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IRS GRANTS CFO SINK’S REQUEST THAT MSFH GRANTS NOT BE SUBJECT TO FEDERAL INCOME TAX
Florida Chief Financial Officer Alex Sink announced grants awarded to homeowners through the My Safe Florida Home (MSFH) program will not be reported as taxable income to the federal government.  Following a June 2007 request from CFO Sink, the IRS issued a Letter Ruling in late November that all grants given through the MSFH program will not be considered income and will not be reported as income to the federal government. Without this recent ruling, matching grant recipients could have been facing a tax liability of $1,250 on a $5,000 MSFH grant, based on the IRS Flat Tax calculation rate of 25 percent. With $8.6 million in grants issued to date, CFO Sink’s request has potentially saved Floridians from being subject to approximately $2.15 million in additional federal income taxes. Read more
 
Important Update: The 2007 Florida Legislature and the Governor passed legislation that modifies components of the My Safe Florida Home program, including grant criteria. Under the new law, if you received your wind inspection after May 1, 2007, you will be eligible for a matching grant up to $5,000 if you meet the new eligibility requirements. For information on the new eligibility requirements, please click here.