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Is the exclusion for unemployment benefits of $10,200 also excluded on the state returns, in particular New York State. The exclusion affects many areas of the return including earned income credit, allowable IRA deductions, etc. is this only a federal adjustment, or does it affect each state.
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I don't know that there are many states that have acted on the unemployment exclusion yet.
Slava Ukraini!
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The Federal law that passed last week only affects the Federal return.
Some states were already not taxing unemployment before the Federal law passed. Several other States are considering it.
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A bill to exclude the 10,200 is "in committeee" in NY. Still has to be sent to NY Assembly and NY Senate for approval, then signed by the governor. I always thought Federal tax law was followed in NY UNLESS the legislature specifically acts to "decouple". Seems to maybe be the reverse of that now. Earth to NY: Could you kind of hurry up on this????
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Has there been an update to NYS?
