Income tax, state; subtractions and deductions related to Paycheck Protection Program loans.

Income tax; subtractions and deductions relatedto Paycheck Protection Program loans and Rebuild Virginia programgrants. Provides that certain income tax subtractions and deductionsfor business expenses funded by federal Paycheck Protection Programloans and for grant funds received through the Rebuild Virginia programshall be available for taxable year 2019 and shall not be subjectto any limit for taxable years 2019 and 2020. Under current law, suchsubtractions and deductions are available only for taxable year 2020and are subject to a limit of $100,000. The effect of making suchsubtractions and deductions available for taxable year 2019 would be to allow certain taxpayers whose fiscal year does not match thecalendar year to claim such subtractions and deductions.