The Honorable Michael Rodrigues, MA Senate Ways & Means Chair, sponsored legislation in Senate Bill 2842 to exempt forgiven PPP loans from MA tax. Without such a special provision enacted by the legislature before July 31st, forgiven PPP loans will be regarded as cancellation of debt and taxed to MA unincorporated businesses, (Partnerships, LLC’s, and sole proprietors).
No such provision exists in any House legislation. MaSEA members are asked to reach out to The Joint Committee on Economic Development and Emerging Technologies Chair Ann-Margaret Ferrante, Ann-Margaret.Ferrante@mahouse.gov and her committee members. A complete roster of House committee members can be found at MALegislature.gov website. Consider contacting your local Beacon Hill delegation.
Sample email below.
Support H2842 - Section 20.docx