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Joseph Lipari and Aaron S. Gaynor Joseph Lipari and Aaron S. Gaynor

Earlier this year, Congress passed and the president signed into law the CARES Act, P.L. 116-136, which, in part, granted tax relief to taxpayers to offset the impact of the COVID-19 pandemic on the economy. Many of the federal tax breaks would, in the ordinary course, be incorporated into the New York state and City corporate and personal (individual) income taxes. Presumably concerned with its diminished ability to fill its coffers, the New York state legislature quickly enacted legislation (L. 2020, ch. 58, part WWW) to “decouple” from parts of the CARES Act for purposes of both state and City income taxes. In the past few weeks, an additional bill (2020 NY Senate-Assembly Bill S8411, A10519) further decoupling has been proposed. New Yorkers will have to make sense of a patchwork of conformity and non-conformity between New York and federal law. Moreover, for New York taxpayers, the status of two popular aspects of the CARES Acts—the tax-free forgiveness of PPP (as defined below) loans and corrections to depreciation of QIP (as defined below)—is unclear.

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