Senate Bill S9037A

2019-2020 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee

  • 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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Bill Amendments

co-Sponsors

2019-S9037 - Details

Current Committee:
Senate Rules
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L

2019-S9037 - Summary

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

2019-S9037 - Sponsor Memo

2019-S9037 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9037
 
                             I N  S E N A T E
 
                              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:
 
   Section  1. Subsection (c) of section 612 of the tax law is amended by
 adding a new paragraph 43 to read as follows:
   (43) IN THE CASE OF A TAXPAYER WHO IS A SMALL BUSINESS, LOAN  EXPENSES
 FORGIVEN UNDER THE FEDERAL PAYCHECK PROTECTION PROGRAM.
   §  2.  This  act  shall take effect immediately and shall apply to tax
 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

co-Sponsors

2019-S9037A (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L

2019-S9037A (ACTIVE) - Summary

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

2019-S9037A (ACTIVE) - Sponsor Memo

2019-S9037A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9037--A
 
                             I N  S E N A T E
 
                              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:
 
   Section  1. Subsection (c) of section 612 of the tax law is amended by
 adding a new paragraph 43 to read as follows:
   (43) IN THE CASE OF A TAXPAYER WHO IS A SMALL BUSINESS, OWNS AN INTER-
 EST IN AN S CORPORATION THAT IS A  SMALL  BUSINESS  AND  FOR  WHICH  THE
 ELECTION PURSUANT TO SUBSECTION (A) OF SECTION SIX HUNDRED SIXTY OF THIS
 ARTICLE  HAS  BEEN  MADE, OR OWNS AN INTEREST IN A PARTNERSHIP THAT IS A
 SMALL BUSINESS, EXPENSES FUNDED BY PROCEEDS FROM  LOANS  FORGIVEN  UNDER
 THE FEDERAL PAYCHECK PROTECTION PROGRAM.
   §  2.  This  act  shall take effect immediately and shall apply to tax
 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

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