AN ACT TO AMEND SECTION 27-7-15, MISSISSIPPI CODE OF 1972, TO REVISE THE DEFINITION OF THE TERM "GROSS INCOME" UNDER THE STATE INCOME TAX LAW TO EXCLUDE AMOUNTS RECEIVED AS GRANTS UNDER THE SHUTTERED VENUE OPERATORS GRANT PROGRAM AND RESTAURANT REVITALIZATION FUND AUTHORIZED BY THE ECONOMIC AID TO HARD-HIT SMALL BUSINESSES, NONPROFITS, AND VENUES ACT, AND AMENDED BY THE FEDERAL AMERICAN RESCUE PLAN ACT; TO EXCLUDE AMOUNTS RECEIVED AS GRANTS UNDER THE MISSISSIPPI AGRICULTURE STABILIZATION ACT; TO AMEND SECTION 27-7-17, MISSISSIPPI CODE OF 1972, TO AUTHORIZE INCOME TAX DEDUCTIONS FOR OTHERWISE DEDUCTIBLE EXPENSES THAT WERE ALLOWED AS DEDUCTIONS UNDER SECTION 57-121-7; TO AUTHORIZE INCOME TAX DEDUCTIONS FOR OTHERWISE DEDUCTIBLE EXPENSES IF PAYMENT FOR SUCH EXPENSES IS MADE WITH THE GRANT OR LOAN PROGRAM OF THE SHUTTERED VENUE OPERATORS GRANT PROGRAM AND RESTAURANT REVITALIZATION FUND AUTHORIZED BY THE ECONOMIC AID TO HARD-HIT SMALL BUSINESSES, NONPROFITS, AND VENUES ACT, AND AMENDED BY THE FEDERAL AMERICAN RESCUE PLAN ACT OR THE MISSISSIPPI AGRICULTURE STABILIZATION ACT; TO AMEND SECTION 57-121-7, MISSISSIPPI CODE OF 1972, TO CONFORM TO THE PROVISIONS OF THIS ACT; AND FOR RELATED PURPOSES.

Statutes affected:
As Introduced: 27-7-15, 27-7-17, 57-121-7
As Passed by the House: 27-7-15, 27-7-17, 57-121-7
Approved by the Governor: 27-7-15, 27-7-17, 57-121-7