Provides an exclusion from income, to the extent includable, for amounts received pursuant to the COVID-19 pandemic small business recovery grant program, established in section 16-ff of the New York state urban development corporation act.
STATE OF NEW YORK
________________________________________________________________________
8033
2021-2022 Regular Sessions
IN ASSEMBLY
June 7, 2021
___________
Introduced by M. of A. DILAN -- (at request of the Governor) -- read
once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to providing an exclusion from
income for amounts received pursuant to the COVID-19 pandemic small
business recovery grant program
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph (a) of subdivision 9 of section 208 of the tax
2 law is amended by adding a new subparagraph 22 to read as follows:
3 (22) Grants received pursuant to the COVID-19 pandemic small business
4 recovery grant program, established in section 16-ff of the New York
5 state urban development corporation act, to the extent includable in
6 federal taxable income.
7 § 2. Subsection (c) of section 612 of the tax law is amended by adding
8 a new paragraph 45 to read as follows:
9 (45) Grants received pursuant to the COVID-19 pandemic small business
10 recovery grant program, established in section 16-ff of the New York
11 state urban development corporation act, to the extent includable in
12 federal adjusted gross income.
13 § 3. This act shall take effect immediately and shall apply to taxable
14 years commencing on or after January 1, 2021.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD12026-01-1
