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Ind. Senate Bill Seeks To Exempt Forgiven Small-Biz Virus Loans

By Jaqueline McCool · January 6, 2021, 3:10 PM EST

Indiana would exempt from state income tax forgiven small-business loans given as a response to the novel coronavirus pandemic under a bill introduced in the state Senate.

S.B. 138, introduced Tuesday by Sen. Andy Zay, R-Huntington, would conform the state to the federal Coronavirus Aid, Relief and Economic Security Act , enacted last March, and exempt forgiven loans granted by the federal Paycheck Protection Program from income taxation.

If enacted, the bill would be retroactive to Jan. 1, 2020.

--Editing by Joyce Laskowski. 

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