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S07230 Summary:

S07230 Actions:

S07230 Committee Votes:

S07230 Floor Votes:

S07230 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7230
 
                               2021-2022 Regular Sessions
 
                    IN SENATE
 
                                      June 7, 2021
                                       ___________
 
        Introduced  by Sen. KAPLAN -- (at request of the Governor) -- read twice
          and ordered printed, and when printed to be committed to the Committee
          on Rules
 
        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