Texas Governor Signs Law Concerning Franchise Tax Treatment of Certain Loans, Grants Related to COVID-19May 10, 2021 By identybeauty 0
May 10, 2021, 5:00 AM
The Texas Governor May 8 signed a franchise tax law providing exemptions for certain loans and grants related to COVID-19 relief. The law includes measures exempting as “qualifying loan or grant proceeds:” 1) federal loans and grants under the Coronavirus Aid, Relief, and Economic Security Act, including Paycheck Protection Program loans; 2) shuttered venue operator grants under the Consolidated Appropriations Act, 2021 (CAA); 3) microloan program recovery assistance under the CAA; 4) grants from the restaurant revitalization fund under the American Rescue Plan Act of 2021 (ARPA); and 5) loan or grant proceeds not included in a taxable entity ‘s…
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