Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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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 |
Mar 30, 2016 | 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 |
senate Bill S4376A
Sponsored By
Jack M. Martins
(R, C) 7th Senate District
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
Votes
Bill Amendments
Co-Sponsors
David Carlucci
(D) 0 Senate District
Kathleen A. Marchione
(R, C, IP) 0 Senate District
S4376 - Details
S4376 - Sponsor Memo
BILL NUMBER:S4376 TITLE OF BILL: An act to amend the tax law, in relation to establishing small business savings accounts PURPOSE: This bill would allow small businesses to make contributions into a small business tax-deferred savings account to which the monies in such account may be withdrawn tax free during times of specified economic hardship, for the purpose of job retention or creation, or times where the Governor deems it a natural disaster to warrant assistance from the federal government. SUMMARY OF PROVISIONS: Tax law is amended by adding a new section 42 requiring the commissioner to set minimum standards in establishing small business savings accounts while seeking to minimize fees, minimize risk of loss of principal, and ensure a range of investment risk options available to account beneficiaries. This section defines qualified contributions and qualified distributions from these saving accounts. The aggregate amount of contributions for any taxable year shall not exceed an amount equal to 10% of the gross profits of the business for the preceding taxable year. Qualified Distributions from a small business savings account shall not be includible in gross income. Any amounts
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
David Carlucci
(D) 0 Senate District
Kathleen A. Marchione
(R, C, IP) 0 Senate District
S4376A (ACTIVE) - Details
S4376A (ACTIVE) - Sponsor Memo
BILL NUMBER: S4376A TITLE OF BILL : An act to amend the tax law, in relation to establishing small business savings accounts PURPOSE : This bill would allow small businesses to make contributions into a small business tax-deferred savings account to which the monies in such account may be withdrawn tax free during times of specified economic hardship, for the purpose of job retention or creation, or times where the Governor deems it a natural disaster to warrant assistance from the federal government. SUMMARY OF PROVISIONS : Tax law is amended by adding a new section 42 requiring the commissioner to set minimum standards in establishing small business savings accounts while seeking to minimize fees, minimize risk of loss of principal, and ensure a range of investment risk options available to account beneficiaries. This section defines qualified contributions and qualified distributions from these saving accounts. The aggregate amount of contributions for any taxable year shall not exceed an amount equal to 10% of the gross profits of the business for the
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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