NY Will Exclude Small-Biz Virus Grants From Tax

New York will not include small-business grants given as a response to the coronavirus pandemic in taxable income under a bill signed by the governor.

S.B. 7230 was signed by Democratic Gov. Andrew Cuomo on June 23 and will exclude grants received as a part of the state's COVID-19 pandemic small-business recovery grant program from income tax. The grant program was a part of the 2021-2022 state budget. 

The law will take immediate effect.

--Editing by Vincent Sherry. 

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