S.F. 263, introduced Thursday, would exclude from gross income amounts forgiven from paycheck protection loans granted by the federal Coronavirus Aid, Relief and Economic Security Act
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The bill would also allow partnerships, limited liability companies and subchapter S corporations to elect to be treated as C corporations for state tax purposes. If enacted, the bill would take effect for tax years beginning in 2021.
The bill was introduced by Sen. Thomas Bakk, I-Cook; Sen. Carla Nelson, R-Rochester; Sen. Ann Rest, D-New Hope; Sen. Roger Chamberlain, R-Lino Lakes; and Sen. David Tomassoni, I-Chisholm.
--Editing by Vincent Sherry.
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