Idaho Bill Would Exclude Forgiven Small-Biz Virus Loans From Tax

Idaho would exclude from state income federal assistance and forgiven federal small-business loan amounts granted as a response to the novel coronavirus pandemic under a bill introduced in the state House of Representatives.

H.B. 251, which the Revenue and Taxation Committee introduced Thursday, would exclude amounts granted under the Coronavirus Aid, Relief and Economic Security Act along with forgiven Paycheck Protection Loan amounts from state income.

If enacted, the bill would take retroactive effect beginning Jan. 1, 2021.

--Editing by Vincent Sherry. 

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