MS HB1446

Allows Mississippi taxpayers to claim state income tax deductions for business expenses paid using COVID-19 relief funds, including Paycheck Protection Program (PPP) loans, Economic Injury Disaster Loans (EIDL), the 2020 COVID-19 Mississippi Business Assistance Act grants, and Rental Assistance Grant Program funds

Removes previous restriction that prevented businesses from itemizing eligible expenses as tax deductions if they received grants under the Mississippi Business Assistance program

Expenses qualify for the state deduction only if they are also allowed as deductions for federal income tax purposes

Applies retroactively to March 27, 2020, the date the federal CARES Act was enacted

Amends Section 57-121-7 of the Mississippi Code of 1972 related to the Back to Business Mississippi Grant Program