AN ACT to eliminate the addback for business expenses deducted to the extent the payment results in forgiveness of a covered loan under the Federal CARES act.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 105‑130.5(a)(32) is repealed.

SECTION 2.  G.S. 105‑153.5(c2)(20) is repealed.

SECTION 3.  This act is effective for taxable years beginning on or after January 1, 2020.