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

New York Senate Bill 9037 (Prior Session Legislation)

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-Amended.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                         9037--A

                    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 --  commit-
          tee  discharged, bill amended, ordered reprinted as amended and recom-
          mitted to said committee

        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, owns an inter-
     4  est in an S corporation that is a  small  business  and  for  which  the
     5  election pursuant to subsection (a) of section six hundred sixty of this
     6  article  has  been  made, or owns an interest in a partnership that is a
     7  small business, expenses funded by proceeds from  loans  forgiven  under
     8  the federal paycheck protection program.
     9    §  2.  This  act  shall take effect immediately and shall apply to tax
    10  years beginning on or after January 1, 2020.






         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD17401-02-0