2022 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: McNamara
Remove Deductibility Cap for PPP Loan and Rebuild Virginia Grants (language only)

Item 4-14 #2h

Item 4-14 #2h

Effective Date
Effective Date


Page 622, after line 42, insert:

"5. That §§ 58.1-322.02, 58.1-322.03, and 58.1-402 of the Code of Virginia shall be amended and reenacted to eliminate the cap of $100,000 from grant funds received by the taxpayer under the Rebuild Virginia program established by the Governor and administered by the Department of Small Business and Supplier Diversity and loans received under the Federal Paycheck Protection Program, and to extend the elimination of the deductibility cap for these program to tax years beginning on or after January 1, 2019, but not before, January 1, 2021. "

Page 622, line 43 strike "5." and insert "6.".

Page 623 line 30, strike "6." and insert "7.".

Page 623, line 30, strike "fifth" and insert "sixth".

Page 623, line 31, strike "7." and insert "8."

Page 623, line 31, after "first" insert "and fifth".

Page 623, line 321, strike "8." and insert "9."


(This amendment implements tax policy to eliminate the $100,000 deductibility cap for Rebuild Virginia grants and Paycheck Protection Program loans, and extends the time period that taxpayer may deduct funds received from these programs on their tax returns.)