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A08033 Text:
Go to top 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