H2497B3795A05814 AJB:JMT 05/20/20 #90 A05814
AMENDMENTS TO HOUSE BILL NO. 2497
Sponsor: REPRESENTATIVE HARRIS
Printer's No. 3795
Amend Bill, page 1, lines 14 through 22; page 2, lines 1
through 10; by striking out all of said lines on said pages and
inserting
Section 1. Section 303(a.7) of the act of March 4, 1971
(P.L.6, No.2), known as the Tax Reform Code of 1971, is amended
by adding a paragraph to read:
Section 303. Classes of Income.--* * *
(a.7) The following apply:
* * *
(5) (i) A forgiveness of indebtedness for an amount of a
covered loan granted under section 1106 of the Federal
Coronavirus Aid, Relief, and Economic Security Act (Public Law
116-136, 134 Stat. 281) shall not be subject to tax under this
article. The amount of forgiveness under this subparagraph must
not exceed the amount determined by the authorized lender that
issued the covered loan.
(ii) No deduction is allowed under this article for an
expense that is otherwise deductible if the payment of the
expense results in forgiveness of a covered loan under section
1106 of the Federal Coronavirus Aid, Relief, and Economic
Security Act, which forgiveness is not subject to taxation under
subparagraph (i).
* * *
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