PROVIDENCE – The R.I. Division of Taxation recently released a new form for Paycheck Protection Program borrowers to report taxable loans, according to a news release.
The form adds to previously issued tax filing guidance over the state decision to tax forgivable payroll loans higher than $250,000. Any business, nonprofit or other entity that received a PPP loan above this threshold will have to pay state income taxes on the amount above the $250,000 threshold.
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The new tax form allows applicable businesses to report and calculate the taxes owed on 2020 PPP loans, including for loans that were forgiven under the terms of the U.S. Small Business Administration Program.
Taxpayers have until March 31, 2022, to make payments on the taxable portion of the loan but are asked to return the form, with payment, by Dec. 15, according to the release. Forms will be mailed out the first week of November and posted on the division’s website.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
