House Bill 1498 Summary

• Excludes amounts received as grants under the Shuttered Venue Operators Grant Program, Restaurant Revitalization Fund (authorized by Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act and amended by American Rescue Plan Act), and Mississippi Agriculture Stabilization Act from gross income for state income tax purposes.

• Authorizes income tax deductions for otherwise deductible expenses paid with grants or loans from multiple federal and state programs including the Paycheck Protection Program, Economic Injury Disaster Loan Program, COVID-19 Mississippi Business Assistance Act, Rental Assistance Grant Program, Shuttered Venue Operators Grant Program, Restaurant Revitalization Fund, and Mississippi Agriculture Stabilization Act.

• Amends Section 57-121-7 to conform provisions related to the Mississippi Agriculture Stabilization Act and grant programs with the income tax deduction allowances established in the bill.

• Effective date: January 1, 2020.