- June 26, 2021
- Posted by: Stratford Team
- Category: Business
The new law takes effect immediately and applies to taxable years beginning on or after January 1, 2021
Law proposed by Cuomo and introduced by Kaplan and Dilan waives State taxes on grants from the State’s $800 million COVID-19 Pandemic Small Business Recovery Grant Program
ALBANY, NY (June 25, 2021) – Today, Governor Andrew M. Cuomo signed legislation he proposed, which was introduced and sponsored by State Senator Anna M. Kaplan (D-North Hills) and Assemblymember Erik Dilan (D-Brooklyn), S.7230/A8033, which exempts funds awarded through the State’s $800 million COVID-19 Pandemic Small Business Recovery Grant Program from State income taxes.
The Small Business Recovery Grant Program, established in the recently enacted New York State Budget, provides flexible grants to qualifying small businesses between $5,000 and $50,000. The program is now accepting applications…