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 notes that previous guidance exempted forgiven PPP loans and EIDL Grants from this tax, but RRF grants were not included. It mandates refunds for any tax already paid on these grants and applies retroactively to taxable years beginning after March 11, 2021.
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