MS HB1744

Excludes amounts received as loans, advances, grants, and other assistance under the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act from Mississippi state income tax gross income.

Excludes amounts received as payments under Section 4 of Senate Bill No. 2772 (2020 Regular Session) from gross income for tax purposes.

Excludes amounts received as grants under the 2020 COVID-19 Mississippi Business Assistance Act from gross income for tax purposes.

Amends Mississippi Code Section 27-7-15 to implement these exclusions in the state's income tax law definition of "gross income."

Effective January 1, 2020, with no impact on tax claims, assessments, or appeals accrued before the effective date.