We have reached the point in session where tax conformity legislation has been assigned to a conference committee. The members assigned to this committee will decide the final shape of legislation to be considered by the full House and Senate, so it's imperative that VA West members (and their membership) contact conferees now to ask for a $100,000 PPP deductibility cap. I have included conferees for the budget as well, as this legislation has implications for the Commonwealth's budget.
To read more about tax conformity and how it could impact your member businesses, click here.
Thank you in advance for helping small businesses and all businesses improve their financial bottom line through this challenging time. Please use the language below when reaching out to our legislators by Wednesday, February 24th.
Honorable Senators and Delegates,
When considering legislation or budget items relating to tax conformity during the conference process, please support the approach taken in SB 1146, which provides tax deductibility of PPP loans up to $100,000.
Businesses, especially small ones, have been hit hard by the economic downturn caused by the COVID-19 pandemic. Paycheck Protection Plan (PPP) loans, as prescribed by the CARES Act, have provided many businesses their only lifeline to keep their doors open and their employees on payroll. A main benefit of PPP loans was their total tax deductibility at the federal level. Although it is discouraging that the Commonwealth isn’t going to allow total deductibility, a $100,000 threshold would provide much needed tax relief to most small businesses.
Many businesses, especially small ones, have a long way to go before they are anywhere near as successful as they were pre-pandemic. Strict regulation and dedication to health and safety measures have taken their toll, and you can send a strong message to business owners in Virginia’s Blue Ridge that you stand with them.
Thank you for your time and consideration, and please support a tax deductibility threshold of $100,000 for PPP loans when voting on tax conformity legislation.
Sincerely,
FIRST, LAST
BUSINESS (if applicable)
ADDRESS
If the link above does not work for you, you can find the email addresses for our regional delegation below:
BUDGET CONFEREES
*Senator Janet Howell
*Senator George Barker
Senator Louise Lucas
Senator Mamie Locke
Senator Creigh Deeds
Senator Tommy Norment
Senator Emmett Hanger
*Delegate Luke Torian
Delegate Mark Sickles
Delegate Betsy Carr
Delegate Roslyn Tyler
Delegate David Bulova
*Delegate Barry Knight
Delegate Terry Austin
TAX CONFORMITY CONFEREES
*Senator Janet Howell
*Senator George Barker
Senator Stephen Newman
Delegate Vivian Watts
*Delegate Luke Torian
*Delegate Barry Knight
*denotes conferees in both the budget and tax conformity committees
