MS HB1748

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

Excludes from gross income any cancelled indebtedness provided under the CARES Act, payments under Section 4 of Senate Bill No. 2772 (2020 Regular Session), and grants under the 2020 COVID-19 Mississippi Business Assistance Act.

Prohibits deductions for payments made with Paycheck Protection Program (PPP) funds to the extent those payments are not allowed as deductions for federal income tax purposes; allows deductions only to the extent permitted under federal law.

Effective retroactively to January 1, 2020, ensuring tax treatment applies to all COVID-19 relief funds received during that year and thereafter.