HB273:

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

Bill Summary:

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.