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Assembly Bill A8653A

2013-2014 Legislative Session

Relates to authorizing small business tax-deferred savings accounts

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

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2013-A8653 - Details

See Senate Version of this Bill:
S6717
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§208 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A2375, S3220
2017-2018: A2457
2019-2020: A7332
2021-2022: A2291

2013-A8653 - Summary

Relates to authorizing small business tax-deferred savings accounts for the purpose of investments creating or preserving jobs.

2013-A8653 - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8653

                          I N  A S S E M B L Y

                            January 30, 2014
                               ___________

Introduced by M. of A. LAVINE -- read once and referred to the Committee
  on Small Business

AN  ACT  to  amend  the  economic  development  law  and the tax law, in
  relation to authorizing the creation of  small  business  tax-deferred
  savings accounts

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The economic development law is amended  by  adding  a  new
section 139 to read as follows:
  S  139.  SMALL  BUSINESS  TAX-DEFERRED  SAVINGS ACCOUNTS. 1. ANY SMALL
BUSINESS SHALL BE AUTHORIZED TO ESTABLISH AND  DEPOSIT  PROFITS  INTO  A
SMALL BUSINESS TAX-DEFERRED SAVINGS ACCOUNT.
  2.  THE  MONIES IN SUCH TAX-DEFERRED SAVINGS ACCOUNTS MAY BE WITHDRAWN
TAX FREE WHEN THEY ARE EXPENDED FOR EXPANSION OF SUCH BUSINESS  FOR  THE
PURPOSE OF CREATING OR PRESERVING FULL TIME JOBS.
  S 2. Section 209 of the tax law is amended by adding a new subdivision
12 to read as follows:
  12.  FOR  ANY  TAXABLE  YEAR  BEGINNING ON OR AFTER JANUARY FIRST, TWO
THOUSAND FOURTEEN, ANY SMALL BUSINESS, AS SUCH TERM IS DEFINED  PURSUANT
TO SECTION ONE HUNDRED THIRTY-ONE OF THE ECONOMIC DEVELOPMENT LAW, SHALL
BE  EXEMPT FROM ALL TAXES IMPOSED PURSUANT TO THIS ARTICLE FOR ANY WITH-
DRAWAL FROM A SMALL BUSINESS TAX-DEFERRED  SAVINGS  ACCOUNT  ESTABLISHED
PURSUANT  TO SECTION ONE HUNDRED THIRTY-NINE OF THE ECONOMIC DEVELOPMENT
LAW AND USED FOR THE EXPANSION OF SUCH SMALL BUSINESS FOR THE PURPOSE OF
CREATING OR PRESERVING FULL TIME JOBS.  IF  A  TAXPAYER  FILES  FOR  AND
RECEIVES  AN  EXEMPTION FROM THE TAX IMPOSED UNDER THIS SECTION PURSUANT
TO THE PROVISIONS OF THIS SUBDIVISION AND THE FUNDS  WITHDRAWN,  OR  ANY
PORTION  THEREOF, ARE NOT EXPENDED FOR A QUALIFYING PURPOSE AS SET FORTH
HEREIN, THEN THE AMOUNT OF SUCH EXEMPTION CLAIMED BY THE TAXPAYER  SHALL
BE  ADDED BACK TO TAX IN THE NEXT SUCCEEDING TAXABLE YEAR OR IN THE YEAR
IN WHICH THE EXEMPTION IS DISALLOWED.
  S 3. Subsection (c) of section 612 of the tax law is amended by adding
a new paragraph 41 to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13358-02-4

co-Sponsors

multi-Sponsors

2013-A8653A (ACTIVE) - Details

See Senate Version of this Bill:
S6717
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§208 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A2375, S3220
2017-2018: A2457
2019-2020: A7332
2021-2022: A2291

2013-A8653A (ACTIVE) - Summary

Relates to authorizing small business tax-deferred savings accounts for the purpose of investments creating or preserving jobs.

2013-A8653A (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 8653--A

                          I N  A S S E M B L Y

                            January 30, 2014
                               ___________

Introduced  by  M.  of A. LAVINE, McDONOUGH, SCHIMMINGER, SCHIMEL, OTIS,
  SCARBOROUGH, SIMANOWITZ, ZEBROWSKI, SALADINO, PERRY, RAIA, RA, GJONAJ,
  CAMARA, BENEDETTO, GUNTHER, CLARK, FAHY,  ROBINSON,  SKARTADOS,  GRAF,
  HOOPER,  HENNESSEY  --  Multi-Sponsored  by -- M. of A. CERETTO, COOK,
  FINCH, GOODELL,  HEVESI,  LALOR,  PALMESANO,  PEOPLES-STOKES,  RIVERA,
  SOLAGES,  SWEENEY, THIELE, WEISENBERG -- read once and referred to the
  Committee on Small Business -- reported and referred to the  Committee
  on  Ways  and  Means  --  committee  discharged, bill amended, ordered
  reprinted as amended and recommitted to said committee

AN ACT to amend the tax law, in relation to authorizing the creation  of
  small business tax-deferred savings accounts

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph (a) of subdivision 9 of section 208  of  the  tax
law is amended by adding a new subparagraph 20 to read as follows:
  (20)  ANY  DEPOSIT  MADE BY A SMALL BUSINESS AS DEFINED IN SECTION ONE
HUNDRED THIRTY-ONE OF THE ECONOMIC DEVELOPMENT LAW INTO A SMALL BUSINESS
TAX-DEFERRED SAVINGS ACCOUNT MAINTAINED BY  A  BANKING  ORGANIZATION  AS
DEFINED  IN  SUBDIVISION  ELEVEN  OF  SECTION TWO OF THE BANKING LAW AND
ESTABLISHED FOR THE PURPOSES OF CREATING OR PRESERVING FULL TIME JOBS.
  S 2. Paragraph (b) of subdivision 9 of section 208 of the tax  law  is
amended by adding a new subparagraph 22 to read as follows:
  (22) ANY WITHDRAWAL EXCLUSIVE OF INTEREST INCOME MADE BY A SMALL BUSI-
NESS AS DEFINED IN SECTION ONE HUNDRED THIRTY-ONE OF THE ECONOMIC DEVEL-
OPMENT LAW FROM A SMALL BUSINESS TAX-DEFERRED SAVINGS ACCOUNT MAINTAINED
BY  A  BANKING  ORGANIZATION AS DEFINED IN SUBDIVISION ELEVEN OF SECTION
TWO OF THE BANKING LAW AND ESTABLISHED FOR THE PURPOSES OF  CREATING  OR
PRESERVING FULL TIME JOBS.
  S 3. Subsection (b) of section 612 of the tax law is amended by adding
a new paragraph 42 to read as follows:
  (42) ANY WITHDRAWAL EXCLUSIVE OF INTEREST INCOME MADE BY A SMALL BUSI-
NESS AS DEFINED IN SECTION ONE HUNDRED THIRTY-ONE OF THE ECONOMIC DEVEL-
OPMENT LAW FROM A SMALL BUSINESS TAX-DEFERRED SAVINGS ACCOUNT MAINTAINED
BY  A  BANKING  ORGANIZATION AS DEFINED IN SUBDIVISION ELEVEN OF SECTION

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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