CERTS Tax Exemption Act

This bill exempts certain grants provided to transportation service providers from federal taxation under the Coronavirus Economic Relief for Transportation Services Act. It specifically states that grant amounts received by eligible providers won't count as taxable income, and it prevents related tax deductions or basis adjustments from being denied. The provision also clarifies tax treatment for partnerships and S corporations receiving these grants, treating the excluded grant amounts as tax-exempt income for partnership tax calculations. The bill directly affects transportation businesses that receive federal relief grants under the referenced act.