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The New Jersey Assembly Appropriations Committee advanced legislation to help New Jersey residents with developmental disabilities transition from high school to independent lives.
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by Todd DeFeo, The Center Square | February 25, 2021 10:00 AM Print this article
The New Jersey Assembly Appropriations Committee has advanced legislation to exempt Paycheck Protection Program (PPP) loans forgiven by the federal government from New Jersey’s gross income and corporate business taxes.
Under A-5149, businesses could also deduct expenses paid for by such a loan.
Congress included the loans in the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help small businesses pay employees during the COVID-19 pandemic. The federal government may forgive part or all of a loan for recipients that meet certain conditions.
“Small businesses throughout our state have been hit hard by COVID-19, which means many of their employees have also felt the impact of the pandemic,” Assembly members Louis Greenwald, D-Camden/Burlington; Daniel Benson, D-Mercer/Middlesex; and Gordon Johnson, D-Bergen, said in a joint statement.