HB1446 Introduced to Address Deduction for B2B MS Grant Program Eligible Expenses

February 23, 2021
As a result of our advocacy efforts, MSCPA was successful in getting HB1446 introduced which will allow deduction for Back to Business (B2B) Mississippi Grant Program eligible expenses. If passed, this act will amend Section 57-121-7, Mississippi Code of 1972, to provide that eligible expenses for which grant funds were received under the Back to Business Mississippi Grant Program may be itemized as income tax deductions.

SB2772, which was passed during the 2020 Legislative Session, established the B2B grant program and states that grant proceeds are not taxable to MS but did not allow the deductibility of expenses.

Last night HB1446, authored by Speaker Gunn, was passed by the Ways and Means Committee and will now go to the House floor to begin the approval process. If the bill passes both the House and the Senate, it will be sent to the Governor. With the March 15 tax deadline approaching, we are making all efforts to expedite the bill. We will keep members updated on the bill’s progress.
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