State and federal income taxation of economic development incentives received by a company locating in your state

In an effort to help balance the revenue impact of the massive tax reform bill which Congress passed during the Trump administration, Congress reversed the law which previously held that economic development incentives received by corporations were not subject to federal income taxation. This issue recently reared its head as the IRS has maintained that massive Broadband grants were subject to federal income taxation. This session will discuss the federal income rules relative to the receipt of local, state and federal economic development incentives and suggestions on how to lower or eliminate the potential taxes.