Virginia Governor Ralph Northam’s administration has recommended to the General Assembly that the state not conform its tax code to specific provisions included in the recently-signed federal emergency relief bill that gives businesses who received Paycheck Protection Program (PPP) loans a significant tax benefit.
Under the provisions of the Consolidated Appropriations Act (CAA), signed into law by President Donald Trump in late December, businesses in the Commonwealth that got forgivable PPP loans would not be taxed on that income and could deduct their business expenses covered by the federal payment.
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