Emergency proclamation government assistance

From the 2024 DOR Tax Exemption Study

82.16.320 - 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 PU 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 Future emergency situations and the provision of government-funded assistance to taxpayers is unknown, therefore these est