There shall not be allowed a deduction for otherwise deductible payments paid with funds received under the Paycheck Protection Program (PPP) established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, but only to the extent those payments are not allowed as deductions for federal income tax purposes. To the extent such payments are allowed as deductions for federal income tax purposes, those expenses shall be deemed to have been incurred in connection with earning and distributing taxable income, notwithstanding that such payments resulted in forgiveness of loans received. Laws, 2020, ch. 303, § 11, eff. 3/20/2020; Laws, 2020, ch. 421, § 3, eff. 1/1/2020; Laws, 2020, ch. 494, § 1, eff from and after passage (became law without the Governor's signature on 8/18/2020).
Mississippi Legal Code