HI HB1588

Establishes a Rail Business Interruption Fund administered by the Office of Planning to provide financial assistance to small businesses affected by rail transit construction.

Eligible businesses must abut or face a rail transit corridor, demonstrate at least 25 percent loss of business revenue or substantial hardship from rail construction, and provide financial documentation.

Fund shall receive equal contributions of no less than $2,000,000 each from: rail construction contractors, counties with populations over 700,000, and the state general fund.

Small businesses may receive up to $25,000 or 60 percent of annual business losses (whichever is less) to cover fixed operating expenses including utilities, insurance, rent, mortgage, and payroll.

Appropriates $150,000 from general revenues for fiscal year 2016-2017 to establish and support the fund, which automatically repeals on July 1, 2019.