California’s Partial PPP Conformity Bill
CapataCPA
MAY 5, 2021
California’s Partial PPP Conformity Bill On April 29, 2021, Governor Newsom signed into law Assembly Bill No. 80 (“AB 80”), providing partial conformity to the Federal tax treatment for deducting expenses paid with Paycheck Protection Program (“PPP”) loans, EIDL advance, and targeted grants. Below are some of the key highlights of the bill’s provisions:For taxable years.
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