Alabama § 40-18-61 - Restaurant Revitalization Grant Monies.

§ 40-18-61. Restaurant Revitalization Grant Monies.

For tax years ending after March 11, 2021, the date of enactment of the federal American Rescue Plan Act, any amount received from the Administrator of the Small Business Administration in the form of a restaurant revitalization grant under Section 5003 of the American Rescue Plan Act shall be all of the following:

(1) Exempt from the income taxes imposed by this chapter to the same extent as the amount is exempt from federal income tax under Section 9673 of the American Rescue Plan Act.

(2) Not considered in determining deductibility of otherwise deductible expenses allowed to be paid with the exempt funds, including, but not limited to, payroll, utilities, mortgage interest, or rent, to the same extent as the expenses remain deductible in calculating federal income tax under Section 9673 of the American Rescue Plan Act.

(3) Excluded from any and all calculations in determining a taxpayer’s federal income tax deduction pursuant to this chapter.