Assembly Bill A8033

Signed By Governor
2021-2022 Legislative Session

Provides an exclusion from income for amounts received pursuant to the COVID-19 pandemic small business recovery grant program

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S7230 - Signed by Governor

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-A8033 (ACTIVE) - Details

See Senate Version of this Bill:
S7230
Law Section:
Tax Law
Laws Affected:
Amd §§208 & 612, Tax L

2021-A8033 (ACTIVE) - 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.

2021-A8033 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8033
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               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:
 
   Section  1.  Paragraph  (a) of subdivision 9 of section 208 of the tax
 law is amended by adding a new subparagraph 22 to read as follows:
   (22) GRANTS 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, TO  THE  EXTENT  INCLUDABLE  IN
 FEDERAL TAXABLE INCOME.
   § 2. Subsection (c) of section 612 of the tax law is amended by adding
 a new paragraph 45 to read as follows:
   (45)  GRANTS 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, TO THE EXTENT INCLUDABLE IN
 FEDERAL ADJUSTED GROSS INCOME.
   § 3. This act shall take effect immediately and shall apply to taxable
 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

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