CERTS Transportation Grants Exempt from Federal Tax
This act exempts grants received under the Coronavirus Economic Relief for Transportation Services (CERTS) program from federal taxation. This means that transportation companies that received these aid funds during the pandemic will not have to pay income tax on them, improving their financial situation and aiding in post-crisis recovery.
Key points
Transportation companies that received CERTS financial aid will not pay income tax on it.
The tax exemption also applies to partnerships and S corporations, simplifying their accounting.
The changes apply to tax years ending after the enactment date of the original CERTS Act.
Status:
Expired
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