AB 80. To qualify for expense deductions, basis adjustments, and lack of reduction of tax attributes related to AB 80, you must meet the following qualifications. Your business cannot be publicly traded; You meet the 25% gross receipts reduction qualifications

We understand there are many questions about AB 80, Taxation: Coronavirus Aid, Relief, and Economic Security Act: Federal Consolidated Appropriations Act, 2021 which was approved by the Governor and chaptered into law on April 29, 2021.

2021年4月29日 · Under the legislation, AB 80 by Assemblymember Autumn Burke (D-Inglewood), the forgiven PPP loans that businesses received from the federal government during the pandemic will not be counted as taxable income, and these businesses can also deduct the costs of expenses that those loans paid for.

For taxable years beginning on or after January 1, 2019, this bill would, under the Personal Income Tax Law (PITL) and the Corporation Tax Law (CTL), expand the exclusion from gross income for covered loan amounts forgiven pursuant to …

2021年5月3日 · On April 29, 2021, under pressure to provide relief for California businesses suffering the impact of the COVID-19 coronavirus and government-ordered stay-home and shutdown orders, Governor Gavin Newsom signed into law Assembly Bill No. 80 (“AB 80”), a measure addressing the exclusion from income of, and deductibility of qualifying expenses ...

Existing federal law, the Consolidated Appropriations Act, 2021, prohibits reductions in tax deductions, denials of basis adjustments, and reductions in tax attributes for federal income tax purposes based on the exclusion from gross income provided in the federal CARES Act and its subsequent amendments.

Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives the tax expenditure will achieve, detailed performance indicators, and data collection requirements.

On April 29, 2021, the California Governor signed A.B. 80 (available here addressing modified conformity to federal income tax provisions relating to loans forgiven pursuant to the Coronavirus Aid, Relief, and Economic Security

AB 80 brings the California state corporate and individual income tax treatment of forgiven Paycheck Protection Program loans and EIDL advance grants under the CARES Act into conformity with federal tax law (with some modifications).

2021年4月29日 · Existing law reduces the amount of any credit or deduction otherwise allowed under the Personal Income Tax and the Corporation Tax Law for any amount paid or incurred by the taxpayer upon which this exclusion is based by the amount of the exclusion allowed.