Texas businesses that had COVID-related relief loans forgiven by the federal government do not have to report those loan proceeds as income on their 2021 franchise tax reports, the Texas Comptroller’s office announced today after a bill related to the treatment of those loan dollars was passed by the Legislature and signed by Gov. Abbott. House Bill (HB) 1195 applies to franchise tax reports originally due on or after Jan. 1, 2021. Forgiven loan proceeds […]
