MS HB1529

Excludes from Mississippi gross income amounts received as grants under the federal Shuttered Venue Operators Grant Program, Restaurant Revitalization Fund, and Mississippi Agriculture Stabilization Act

Excludes from gross income advances, grants, and cancelled indebtedness under the CARES Act, Consolidated Appropriations Act of 2021, and American Rescue Plan Act

Allows state income tax deductions for business expenses even when paid using funds from PPP loans, EIDL grants, COVID-19 Mississippi Business Assistance Act grants, Rental Assistance Grant Program, Shuttered Venue Operators Grant Program, Restaurant Revitalization Fund, or Mississippi Agriculture Stabilization Act

Permits deductions for expenses that would otherwise be deductible under federal tax law, ensuring businesses are not penalized for using pandemic relief funds to cover operating costs

Effective retroactively from January 1, 2020