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Senate Bill S3220A

2015-2016 Legislative Session

Relates to authorizing small business tax-deferred savings accounts

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Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

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Bill Amendments

co-Sponsors

2015-S3220 - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §§208 & 612, Tax L
Versions Introduced in 2013-2014 Legislative Session:
S6717

2015-S3220 - Summary

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

2015-S3220 - Sponsor Memo

2015-S3220 - Bill Text download pdf 

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

                                  3220

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            February 3, 2015
                               ___________

Introduced  by  Sen. MARTINS -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

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.
                                                           LBD08419-01-5

co-Sponsors

2015-S3220A (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §§208 & 612, Tax L
Versions Introduced in 2013-2014 Legislative Session:
S6717

2015-S3220A (ACTIVE) - Summary

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

2015-S3220A (ACTIVE) - Sponsor Memo

2015-S3220A (ACTIVE) - Bill Text download pdf 

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

                                 3220--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            February 3, 2015
                               ___________

Introduced  by  Sens.  MARTINS, BOYLE -- read twice and ordered printed,
  and when printed to be committed to the  Committee  on  Investigations
  and  Government Operations -- recommitted to the Committee on Investi-
  gations and Government Operations in accordance with  Senate  Rule  6,
  sec.  8  --  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 43 to read as follows:
  (43) 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.
                                                           LBD08419-03-6

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