Bill
Bill > HB1446
MS HB1446
Income tax; allow deduction for Back to Business Mississippi Grant Program eligible expenses.
summary
Introduced
02/22/2021
02/22/2021
In Committee
03/09/2021
03/09/2021
Crossed Over
02/24/2021
02/24/2021
Passed
03/30/2021
03/30/2021
Dead
Signed/Enacted/Adopted
04/14/2021
04/14/2021
Introduced Session
2021 Regular Session
Bill Summary
An Act To Amend Section 57-121-7, Mississippi Code Of 1972, To Allow An Income Tax Deduction For Otherwise Deductible Expenses If The Payment For Such Expenses Is Made With The Grant Or Loan Program Of The Paycheck Protection Program As Authorized Under The Coronavirus Aid, Relief, And Economic Security (cares) Act And The Consolidated Appropriations Act Of 2021, The Covid-19 Economic Injury Disaster Loan Program, The 2020 Covid-19 Mississippi Business Assistance Act, And/or The Rental Assistance Grant Program, And Such Expenses Are Allowed As Deductions For Federal Income Tax Purposes; And For Related Purposes.
AI Summary
This bill amends Mississippi's law to allow an income tax deduction for otherwise deductible expenses if the payment for such expenses was made with grants or loans from the Paycheck Protection Program (PPP), the COVID-19 Economic Injury Disaster Loan (EIDL) Program, the 2020 COVID-19 Mississippi Business Assistance Act, and/or the Rental Assistance Grant Program, and these expenses are also allowed as deductions for federal income tax purposes. This provides tax relief for businesses that received assistance from these COVID-19 relief programs.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Approved by Governor (on 04/14/2021)
Official Document
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