Assembly Bill 80 (AB 80) has passed both the assembly and senate. If you want to include the GSS payments as income on your client's federal return, enter them as you normally would other income (for example, using screen 14.1). The details of AB 80, passed by the California Assembly on April 26, 2021, closely conform to the federal treatment for deductibility of such expenses. Podcast: California conformity to COVID-19 changes. This amount will be reported on the CA Schedule K, line 10b, column c. This entry prevents the Schedule K adjustment from generating on 100S, line 7. The agreement also partially conforms California tax law to new federal tax treatment for loans provided through the Paycheck Protection Plan, allowing companies to deduct up to $150,000 in expenses covered by the PPP loan. We are constantly on the watch for California's move on many tax decisions, especially towards PPP loans. Rhode Island allows an exclusion from taxable income only for forgiven PPP loans of $250,000 or less. Does adjustment under "California Conformity Adjustment" in screen 44 work under "Ordinary Income" ? This federal law provides the computation for determining whether a taxpayer has a 25% or greater reduction in gross receipts by comparing total sales. On September 9, 2020, California's Governor Newsom signed Assembly Bill 1577 (A.B. 21-17) does not apply to either first- or second-draw loans received after March 31, 2021. These dates vary greatly; for example, California's conformity date is 2015, Wisconsin's is 2017, and Virginia's is 2019. Congressman Kevin McCarthy and Congressman Doug LaMalfa (CA-01) led California House Republicans in a letter to Governor Newsom urging the State to pass tax relief that would allow business owners in California to deduct all business-related expenses paid for with forgiven Paycheck Protection Program (PPP) loan funding on their state taxes, with no deduction cap. These pages do not include the Google translation application. You meet the 25% gross receipts reduction qualifications.
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