In guidance issued Thursday, the department explained that the state fully conforms to the expanded contribution deduction enacted in the Coronavirus Aid, Relief and Economic Security Act
for tax years beginning on or after Jan. 1, 2020.The latest release builds off guidance issued in July by adding that the state will not adopt the increased contribution limit for qualified cash contributions and contributions of food inventory for tax years beginning before 2020.
The guidance also elaborates on federal modifications to the deductibility of expenses paid with loans under the Paycheck Protection Program and state conformity with various other tax changes.
--Editing by Vincent Sherry.
For a reprint of this article, please contact reprints@law360.com.