January 11, 2011 |
By
Keith Martin in Washington, DC
Grants normally must be reported by grant recipients as income, but not grants paid by the US Department of Energy to manufacturers of electricity storage devices and related components, the IRS said.
The IRS made the announcement in Revenue Procedure 2010-45 in November. The Department of Energy was given $2 billion for such grants as part of a series of economic stimulus measures authorized by Congress in early 2009.
