Keith Grover voted NA (Introduced) on this Legislation.
Title: Exempts Certain Loans and Grants From State Income Tax
Signed by Governor Gary Herbert
Title: Exempts Certain Loans and Grants From State Income Tax
Title: Exempts Certain Loans and Grants From State Income Tax
Vote to pass a bill that exempts certain loans and grants from Utah income taxes.
Expands the list of amounts to be subtracted from adjustable income to include the following (Sec. 2):
A Paycheck Protection Program (PPP) loan issued by the federal government;
A PPP loan issued in response to the COVID-19 pandemic;
A forgiven PPP loan if the borrower meets the expenditure requirements;
A PPP loan that is subject to federal income tax;
Any forgiven loan a taxpayer received by a Utah municipality;
Any forgiven loan that was funded using federal funds given to a Utah municipality; and
Any forgiven loan included in unadjusted income.
Expands the list of amounts to be added to an individual’s adjusted gross income to include the aforementioned items (Sec. 5).
Specifies that this bill takes effect immediately upon passage (Sec. 6).
Specifies that this bill applies retrospectively for a taxable year beginning on or after January 1, 2020 (Sec. 7).
Title: Exempts Certain Loans and Grants From State Income Tax