Hi bmerritt15,
Great question and the answer is YES.
The IRS clearly considers the receipt of any form of income where a gift can be redeemed, are considered income and are taxable income.
"Gift certificates that are redeemable for general merchandise or have a cash equivalent value are not de minimis benefits and are taxable."
https://www.irs.gov/government-entities/federal-state-local-governments/de-minimis-fringe-benefits
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