Bill > S1639

This bill aims to promote business continuity and recovery after a disaster. It introduces several key provisions: 1. It defines key terms like "Business Continuity Plan (BCP)" and "Disaster or emergency" to provide context for the legislation. 2. It allows domestic or foreign business corporations to deduct up to 50% of the expenditures paid for business continuity or business interruption insurance, capped at the minimum corporate tax payment due, if they maintain a current business continuity or interruption plan. 3. It enables municipalities to establish emergency permit granting procedures for the permanent or temporary relocation or rebuilding of property, including commercial entities, in situations caused by unforeseen circumstances that render currently used real property unusable. 4. It establishes the Small Business Insurance Commission to examine the need for guidelines for small business insurance, including requirements for a continuity of business plan and registration with the local emergency management office. 5. It allows municipalities to establish agreements with eligible persons regarding the abatement of outstanding interest, penalties, and payment of real estate tax obligations on sites or portions of sites affected by a natural disaster, to facilitate cleanup and redevelopment. 6. It creates the Massachusetts Disaster Relief and Recovery Fund to provide grants to political subdivisions and loan guarantees to banks for low-interest loans to 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 due to a disaster.

Budget and Finance, Justice

https://malegislature.gov/Bills/192/S1639