In a surprising announcement, New York State has provided updated guidance that they will now conform and adopt the federal rule contained within the CARES ACT and not tax forgivable PPP loans.
Additionally, New York State has also adopted the federal provisions of the new Consolidated Appropriations Act whereby expenses deductible on federal returns for eligible PPP expenses will now also be deductible on New York State returns.
As of this morning this information is only listed on the New York State “Individual” section of their website, however it is expected that this will apply to C Corporations as well. Again, this took many by surprise, and is outstanding news for New York State businesses. Stay connected with us for further updates.