California’s Partial PPP Conformity Bill
Partial PPP Conformity Bill: On April 29, 2021, Governor Newsom signed into law Assembly Bill No. 80 (“AB 80”). Providing partial conformity to the Federal tax treatment for deducting expenses. These are paid with Paycheck Protection Program (“PPP”) loans, EIDL advance, and targeted grants. Below are some of the key highlights of the bill’s provisions: