JulieC14
Expert Alumni

Get your taxes done using TurboTax

Yes.  If state and local grants were funded under the CARES Act Coronavirus Relief Fund, then they would be considered income.  On July 6, 2020, the IRS confirmed that the receipt of a government grant by a business generally is not excluded from the business’s gross income under the Code and therefore is taxable.

 

Here is a link to the IRS.gov website for more information.

 

 

 

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