Budget Amendment ID: FY2021-S4-48-R1

Redraft GOV 48

Tax Relief for COVID-19 Impacts

Messrs. Tarr and O'Connor moved that the proposed new text be amended by inserting the following new section:-

"SECTION XX. There is hereby established for the taxable years 2020 and 2021 a 2019 Novel Coronavirus impacts tax credit, the purpose of which shall be to provide relief for extraordinary costs incurred by filers in response to the 2019 Novel Coronavirus pandemic. The amount of such credit shall be $1,000 and the aggregate amount of such credit shall not exceed $5,000,000 in any year. Said credit shall be available to reduce the amount of income tax owed, and shall be implemented pursuant to regulations promulgated by the department of revenue. Said regulations shall prescribe specific expenses eligible for the credit, including but not limited to the costs personal protective equipment, sanitization, and remote employment and learning, and any such cost claimed shall be itemized in a form prescribed by the department.

Such credit shall be available only in the tax year in which the claimed expenses are incurred, and no part of any credit may be carried forward to a subsequent tax year".