Establish the Social Work Internship Grant Program

HB 675 establishes a Social Work Internship Grant Program to provide financial support for social work interns. The bill also creates specific tax exemptions for grants received under this program, shielding them from state and local income taxes. Additionally, the legislation updates definitions for municipal taxable income and outlines rules for calculating income for both residents and nonresidents, including provisions for net operating losses and various types of exempt income such as military pay and social security benefits.