Virginia legislators weigh PPP loan tax deductions

Name: Virginia legislators weigh PPP loan tax deductions
Uploaded: 2021-02-11T22:57:14Z
Duration: 2 min 52 s
Description: Back in December, the federal government approved legislation to allow businesses to deduct the PPP loans from federal income taxes. Virginia does not agree with the federal government to fully deduct the PPP loans. The Commonwealth wants to tax businesses to gain state revenues.

Back in December, the federal government approved legislation to allow businesses to deduct the PPP loans from federal income taxes. Virginia does not agree with the federal government to fully deduct the PPP loans. The Commonwealth wants to tax businesses to gain state revenues.

Posted February 11, 2021 5:57pm EST