SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2021 SESSION

  • | print version

SB 1394 Income tax, state; an exclusion for Paycheck Protection Plan loan forgiveness.

Introduced by: J. Chapman Petersen | Todd E. Pillion | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax exclusion for Paycheck Protection Plan loan forgiveness; deductibility. Establishes an income tax exclusion for forgiveness of indebtedness on a loan received under the Coronavirus Aid, Relief, and Economic Security (CARES) Act through the Paycheck Protection Program. The exclusion would be available starting in taxable year 2020. No taxpayer shall be denied an otherwise allowable deduction by reason of the exclusion.


FULL TEXT

HISTORY