Income tax, state; subtraction for Paycheck Protection Plan loan forgiveness. (HB5002)

Introduced By

Del. Joe McNamara (R-Roanoke)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Income tax subtraction for Paycheck Protection Plan loan forgiveness. Establishes an income tax subtraction for forgiveness of indebtedness on a loan received under the Coronavirus Aid, Relief, and Economic Security (CARES) Act through the Paycheck Protection Plan. The subtraction would be available starting in taxable year 2020. Read the Bill »

Status

07/30/2020: Awaiting a Vote in the Finance Committee

History

DateAction
07/30/2020Prefiled and ordered printed; offered 08/18/20 20200137D
07/30/2020Committee
07/30/2020Referred to Committee on Finance
08/20/2020Impact statement from TAX (HB5002)

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