Assembly Bill A6962

2021-2022 Legislative Session

Excludes from state income tax certain pandemic relief funds

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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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2021-A6962 (ACTIVE) - Details

See Senate Version of this Bill:
S4355
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §622, Tax L

2021-A6962 (ACTIVE) - Summary

Excludes from state income tax pandemic relief funds received pursuant to Federal Pandemic Unemployment compensation benefits and the federal contribution portion of weekly relief payments under a wages assistance program that is provided as part of the CARES act.

2021-A6962 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6962
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 14, 2021
                                ___________
 
 Introduced by M. of A. PAULIN -- read once and referred to the Committee
   on Ways and Means
 
 AN  ACT to amend the tax law, in relation to excluding from state income
   tax certain pandemic relief funds
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1. The tax law is amended by adding a new section 622 to read
 as follows:
   § 622. PANDEMIC RELIEF FUNDS RECEIVED EXEMPT FROM STATE INCOME TAX. 1.
 ANY FUNDS RECEIVED BY A  RESIDENT  OF  THE  STATE  PURSUANT  TO  FEDERAL
 PANDEMIC  UNEMPLOYMENT  COMPENSATION  BENEFITS  SHALL  NOT BE CONSIDERED
 INCOME FOR STATE INCOME TAX PURPOSES AND  SHALL  BE  EXEMPT  FROM  STATE
 TAXATION.
   2.  IF  A  RESIDENT  OF  THE STATE SHALL RECEIVE A FOUR HUNDRED DOLLAR
 WEEKLY ASSISTANCE PAYMENT PURSUANT TO A LOST  WAGES  ASSISTANCE  PROGRAM
 APPROVED BY THE SECRETARY OF HOMELAND SECURITY ACTING THROUGH THE FEDER-
 AL  EMERGENCY MANAGEMENT AGENCY ADMINISTRATOR AS PART OF THE CORONAVIRUS
 AID, RELIEF, AND ECONOMIC SECURITY ACT (CARES ACT),  THE  THREE  HUNDRED
 DOLLAR  PORTION  OF EACH PAYMENT REFLECTING A FEDERAL CONTRIBUTION SHALL
 NOT BE CONSIDERED INCOME FOR STATE INCOME  TAX  PURPOSES  AND  SHALL  BE
 EXEMPT FROM STATE TAXATION.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06323-02-1

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