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]

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.

Tracking Information

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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

DateChamberAction
2023-01-25SenatePassed by indefinitely in Finance and Appropriations (9-Y 4-N)
2023-01-06SenateReferred to Committee on Finance and Appropriations
2023-01-06SenatePrefiled and ordered printed; offered 01/11/23 23102248D

Subjects


Code Citations

ChapterArticleSectionCitation TypeStatute Text
581322.03(n/a)See Bill Text
581402(n/a)See Bill Text

Virginia State Sources


Bill Comments

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