Bill of the Day: Back to Business loan expenses to be deducted from income tax

This bill of the day could give businesses a much needed break, after 2020 and the COVID-19 pandemic struck.

House Bill 1446 would allow for grant funds that came from the Back to Business loans be deducted from income taxes. The bill was authored by Speaker of the House Philip Gunn.

Chairman Trey Lamar presented the bill on the floor on deadline day, explaining to members that this change is in step with federal law, Mississippi law just did not allow for those deductions to be made.

The bill reads: 

Grants awarded shall be protected from creditors and shall not be subject to tax * * *. Eligible expenses for which grants are received may * * * be itemized as income tax  deductions.

The bill was passed in the House and will now go to the Senate for consideration.