Qualifying Grants – National emergency or state of emergency

From the 2024 DOR Tax Exemption Study

82.04.767 - Qualifying Grants – National emergency or state of emergency Description Certain financial assistance in the form of a grant or relief from debt provided under a government program to address the impacts of a national emergency declared by the president of the United States or state of emergency declared by the state governor is exempt from B&O tax. Purpose To help mitigate the economic impacts of the COVID-19 pandemic. Provides guidance on the taxability of any qualifying government grant or loan forgiveness program associated with a future national or state of emergency. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes Indeterminate Indeterminate Indeterminate Indeterminate Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing this exemption would increase revenues during a national or state of exemption emergency. Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 Indeterminate Indeterminate Indeterminate Local Taxes $0.000 $0.000 $0.000 $0.000 Assumptions The revenue impact of this bill is indeterminate. Future emergency situations and the provision of government-funded assi