senate Bill S4376A

2015-2016 Legislative Session

Relates to small business savings accounts

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (16)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 24, 2016 referred to ways and means
delivered to assembly
passed senate
May 23, 2016 ordered to third reading cal.990
committee discharged and committed to rules
Mar 30, 2016 print number 4376a
amend and recommit to investigations and government operations
Jan 06, 2016 referred to investigations and government operations
returned to senate
died in assembly
Jun 11, 2015 referred to ways and means
delivered to assembly
passed senate
ordered to third reading cal.1516
committee discharged and committed to rules
Mar 17, 2015 referred to investigations and government operations

Co-Sponsors

S4376 - Details

See Assembly Version of this Bill:
A6031A
Current Committee:
Law Section:
Tax Law
Laws Affected:
Add §42, amd §§209 & 612, Tax L

S4376 - Summary

Relates to small business savings accounts; provides tax incentives for contributions and distributions.

S4376 - Sponsor Memo

S4376 - Bill Text download pdf

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

                                  4376

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             March 17, 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 establishing small  business
  savings accounts

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

  Section 1. Short title. This act shall be known and may  be  cited  as
the "savings accounts for a variable economy (SAVE) for small businesses
act".
  S  2.  The  tax  law  is amended by adding a new section 42 to read as
follows:
  S 42. SMALL BUSINESS SAVINGS ACCOUNTS. (A) GENERAL.  (1)  THE  COMMIS-
SIONER  SHALL ESTABLISH   A PROGRAM TO ADMINISTER SMALL BUSINESS SAVINGS
ACCOUNTS UNDER THIS SECTION.
  (2) THE COMMISSIONER SHALL ESTABLISH MINIMUM STANDARDS FOR SMALL BUSI-
NESS SAVINGS ACCOUNTS AND SHALL ESTABLISH ACCOUNTS, OR ENTER INTO AGREE-
MENTS THAT MEET THESE STANDARDS TO ADMINISTER SUCH ACCOUNTS.  IN  ESTAB-
LISHING  SUCH  STANDARDS  AND  MAKING  SUCH  AGREEMENTS THE COMMISSIONER
SHALL, TO THE EXTENT PRACTICABLE, SEEK TO MINIMIZE FEES,  MINIMIZE  RISK
OF  LOSS  OF  PRINCIPAL,  AND  ENSURE A RANGE OF INVESTMENT RISK OPTIONS
AVAILABLE TO ACCOUNT BENEFICIARIES.  ANY  ELIGIBLE  SMALL  BUSINESS  MAY
ESTABLISH A SMALL BUSINESS SAVINGS ACCOUNT WITH RESPECT TO SUCH BUSINESS
UNDER TERMS WHICH MEET THE REQUIREMENTS OF THIS SECTION.
  (B)  DEFINITION.  FOR  THE  PURPOSES  OF THIS SECTION, THE TERM "SMALL
BUSINESS SAVINGS ACCOUNT" MEANS A TAX PREFERRED SAVINGS ACCOUNT WHICH IS
DESIGNATED AT THE TIME OF ESTABLISHMENT OF THE PLAN AS A SMALL  BUSINESS
SAVINGS  ACCOUNT.  SUCH  DESIGNATION SHALL BE MADE IN SUCH MANNER AS THE
COMMISSIONER MAY BY REGULATION PRESCRIBE.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09675-01-5

S. 4376                             2

Co-Sponsors

S4376A (ACTIVE) - Details

See Assembly Version of this Bill:
A6031A
Current Committee:
Law Section:
Tax Law
Laws Affected:
Add §42, amd §§209 & 612, Tax L

S4376A (ACTIVE) - Summary

Relates to small business savings accounts; provides tax incentives for contributions and distributions.

S4376A (ACTIVE) - Sponsor Memo

S4376A (ACTIVE) - Bill Text download pdf

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

                                 4376--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             March 17, 2015
                               ___________

Introduced  by  Sens.  MARTINS,  CARLUCCI,  MARCHIONE  -- read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Investigations and Government Operations -- recommitted to the Commit-
  tee  on  Investigations  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 establishing small business
  savings accounts

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

  Section  1.  Short  title. This act shall be known and may be cited as
the "savings accounts for a variable economy (SAVE) for small businesses
act".
  S 2. The tax law is amended by adding a new  section  42  to  read  as
follows:
  S  42.  SMALL  BUSINESS SAVINGS ACCOUNTS. (A) GENERAL. (1) THE COMMIS-
SIONER SHALL ESTABLISH  A PROGRAM TO ADMINISTER SMALL  BUSINESS  SAVINGS
ACCOUNTS UNDER THIS SECTION.
  (2) THE COMMISSIONER SHALL ESTABLISH MINIMUM STANDARDS FOR SMALL BUSI-
NESS SAVINGS ACCOUNTS AND SHALL ESTABLISH ACCOUNTS, OR ENTER INTO AGREE-
MENTS  THAT  MEET THESE STANDARDS TO ADMINISTER SUCH ACCOUNTS. IN ESTAB-
LISHING SUCH STANDARDS  AND  MAKING  SUCH  AGREEMENTS  THE  COMMISSIONER
SHALL,  TO  THE EXTENT PRACTICABLE, SEEK TO MINIMIZE FEES, MINIMIZE RISK
OF LOSS OF PRINCIPAL, AND ENSURE A  RANGE  OF  INVESTMENT  RISK  OPTIONS
AVAILABLE  TO  ACCOUNT  BENEFICIARIES.  ANY  ELIGIBLE SMALL BUSINESS MAY
ESTABLISH A SMALL BUSINESS SAVINGS ACCOUNT WITH RESPECT TO SUCH BUSINESS
UNDER TERMS WHICH MEET THE REQUIREMENTS OF THIS SECTION.
  (B) DEFINITION. FOR THE PURPOSES OF  THIS  SECTION,  THE  TERM  "SMALL
BUSINESS SAVINGS ACCOUNT" MEANS A TAX PREFERRED SAVINGS ACCOUNT WHICH IS
DESIGNATED  AT THE TIME OF ESTABLISHMENT OF THE PLAN AS A SMALL BUSINESS

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09675-02-6

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