H1080 - Revenue Laws Recommendations. (SL 2020-58)

Overview: Session Law 2020-58 makes the following changes:

• Updates the reference to the Internal Revenue Code from January 1, 2019 to May 1, 2020.
• It conforms to the exclusion from gross income of any amount of indebtedness forgiven on a loan covered under the Paycheck Protection Program.
• It conforms to the reduction of the threshold amount for the medical expense deduction from 10% to 7.5% for 2019 and 2020 and transfers $36 million from the Medicaid Transformation Reserve to the General Fund to finance this tax reduction.
• Sets and codifies the insurance regulatory charge used to fund the Department of Insurance at 6.5%. The charge generated $47.2M in FY2018-19.
• Extends JDIG from January 1, 2021 to January 1, 2030.
• Extends the Natural Gas Economic Development Infrastructure Cost Recovery program from July 1, 2021 to July 1, 2026.
• Makes various other tax law changes recommended by the Department of Revenue and approved by the Revenue Laws Study Committee.

See full summary for effective dates.