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Forgiven PPP Loans in Illinois Could Still Take Local Tax Hit

WBGZ Radio 2/7/2021 |
By Cole Lauterbach - Illinois Radio Network
Illinois businesses can accept their forgiven pandemic loans without worrying about paying federal taxes, but it s not yet clear if they ll owe the state.
In Illinois, 225,409 forgivable Paycheck Protection Program loans valued at approximately $22.85 billion were approved, according to the Small Business Administration. After the IRS decided that the forgiven loans were taxable as with other forgiven loans, Congress passed legislation in December making the change explicitly tax exempt.
Whether states, who also impose a tax on forgiven loans, will agree is a different matter.
“The question now becomes whether states are going to ensure that these aren’t taxed or is the allure of ‘free revenue’ going to be too much for states to resist,” said Morgan Scarboro, Manager of Tax Policy & Economist with Virginia-based government relations firm Multistate. ....

United States , New Jersey , Janet Millsbacked , Mark Grant , Morgan Scarboro , Tony Evers , National Federation For Independent Busines Illinois , Paycheck Protection Program , Small Business Administration , Small Business , Tax Policy , National Federation , Independent Busines Illinois , ஒன்றுபட்டது மாநிலங்களில் , புதியது ஜெர்சி , குறி மானியம் , மோர்கன் ஸ்கார்போரோ , டோனி எவர்ஸ் , தேசிய கூட்டமைப்பு க்கு சுயாதீனமான பஸின்கள் இல்லினாய்ஸ் , சம்பள காசோலை ப்ரொடெக்ஶந் ப்ரோக்ர்யாம் , சிறிய வணிக , வரி பாலிஸீ , தேசிய கூட்டமைப்பு , சுயாதீனமான பஸின்கள் இல்லினாய்ஸ் ,

Forgiven PPP loans in Illinois could possibly take state tax hit

Normal, IL, USA / www.cities929.com
Feb 4, 2021 10:30 AM
(The Center Square) Illinois businesses can accept their forgiven pandemic loans without worrying about paying federal taxes, but it s not yet clear if they ll owe the state.
In Illinois, 225,409 forgivable Paycheck Protection Program loans valued at approximately $22.85 billion were approved, according to the Small Business Administration. After the IRS decided that the forgiven loans were taxable as with other forgiven loans, Congress passed legislation in December making the change explicitly tax exempt.
Whether states, who also impose a tax on forgiven loans, will agree is a different matter.
“The question now becomes whether states are going to ensure that these aren’t taxed or is the allure of ‘free revenue’ going to be too much for states to resist,” said Morgan Scarboro, Manager of Tax Policy & Economist with Virginia-based government relations firm Multistate. ....

United States , New Jersey , Center Square , Mark Grant , Morgan Scarboro , Tony Evers , National Federation For Independent Busines Illinois , Paycheck Protection Program , Small Business Administration , Small Business , Tax Policy , National Federation , Independent Busines Illinois , Janet Mills , ஒன்றுபட்டது மாநிலங்களில் , புதியது ஜெர்சி , மையம் சதுரம் , குறி மானியம் , மோர்கன் ஸ்கார்போரோ , டோனி எவர்ஸ் , தேசிய கூட்டமைப்பு க்கு சுயாதீனமான பஸின்கள் இல்லினாய்ஸ் , சம்பள காசோலை ப்ரொடெக்ஶந் ப்ரோக்ர்யாம் , சிறிய வணிக , வரி பாலிஸீ , தேசிய கூட்டமைப்பு , சுயாதீனமான பஸின்கள் இல்லினாய்ஸ் ,