EQUITABLE TAX TREATMENT FOR PANDEMIC GRANT RECIPIENTS

When state legislators created the Extra Credit Grant and the Business Recovery Grant pandemic relief programs, they made the grants tax-free. NCACPA learned that recipients of certain other pandemic relief programs were being taxed on their grants, and the association successfully lobbied lawmakers to correct the inequity. Because of NCACPA’s advocacy, funds awarded to historically underutilized businesses through the RETOOLNC program and grantees of the Mortgage, Utility, and Rent Relief program were made exempt from state income tax, retroactive to January 1, 2020. 

March 2022