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AICPA has a chart "Paycheck Protection Program (PPP) State Tax Treatment Chart".

The latest revision, Feb 11, 2011, says for TX  under "Taxability of CARES Act PPP loan
forgiveness" - Specific guidance has not been issued."

So I'm in the I don't know camp.

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It's going to be a fun tax season, isn't it!?!  I'm thinking we might not know what all the tax laws are by Jeff's extended due date of 8/15 this year.

At least MD made some sort of decision.  I'm sure the MD forms won't be out/approved/efileable for weeks but at least the ball is rolling.  Unfortunately you're the Indiana Jones in this particular episode of tax reality TV!  Run?

VA is still debating just how many business taxpayers they want to screw over.

But back to the current topic:  Texas tax conformity.  There's a problem you don't see very often.  It's not only a conform/don't conform problem, it's also a timing problem.  Are loan proceeds gross receipts when received?  Or when "all events" have made them forgivable?  Or when the SBA stamps the form approved and pays the bank back?