 17 | SECTION 2. This Act applies only to a report originally due | |
| 18 | 18 | on or after January 1, 2021. | |
| 19 | 19 | SECTION 3. Except as provided in SECTION 2 of this Act, | |
| 20 | 20 | this Act takes effect September 1, 2021. |