HB 941 Summary

• Extends expiration of Extra Credit grant program deduction from January 1, 2021 to January 1, 2022 for personal income tax purposes.

• Allows taxpayers who made interest expense deductions under CARES Act provisions in 2019-2020 to deduct 20% of the addition in each of the first five tax years beginning in 2021 for both personal and corporate income taxes.

• Modifies employer informational return requirements to clarify filing deadlines when employers terminate business, and adds authority for the Secretary to estimate and assess withholding agents who fail to file or file false returns.

• Restructures excise tax license revocation procedures by creating separate summary revocation (for non-payment) and non-summary revocation (for other violations) processes, with specific notice and hearing requirements effective January 1, 2022.

• Makes technical clarifications to tobacco, motor fuel, and beverage excise tax provisions including recodification of tobacco licensing sections, shipping document requirements, and marking standards for dyed fuel facilities.