NJCPA applauds Governor Murphy’s administration for declaring canceled PPP loans exempt from state income tax

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NJCPA applauds Governor Murphy’s administration for declaring canceled PPP loans exempt from state income tax

Statement by Ralph Albert Thomas, CPA (DC), CGMA, CEO and Executive Director, New Jersey Society of Certified Public Accountants

ROSELAND, N.J. – The New Jersey Society of Certified Public Accountants (NJCPA) Applauds Governor Murphy and State Treasurer Elizabeth Maher Muoio decision today to allow canceled Paycheck Protection Program (PPP) loans to be exempt from New Jersey state income tax, in the same way that they are exempt from federal income tax Income. We are also pleased with the decision to allow expenses paid with loans to be tax deductible.

PPP loans were designed to help small businesses survive the COVID-19 pandemic – keeping employees on the payroll and their doors open. The loans have allowed these businesses to stay afloat and continue to provide excellent service to their communities.

At the NJCPA, we recognize the need to strengthen the small business landscape and support the CPAs who serve these businesses and the residents of New Jersey. We look forward to supporting the Murphy administration in any way in this endeavor.

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The New Jersey Society of Certified Public Accountants, with more than 14,000 members, represents the interests of the accountancy profession and advances the financial well-being of New Jerseyans. The NJCPA plays a leadership role in supporting the profession by providing its members with educational resources, access to shared knowledge, and an ongoing effort to create and expand professional opportunities.

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