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NY S09037

Bill

Official Source

Status

Introduced

10/9/2020

Primary Sponsor

Anna Kaplan

Click for details

Origin

Senate

2019-2020 General Assembly

AI Summary

  • Amends New York Tax Law Section 612(c) to exclude from adjusted gross income expenses funded by forgiven Paycheck Protection Program (PPP) loans for small business owners
  • Applies to individual small business owners, S corporation owners (where applicable election has been made), and partnership owners
  • Takes effect immediately and applies retroactively to tax years beginning on or after January 1, 2020
  • Introduced by Senators Kaplan and Sanders on October 9, 2020

Legislative Description

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

Last Action

PRINT NUMBER 9037A

10/16/2020

Committee Referrals

Rules10/9/2020

Full Bill Text

No bill text available