Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 16, 2014 |
referred to ways and means delivered to assembly passed senate ordered to third reading cal.1401 committee discharged and committed to rules |
Jun 12, 2014 |
print number 6717a |
Jun 12, 2014 |
amend (t) and recommit to finance |
Apr 29, 2014 |
reported and committed to finance |
Mar 03, 2014 |
referred to commerce, economic development and small business |
Senate Bill S6717A
2013-2014 Legislative Session
Sponsored By
(R, C) 7th Senate District
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
Bill Amendments
co-Sponsors
(R) Senate District
(D) Senate District
2013-S6717 - Details
2013-S6717 - Sponsor Memo
BILL NUMBER:S6717 TITLE OF BILL: 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 PURPOSE OR GENERAL IDEA OF BILL: Allows any small business to deposit profits into a small business tax-deferred savings account. The monies in such account may be withdrawn tax free only to create full time jobs. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends economic development law by adding a new section 139 that creates the small business tax-deferred savings account and establishes that the funds may only be withdrawn to create full time jobs. Section 2 amends section 209 of the tax law by adding a new subdivision 11 to create the tax exemption associated with the small business savings account. Section 3 amends subsection (c) of section 612 of the tax law by adding a new paragraph 39 to modify federally adjusted gross income by subtracting any withdrawal of the account during an economic downturn.
2013-S6717 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6717 I N S E N A T E March 3, 2014 ___________ Introduced by Sen. MARTINS -- read twice and ordered printed, and when printed to be committed to the Committee on Commerce, Economic Devel- opment and 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.
co-Sponsors
(R) Senate District
(D) Senate District
2013-S6717A (ACTIVE) - Details
2013-S6717A (ACTIVE) - Sponsor Memo
BILL NUMBER:S6717A TITLE OF BILL: An act to amend the tax law, in relation to authorizing the creation of small business tax-deferred savings accounts PURPOSE OR GENERAL IDEA OF BILL: Allows any small business to deposit profits into a small business tax-deferred savings account. The monies in such account may be withdrawn tax free only to create full time jobs. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends section 208 of the tax law to create the small business tax-deferred savings account and establishes that the funds may only be withdrawn to create or preserve full time jobs. Section 2 amends section 208 of the tax law by adding a new subdivision 22 to create the tax exemption associated with the small business savings account. Section 3 amends subsection (b) of section 612 of the tax law by adding a new paragraph 42 to allow for withdrawals by small businesses from such accounts. Section 4 amends subsection (c) of section 612 of the tax law, and
2013-S6717A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6717--A I N S E N A T E March 3, 2014 ___________ Introduced by Sens. MARTINS, BOYLE, CARLUCCI -- read twice and ordered printed, and when printed to be committed to the Committee on Commerce, Economic Development and Small Business -- reported favora- bly from said committee and committed to the Committee on Finance -- 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 TWO OF THE BANKING LAW AND ESTABLISHED FOR THE PURPOSES OF CREATING OR PRESERVING FULL TIME JOBS. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13358-03-4
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