Is grant money income & taxable?

Answering your questions depends on what the grant was for. In other words, was it a scholarship to attend a degree-granting post-high school institution, seed money to open a business, to perform research for a college/university or commercial lab, seed money or operational money for a non-profit charity? Could you please provide more information?

The IRC is very complicated and much depends on the nature of the grant. You may want to consult with a local tax attorney to help you with this.