S.B. 1254, which Sen. Gil Keith-Agaran, D-Wailuku, introduced Wednesday, would conform the state to the federal policy of excluding forgiven Paycheck Protection Program loans granted through the Coronavirus Aid, Relief and Economic Security Act from gross income.
If enacted, the bill would take immediate effect.
--Editing by Robert Rudinger.
For a reprint of this article, please contact reprints@law360.com.