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Governor Signs Tax Conformity Bill
 
03/22/2021 12:09 PM

Governor Northam has signed SB 1146 and HB 1935 which conforms Virginia’s tax code to federal tax provisions from the taxable year 2020.  Because of the bill’s emergency clause, conformity goes into effect immediately and is retroactive.

Businesses can exclude the full forgiven loan amount as well as deduct up to $100,000 of business expenses related to the PPP or Rebuild Virginia Loan. The $100,000 cap will allow full deductibility for 80% of Virginia Small Businesses that received a PPP loan. Rebuild Virginia grants will receive the same tax treatment.

 

Here are the main components of the legislation:

 
 
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