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TAX BULLETIN 22-1

TAX BULLETIN 22-1 Virginia Department of Taxation February 23, 2022 IMPORTANT INFORMATION REGARDING 2021 VIRGINIA INCOME TAX RETURNS VIRGINIA S CONFORMITY TO THE INTERNAL REVENUE CODE ADVANCED TO DECEMBER 31, 2021 Under emergency legislation enacted by the 2022 General Assembly (House Bill 971, Chapter 3 of the 2022 Acts of Assembly), Virginia's date of conformity to the terms of the Internal Revenue Code will advance from December 31, 2020 to December 31, 2021. This BULLETIN is intended to provide taxpayers with guidance on reconciling this legislation with their 2021 Virginia income tax returns. Virginia s Conformity Legislation During the 2022 General Assembly Session, legislation was enacted to advance Virginia s date of conformity to the Internal Revenue Code from December 31, 2020 to December 31, 2021. This legislation allows Virginia to generally conform to the American Rescue Plan Act of 2021 ( ARPA ) and provides additional benefits to recipients of certain coronavirus disease 2019 ( COVID-19 ) business assistance programs during Taxable Years 2021 and 2019.

deconformed from the federal deductibility of business expenses funded by forgiven Paycheck Protection Program (“PPP”) loan proceeds and Economic Injury Disaster Loan (“EIDL”) program funding. In addition, the 2021 conformity legislation provided a Virginia-specific deduction of up to $100,000 for business expenses funded by forgiven

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