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HB273

Income tax, state; subtractions and deductions related to Paycheck Protection Program loans.

Status:
Killed

Chief Patron:
Joe McNamara (R)

Session:
2022 Regular Session

Summary

As Introduced. Income tax; subtractions and deductions related to Paycheck Protection Program loans and Rebuild Virginia program grants.

Provides that certain income tax subtractions and deductions for business expenses funded by federal Paycheck Protection Program loans and for grant funds received through the Rebuild Virginia program shall be available for taxable year 2019 and shall not be subject to any limit for taxable years 2019 and 2020. Under current law, such subtractions and deductions are available only for taxable year 2020 and are subject to a limit of $100,000. The effect of making such subtractions and deductions available for taxable year 2019 would be to allow certain taxpayers whose fiscal year does not match the calendar year to claim such subtractions and deductions. (Less)

  • Bill History

  • 01/11/2022 - House: Prefiled and ordered printed; offered 01/12/22 22103875D
  • 01/11/2022 - House: Referred to Committee on Finance
  • 01/27/2022 - House: Assigned Finance sub: Subcommittee #1
  • 02/01/2022 - House: Impact statement from TAX (HB273)
  • 02/02/2022 - House: House committee, floor amendments and substitutes offered
  • 02/02/2022 - House: House committee, floor amendments and substitutes offered
  • 02/02/2022 - House: Failed to report (defeated) in Finance (8-Y 13-N)

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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