North Carolina Approval of option grant
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How to fill out Approval Of Option Grant?
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FAQ
The grant is not subject to North Carolina income tax. If the grant amount is included in federal AGI or federal taxable income, North Carolina allows a deduction for the grant payment amount on a North Carolina income tax return.
The American Rescue Plan Act does not exempt child care stabilization grant funding from taxation. State tax rules apply.
North Carolina child care stabilization grants are non-competitive financial awards made directly to eligible, qualified early care and learning programs across the state to sustain and stabilize their businesses, support working families with access to high-quality, affordable care and education, and promote equity ...
Please be aware that all funds are taxable and will need to be spent no later than September 30, 2023.
BRG will issue a payment to an eligible North Carolina business that suffered an economic loss of at least 20 percent during the pandemic. The grant amount is a percentage of the economic loss demonstrated by the eligible business or $500,000, whichever is less. The application deadline is June 1, 2022.
During the pandemic, the federal government invested $1.3 billion in the North Carolina child care system to keep facilities open. The stabilization grant was funded by the 2021 federal American Rescue Plan and focused on tuition assistance for families as well as higher salaries and benefits for child care workers.
The Child Care Stabilization Grant is income to your business and is taxable by the state and federal government. Programs that are awarded a grant will receive an IRS Tax Form 1099-NEC. This funding is subject to the same state and federal tax rules as regular Child Care Development Fund (CCDF) funding.
Is the child care stabilization grant taxable? The answer is yes, these funds are taxable .