Virginia Senate Bill 950 (Prior Session Legislation)

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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]

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.

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

Sen. John Petersen [D]

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]

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

Chapter	Article	Section	Citation Type	Statute Text
58	1	322.03	(n/a)	See Bill Text
58	1	402	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?231+sum+SB950
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?231+ful+SB950+hil
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?231+oth+SB950F161+PDF
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?231+vot+S05V0082+SB0950