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2023 Session

Budget Amendments - SB800 (Member Request)

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Chief Patron: Petersen
Paycheck Protection Program Loan Deduction (SB 950) (language only)

Item 0 #16s

Item 0 #16s

Revenues
Revenues

Language

Page 1, line 39, strike "$26,901,248,506" and insert "$26,726,548,506".



Explanation

(This amendment accompanies Senate Bill 950 to repeal the limitation on the Virginia-specific deduction for the Paycheck Protection Program loan forgiveness. Under current law, the deduction is limited to a maximum of $100,000. The amendment assumes a general fund revenue reduction of $174.7 million the second year to remove the limitation. The actual revenue impact is to be determined.)