H.F. No. 4689 Summary

• Allows individuals, estates, trusts, and C corporations to subtract qualifying COVID-19 business assistance from income taxes retroactively for taxable years beginning after December 31, 2019.

• Qualifying business assistance includes grants, forgivable loans, and financial assistance provided by state, county, or local government under 11 specified state and federal COVID-19 relief programs.

• Appropriates an unspecified amount from the general fund to the commissioner of revenue in fiscal year 2023 for one-time county pandemic relief payments, with funds expiring June 30, 2023.

• Requires counties to distribute per capita payments to provide economic assistance to underserved communities, aid to businesses without 2019 income, aid to entertainment venues, and rental assistance to eligible households.

• Requires the commissioner of revenue to report to legislative tax committees by January 31, 2024, on grants provided, and each county to report by July 1, 2023, on fund usage.