Taxes on Economic Development Grant
by EJDavidson, Window Shopper
- Created: March 31, 2009, 8:42 am
My Pennsylvania-based startup Limited Liability Company (taxed as a partnership) received a grant from an economic development group in 2008. This economic development group gives grants to startup businesses using state funds.
My company ended the year with much of this grant money still in the bank and did not have enough expenses to offset this. The money is budgeted to be fully spent by June 30, 2009 and is even required by contract to be spent by then.
Will this remaining money be taxed as income even though it is a grant that will be fully spent by June 30, 2009?
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