Youngkin Signs Tax Conformity Bill

Governor Glenn Youngkin signed a bill to conform Virginia’s tax code to the federal Internal Revenue Code in part to grant significant tax relief for businesses impacted by COVID-19. Through this bill, Virginia expanded and made retroactive tax benefits related to Paycheck Protection Program loans and Rebuild Virginia grants to ensure COVID-19 aid granted to businesses would not be treated as taxable income. This bill will save Virginia individual and business taxpayers a total of over $200 million in taxes.