Income tax, state; subtractions and deductions related to Paycheck Protection Program loans. (HB273)

Introduced By

Del. Joe McNamara (R-Roanoke)

Progress

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

Description

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. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/11/2022Committee
01/11/2022Prefiled and ordered printed; offered 01/12/22 22103875D
01/11/2022Referred to Committee on Finance
01/27/2022Assigned Finance sub: Subcommittee #1
02/01/2022Impact statement from TAX (HB273)
02/02/2022Referred to Committee on Appropriations
02/02/2022House committee, floor amendments and substitutes offered
02/02/2022Failed to report (defeated) in Finance (8-Y 13-N) (see vote tally)

Post a Public Comment About this Bill



if you have one


(Limited HTML is OK: <a>, <em>, <strong>, <s>)