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Ind. Senate Bill Seeks To Exempt Forgiven Small-Biz Virus Loans
By Jaqueline McCool
· 2021-01-06 15:10:44 -0500
Indiana would exempt from state income tax forgiven small
-business loans given as a response to the novel coronavirus pandemic under a bill introduced in the state Senate.
S.B. 138, introduced Tuesday by Sen. Andy Zay, R-Huntington, would conform the state to the federal
Coronavirus Aid, Relief and Economic Security Act ![](//www.law360.com/images/lexis_advance/kb-icon-red.png)
, enacted last March, and exempt forgiven loans granted by the federal Paycheck Protection Program from income taxation.
If enacted, the bill would be retroactive to Jan. 1, 2020.
--Editing by Joyce Laskowski.
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