Hawaii HB937 exempts Restaurant Revitalization Fund grants from state general excise tax.

Hawaii HB937 aims to exempt Restaurant Revitalization Fund grants received by eligible businesses from the state general excise tax. The bill responds to the state's previous exemption of forgiven PPP loans and EIDL Grants under the CARES Act, aligning the tax treatment of RRF grants with these earlier relief efforts. The exemption applies retroactively to taxable years beginning after March 11, 2021, and mandates refunds for any state general excise tax already paid on these grants.

Hawaii HB937 exempts Restaurant Revitalization Fund grants from state general excise tax.

Hawaii HB937 aims to exempt Restaurant Revitalization Fund grants received by eligible businesses from the state general excise tax. The bill responds to the state's previous exemption of forgiven PPP loans and EIDL Grants under the CARES Act, aligning the tax treatment of RRF grants with these earlier relief efforts. The exemption applies retroactively to taxable years beginning after March 11, 2021, and mandates refunds for any state general excise tax already paid on these grants.