SB380

Virginia SB380 allows a subtraction from Virginia taxable income for broadband grant funds used for improving broadband infrastructure and services.

Virginia SB380 modifies the state's income tax law to allow a subtraction from Virginia taxable income for any amount of broadband grant funds received by the taxpayer during the taxable year. This subtraction is exclusive to funds used for planning, constructing, expanding, or improving broadband infrastructure and services in the Commonwealth. The bill specifies that no subtraction is allowed for any income or interest derived from the investment or use of broadband grant funds for purposes unrelated to improving broadband infrastructure and services.