Idaho Will Exclude Forgiven Small-Biz Virus Loans From Tax

Federal assistance and forgiven federal small-business loan amounts granted as a response to the coronavirus pandemic will be excluded from Idaho state income under a bill signed by the governor.

H.B. 251, which Republican Gov. Brad Little signed March 18, will exclude amounts granted under the Coronavirus Aid, Relief and Economic Security Act , along with forgiven Paycheck Protection Program loan amounts, from state income. The bill also excludes amounts given as part of the emergency rental assistance program from state income.

The bill was introduced Feb. 25 by the House Revenue and Taxation Committee and will take retroactive effect to Jan. 1.

--Editing by Robert Rudinger.

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