Bill Text: NY S09037 | 2019-2020 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Excludes loan expenses forgiven under the federal paycheck protection program from adjusted gross income.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2020-10-16 - PRINT NUMBER 9037A [S09037 Detail]

Download: New_York-2019-S09037-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9037

                    IN SENATE

                                     October 9, 2020
                                       ___________

        Introduced  by  Sens. KAPLAN, SANDERS -- 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  excluding  loan  expenses
          forgiven  under  the federal paycheck protection program from adjusted
          gross income

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1. Subsection (c) of section 612 of the tax law is amended by
     2  adding a new paragraph 43 to read as follows:
     3    (43) In the case of a taxpayer who is a small business, loan  expenses
     4  forgiven under the federal paycheck protection program.
     5    §  2.  This  act  shall take effect immediately and shall apply to tax
     6  years beginning on or after January 1, 2020.








         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD17401-01-0