VA SB950 | 2023 | Regular Session
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 6 2023 - 25% progression, died in chamber
Action: 2023-01-25 - Passed by indefinitely in Finance and Appropriations (9-Y 4-N)
Text: Latest bill text (Prefiled) [HTML]
Status: Introduced on January 6 2023 - 25% progression, died in chamber
Action: 2023-01-25 - Passed by indefinitely in Finance and Appropriations (9-Y 4-N)
Text: Latest bill text (Prefiled) [HTML]
Summary
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.
Title
Income tax, state and corporate; Paycheck Protection Program loans.
Sponsors
Roll Calls
2023-01-25 - Senate - Senate: Passed by indefinitely in Finance and Appropriations (9-Y 4-N) (Y: 9 N: 4 NV: 0 Abs: 0) [PASS]
History
Date | Chamber | Action |
---|---|---|
2023-01-25 | Senate | Passed by indefinitely in Finance and Appropriations (9-Y 4-N) |
2023-01-06 | Senate | Referred to Committee on Finance and Appropriations |
2023-01-06 | Senate | Prefiled and ordered printed; offered 01/11/23 23102248D |