Rep. FUNDERBURK proposes the following Amendment No. 1 to S. 545 (COUNCIL\DG\545C002.AGM.DG20):

Reference is to Printer's Date 9/15/20-H.

Amend the bill, as and if amended, by adding an appropriately numbered SECTION to read:

/ SECTION__. A. For tax year 2020, to the extent loans under the paycheck protection program in Section 1102 of Public Law 116-136, Title 1 are forgiven and excluded from gross income for federal income tax purposes under Section 1106 of Public Law 116-136, Title 1, those loans are excluded for South Carolina income tax purposes. Further, to the extent the federal government allows the deduction of expenses associated with the forgiven paycheck protection program loans, these expenses will be allowed as a deduction for South Carolina income tax purposes.

B.This act takes effect upon approval by the Governor. /