In recent legislation, the federal government made it clear that forgiven PPP loans are not considered taxable income on the federal level. However, the question often comes up on a state level, and I usually don’t have an answer.
The Tax Foundation recently published an infographic that shows current rulings on a per-state basis. I thought it would be helpful to you.
As a reminder, next Tuesday, we will be hosting four quick ten-minute talks on various components of the recent relief act, including PPP and forgiveness. To help make sure you are not missing out on any benefits, please register here.