Exempts Restaurant Revitalization Fund grants from Hawaii's general excise tax.

This bill exempts grants received from the federal Restaurant Revitalization Fund by eligible businesses from Hawaii's general excise tax. The bill applies retroactively to taxable years beginning after March 11, 2021. The exemption aligns with the rationale behind the Paycheck Protection Program and Economic Injury Disaster Loan Emergency Advances grants, which were also exempt from the tax.

Exempts Restaurant Revitalization Fund grants from Hawaii's general excise tax.

This bill exempts grants received from the federal Restaurant Revitalization Fund by eligible businesses from Hawaii's general excise tax. The bill applies retroactively to taxable years beginning after March 11, 2021. The exemption aligns with the rationale behind the Paycheck Protection Program and Economic Injury Disaster Loan Emergency Advances grants, which were also exempt from the tax.