District 71 Capitol Hill Update

House Republicans make Covid relief tax deductible for business

Tennessee businesses will be eligible to receive more pandemic assistance through a bill that will exempt relief funds from state taxes.

Republican leaders on April 5th successfully guided unanimous passage of House Bill 776 which exempts Covid-19 relief payments received between March 1, 2020 and Dec. 31, 2021 from the state’s excise taxes. This legislation provides an excise tax deduction for Tennessee business and entities that have received or will receive such relief payments in 2020 and 2021. Businesses that received funds f...