|
How to Save
Money - My
Safe Florida
Home TV
Spots |
 |
|
 |
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. |
|
