HB 4372 Summary

• Allows qualified taxpayers owning or operating eligible businesses forced to close due to 2020 gubernatorial executive orders or health department emergency orders to claim a tax credit for 2020 and 2021 tax years if they experienced a 25% or greater revenue loss during any quarter of 2020.

• Tax credit amount equals the qualified taxpayer's tax liability attributable to business income from the eligible business for that tax year; allows flow-through entity members to claim credit based on their distributive share of business income or an alternative department-approved method.

• Defines "eligible businesses" as entertainment venues, exercise facilities, food service establishments, lodging facilities, and recreation facilities or places of public amusement.

• Limits eligibility to businesses with fewer than 300 employees per location and requires department approval of forms, proof of forced closure, and verification of revenue loss claims.

• Applies retroactively to tax years beginning January 1, 2020 and later.