Bill
Bill > A08033
NY A08033
NY A08033Provides 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.
summary
Introduced
06/07/2021
06/07/2021
In Committee
06/09/2021
06/09/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
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.
AI Summary
This bill provides an exclusion from state income tax for amounts received by small businesses pursuant to the COVID-19 Pandemic Small Business Recovery Grant Program established in New York state law. Specifically, the bill amends the state tax law to exclude these grant funds from both corporate franchise tax and personal income tax, to the extent they are includable in federal taxable income or adjusted gross income. The bill applies retroactively to the 2021 tax year and takes effect immediately.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
substituted by s7230 (on 06/10/2021)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/A8033 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A08033&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A08033 |
Loading...