Tax Exemption for CERTS Grants to Transportation Services
This bill exempts grants received by transportation service providers under the Coronavirus Economic Relief for Transportation Services (CERTS) Act from Federal taxation. Specifically, these grant amounts are excluded from gross income, while ensuring that deductions and tax attributes are not denied or reduced due to this exclusion. The amendment applies to taxable years ending after the enactment of the CERTS Act.
Key points
Grants provided under the CERTS Act are excluded from gross income for Federal tax purposes.
No deduction is denied and no tax attribute is reduced by reason of this income exclusion.
The exemption applies to taxable years ending after the date of the enactment of the CERTS Act.
Status:
Expired
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