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Panel approves bill to exempt forgiven pandemic relief loans from state tax treatment
Summary
Representative Eaves told the Senate Revenue & Tax Committee that House Bill 1361 would conform state tax law to federal treatment of pandemic relief (including PPP forgiveness), and the committee suspended rules and gave the bill a 'do pass' recommendation after hearing from the sponsor and discussing revenue estimates.
Representative Eaves presented House Bill 1361, asking the Senate committee to conform Arkansas tax law to federal treatment of pandemic relief funds such as Paycheck Protection Program (PPP) loan forgiveness and certain Economic Injury Disaster Loans (EIDL) and emergency grants. "This was called the Payroll Protection Program and it would offer loan forgiveness as long as these funds are used exclusively for wages, health care benefits, family…
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