New Jersey Business Friendly Bill Moving

NFIB testified and supported S-3234 which now only needs to be voted on by the Assembly before it is sent to the Governor.  The good news is that the Governor stated in his SFY2022 Budget message last week that he would sign the bill.   The bill matches federal rules as the IRS already has guidance on ensuring PPP loans are not unduly taxed.  It remedies New Jersey taxes by excluding forgiven PPP loans from the State’s gross income tax.  The bill also allows for the deduction of expenses paid for by a forgiven PPP loan.  NFIB is very grateful for this legislation that supports small businesses.