Bill > S1455

This bill aims to promote business continuity and recovery after a disaster. The key provisions are: 1. It defines "Business Continuity Plan (BCP)" and "Disaster" or "emergency" to establish the scope of the bill. 2. It allows domestic or foreign business corporations to deduct up to half the cost of business continuity or business interruption insurance from their net income, provided they maintain a current BCP. 3. It enables municipalities to establish emergency permit granting procedures for the relocation or rebuilding of property, including commercial entities, in disaster situations. 4. It establishes the Small Business Insurance Commission to study the need for insurance guidelines for small businesses, including a requirement to have a continuity of business plan. 5. It allows municipalities to establish agreements with eligible persons for the abatement of outstanding interest, penalties, and payment of real estate tax obligations on sites affected by a natural disaster. 6. It creates the Massachusetts Disaster Relief and Recovery Fund to provide grants and low-interest loan guarantees to political subdivisions and small businesses for relief and recovery efforts following a disaster. 7. It directs the Secretary of Labor and Workforce Development to develop an unemployment compensation program for self-employed individuals and small business owners temporarily displaced by a disaster.

Budget and Finance, Justice

https://malegislature.gov/Bills/191/S1455