(a) There is allowed an exemption from the income tax imposed under this chapter for:(1) Payments made to a taxpayer by the United States Department of Agriculture under the Market Facilitation Program authorized by 15 U.S.C. § 714c, as it existed on January 1, 2020;(2) Recovery rebates provided by the United States Department of the Treasury under Section 2201 of the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. No. 116-136; and(3) Payments made to a taxpayer by the United States Department of Agriculture under programs authorized by Division B, Title I, of the American Relief Act, 2025, Pub. L. No. 118-158.
(1) Payments made to a taxpayer by the United States Department of Agriculture under the Market Facilitation Program authorized by 15 U.S.C. § 714c, as it existed on January 1, 2020;
(2) Recovery rebates provided by the United States Department of the Treasury under Section 2201 of the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. No. 116-136; and
(3) Payments made to a taxpayer by the United States Department of Agriculture under programs authorized by Division B, Title I, of the American Relief Act, 2025, Pub. L. No. 118-158.
(b) Expenses for losses related to the receipt of a payment from the Market Facilitation Program to a taxpayer are not deductible or otherwise permitted to offset any other income from the tax year in which the loss or expenses are incurred.