The next few hours are critical - contact your Delegate & State Senator to support PPP deductibility

Dear Member,Right now, there are two competing Virginia bills (HB1935/SB1146) to determine which of the two federal tax changes related to Paycheck Protection Program (PPP) loans should be provided to

Dear Member, Right now, there are two competing Virginia bills (HB1935/SB1146) to determine which of the two federal tax changes related to Paycheck Protection Program (PPP) loans should be provided to Virginia employers. Both bills include the PPP income exclusion provision, but they also must include Rebuild Virginia grants and local grants paid for with COVID relief funds.  All of these income sources also must have deductibility for related expenses. The question is how to address deductibility?   Senate Bill 1146 includes a deduction up to $100,000 while House Bill 1935 only allows up to $25,000. Both only address PPP deductibility and not Rebuild Virginia grants or local grants paid for with COVID relief funds.   Just this week, Governor Northam announced Virginia will collect $730 million more than expected in sales and income taxes over the next two years. There is no excuse not to approve the $100,000 deduction or provide for full deductibility and include Rebuild Virginia grants and local grants paid for with COVID relief funds.   The next few hours on this issue are critical! Contact your Delegate and State Senator NOW. Tell them how many jobs your company saved with its PPP loan. Tell them to restore PPP, Rebuild Virginia and local grants deductibility! Don't forget to share this campagin with five colleagues and/or friends, urging them to do the same! Click the link below to log in and send your message: https://www.votervoice.net/BroadcastLinks/1j13tJhEKwGQTGF7-JWObg

Phone (804) 643-7489 Fax (804) 780-3853 2108 West Laburnum Avenue, Suite 230, Richmond, Virginia 23227 Click here to unsubscribe from this mailing list.