EPISODE · Dec 8, 2022 · 32 MIN
IRS Finally Waives Taxes on Septic Grants
from 27Speaks · host The Express News Group
Suffolk County's Septic Improvement Program grants and similar grants issued by Southampton and East Hampton towns to subsidize nitrogen-reducing innovative/alternative septic systems will no longer be subject to federal income tax, a change that provides long-awaited relief to grant recipients and perhaps encouraging more participation in the future. The IRS announced the move this month in light of the U.S. Department of Agriculture recently determining that the grants should be exempt from income tax because they are primarily for the purpose of environmental protection. To discuss the history of the controversy and the implications of the outcome, senior reporter Michael Wright joins the editors on the podcast this week.
What this episode covers
Suffolk County's Septic Improvement Program grants and similar grants issued by Southampton and East Hampton towns to subsidize nitrogen-reducing innovative/alternative septic systems will no longer be subject to federal income tax, a change that provides long-awaited relief to grant recipients and perhaps encouraging more participation in the future. The IRS announced the move this month in light of the U.S. Department of Agriculture recently determining that the grants should be exempt from income tax because they are primarily for the purpose of environmental protection. To discuss the history of the controversy and the implications of the outcome, senior reporter Michael Wright joins the editors on the podcast this week.
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IRS Finally Waives Taxes on Septic Grants
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