Income tax, state and corporate; Paycheck Protection Program loans. (SB950)

Introduced By

Sen. Chap Petersen (D-Fairfax)

Progress

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

Description

Taxable income; Paycheck Protection Program loans. Allows an individual and corporate income tax deduction or subtraction, as applicable, for any amount of business expenses funded by forgiven Paycheck Protection Program (PPP) loan proceeds that are paid or incurred prior to taxable year 2023. Under current law, the allowable amount that may be deducted or subtracted is limited to $100,000 of business expenses funded by forgiven PPP loan proceeds paid or incurred prior to taxable year 2021. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/06/2023Prefiled and ordered printed; offered 01/11/23 23102248D
01/06/2023Referred to Committee on Finance and Appropriations
01/22/2023Impact statement from TAX (SB950)
01/25/2023Passed by indefinitely in Finance and Appropriations (9-Y 4-N) (see vote tally)