California Revives COVID Business Tax Cut Proposal ...Middle East

Sacramento, CA — California businesses received a combined $97-billion in Paycheck Protection Program federal loans during the coronavirus pandemic. Most of the loans will not have to be paid back, however, the state is required to collect taxes on the money. The state Senate voted 37-0 yesterday to make the loan money tax exempt. This idea was introduced earlier in the year, but Governor Gavin Newsom raised concerns because the CARES Act specifically stated the money could not be used for a “tax cut,” so more information was requested from the feds.  The Treasury Department has alerted the Newsom Administration that California will not be in jeopardy of losing CARES Act funding if it passes

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