Bill > S1386

This bill aims to bolster business resilience and recovery following disasters by introducing several key provisions. It defines "Business Continuity Plan" (BCP) as a documented, tested plan for restoring operations after a disaster, and "Disaster or emergency" as a wide range of disruptive events. Businesses can elect to deduct half of their spending on business continuity or interruption insurance from their taxable income, up to the minimum corporate tax payment, provided the insurance is active and a BCP is on file with local government. Municipalities are empowered to create expedited permit processes for relocating or rebuilding businesses affected by unforeseen circumstances that render their current property unusable. A Small Business Insurance Commission will be established to study and recommend guidelines for small business insurance, potentially requiring BCPs and local emergency management registration. The bill also amends existing laws to include "natural disaster" in contexts related to bankruptcy and allows municipalities to negotiate agreements for abating taxes on properties impacted by natural disasters, provided they are zoned for commercial or industrial use. Furthermore, it creates a Massachusetts Disaster Relief and Recovery Fund, capped at $5 million, to provide grants and loan guarantees for small business relief and recovery, with specific interest rate and repayment period limits. Municipalities can also offer small emergency assistance grants of up to $1,000 to adequately insured businesses for relocation and start-up costs, which must be repaid upon insurance settlement. Finally, the secretary of labor and workforce development is directed to develop a proposal for an unemployment compensation program for self-employed individuals and small business owners displaced by disasters.