Sink: Hurricane mitigation grants are tax-free

December 12th, 2007 | Category: Florida Politics Blog

Chief Financial Officer Alex Sink announced Wednesday that grants to homeowners under the MySafeFloridaHome program are not subject to federal income tax. She received a clarifying letter from the IRS which said that the mitigation grants, to protect homes from future hurricanes, are not considered gross income

for tax ambitions.

Without the IRS ruling, Sink said, homeowners who get MSFH could have faced a flat-tax payment of 25 percent, or $1,250 on a $5,000 matching grant. Sink’s agency runs the MSFH program, at www.MySafeFloridaHome.com.

Original post by Steve Bousquet

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