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2022 SESSION
HB 273 Income tax, state; subtractions and deductions related to Paycheck Protection Program loans.
Introduced by: Joseph P. McNamara | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Income tax; subtractions and deductions related to Paycheck Protection Program loans and Rebuild Virginia program grants. Provides that certain income tax subtractions and deductions for business expenses funded by federal Paycheck Protection Program loans and for grant funds received through the Rebuild Virginia program shall be available for taxable year 2019 and shall not be subject to any limit for taxable years 2019 and 2020. Under current law, such subtractions and deductions are available only for taxable year 2020 and are subject to a limit of $100,000. The effect of making such subtractions and deductions available for taxable year 2019 would be to allow certain taxpayers whose fiscal year does not match the calendar year to claim such subtractions and deductions.
FULL TEXT
AMENDMENTS
HISTORY
- 01/11/22 House: Prefiled and ordered printed; offered 01/12/22 22103875D
- 01/11/22 House: Referred to Committee on Finance
- 01/27/22 House: Assigned Finance sub: Subcommittee #1
- 02/02/22 House: Failed to report (defeated) in Finance (8-Y 13-N)