Bill > S1558

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 expenditures 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 their local government. Municipalities are empowered to establish emergency permit processes for relocating or rebuilding businesses affected by unforeseen circumstances that render their property unusable. A Small Business Insurance Commission will be formed to study and recommend guidelines for small business insurance, potentially requiring BCPs and registration with local emergency management. The bill also allows for agreements between cities and towns and eligible persons regarding the abatement of taxes on properties impacted by natural disasters, facilitating cleanup and redevelopment. Furthermore, it establishes the Massachusetts Disaster Relief and Recovery Fund, a separate fund to provide grants and loan guarantees for disaster relief and recovery efforts for political subdivisions and small businesses, with specific limits on loan guarantees and interest rates. Finally, the secretary of labor and workforce development is directed to develop an unemployment compensation program for self-employed individuals and small business owners displaced by a disaster.