By Mark Drajem
March 10 (Bloomberg) -- Companies that receive U.S. stimulus grants from a $3.4 billion smart-grid electricity project will not be taxed on those funds by the federal government, the Treasury Department said today.
The decision lets the Energy Department proceed with grant agreements in the coming weeks, according to a joint statement from the Treasury and Energy departments.
“By clarifying the tax treatment of Smart Grid Investment Grants, we are ensuring that their full impact is felt in the communities where these investments are being made,” Dan Tangherlini, Treasury’s assistant secretary for management, said in a statement
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