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NYS COVID-19 SMALL BUSINESS RECOVERY GRANT

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Level 2

Is the New York State Small Business Recovery Grant taxable income to the federal tax return.  

thank you

 

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Terry53029
Level 12
Level 12

Yes 

NYS has passed a law (NYS Senate Bill S7230) providing an exclusion from NYS taxable income for the amounts received pursuant to the COVID-19 pandemic small business recovery grant program, to the extent includable in federal taxable income.