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