Sec. 20233. Certain loan forgiveness and other business financial assistance under CARES Act not includible in gross income
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/bill/116/hr/6800/eh/section-20233·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For purposes of the Internal Revenue Code of 1986, no amount shall be included in gross income by reason of loan forgiveness described in section 1109(d)(2)(D) of the CARES Act. For purposes of the Internal Revenue Code of 1986, any advance described in section 1110(e) of the CARES Act shall not be included in the gross income of the person that receives such advance. For purposes of the Internal Revenue Code of 1986, any payment described in section 1112(c) of the CARES Act shall not be included in the gross income of the person on whose behalf such payment is made. Subsections (a), (b), and
(c)shall apply to taxable years ending after the date of the enactment of the CARES Act.