Bill Text: NY A08033 | 2021-2022 | General Assembly | Introduced

New York Assembly Bill 8033 (Prior Session Legislation)

Introduced

Bill Title: 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.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2021-06-10 - substituted by s7230 [A08033 Detail]

Download: New_York-2021-A08033-Introduced.html




                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