Economic Development Funds and Taxation

Volume 27 No. 1


C. Arthur Robinson II is an attorney with the Virginia Beach, Virginia, firm of Wolcott Rivers Gates.

IRC § 118 typically makes government economic development funds tax-free to corporations, but not to other types of business entities; however, given the origins of this exclusion, limitation of the tax-free treatment to corporations is not justified and the exclusion should be available to other types of business entities.


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