senate Bill S4355

2021-2022 Legislative Session

Excludes from state income tax certain pandemic relief funds

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 05, 2022 referred to budget and revenue
Feb 03, 2021 referred to budget and revenue

Co-Sponsors

S4355 (ACTIVE) - Details

See Assembly Version of this Bill:
A6962
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Add §622, Tax L

S4355 (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.

S4355 (ACTIVE) - Sponsor Memo

S4355 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4355
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 3, 2021
                                ___________
 
 Introduced  by  Sen.  KAPLAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 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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