Assembly Bill A2457

2017-2018 Legislative Session

Relates to authorizing small business tax-deferred savings accounts

download bill text pdf

Sponsored By

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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

co-Sponsors

multi-Sponsors

2017-A2457 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Economic Development Law
Laws Affected:
Add §139, Ec Dev L; amd §§209 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A8653
2015-2016: A2375
2019-2020: A7332
2021-2022: A2291

2017-A2457 (ACTIVE) - Summary

Relates to authorizing small business tax-deferred savings accounts.

2017-A2457 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2457
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 20, 2017
                                ___________
 
 Introduced by M. of A. LAVINE, McDONOUGH, SCHIMMINGER, OTIS, SIMANOWITZ,
   SKARTADOS,  ZEBROWSKI,  SALADINO,  RAIA, RA, PERRY, GJONAJ, BENEDETTO,
   GUNTHER, FAHY, GRAF, HOOPER, SANTABARBARA, BARRON, RIVERA,  MURRAY  --
   Multi-Sponsored  by  --  M. of A. COOK, FINCH, GOODELL, HEVESI, LALOR,
   PALMESANO, PEOPLES-STOKES, SOLAGES, THIELE -- 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:
   §  139.  SMALL  BUSINESS  TAX-DEFERRED SAVINGS ACCOUNTS.   1. A "SMALL
 BUSINESS TAXPAYER" OR "SMALL BUSINESS" SHALL HAVE THE  SAME  MEANING  AS
 DEFINED IN SECTION ONE HUNDRED THIRTY-ONE OF THIS ARTICLE AND SHALL MEET
 THE  REQUIREMENTS  OF  PARAGRAPH  (F)  OF SUBDIVISION ONE OF SECTION TWO
 HUNDRED TEN OF THE TAX LAW.
   2. ANY SMALL BUSINESS SHALL BE AUTHORIZED  TO  ESTABLISH  AND  DEPOSIT
 PROFITS INTO A SMALL BUSINESS TAX-DEFERRED SAVINGS ACCOUNT.
   3.  THE  MONIES IN SUCH TAX-DEFERRED SAVINGS ACCOUNTS MAY BE DEPOSITED
 OR WITHDRAWN TAX FREE WHEN THEY ARE EXPENDED FOR EXPANSION OF SUCH SMALL
 BUSINESS FOR THE PURPOSE OF CREATING OR PRESERVING FULL TIME JOBS.
   4. FOR THE PURPOSES OF THIS ACT, A QUALIFYING  PURPOSE  SHALL  INCLUDE
 SMALL  BUSINESS  TAXPAYER  EXPENDITURES  THAT  RESULT IN THE CREATION OR
 RETENTION OF FULL-TIME JOBS. IN ADDITION, WORKING CAPITAL USED FOR OTHER
 ACTIVITIES, DEEMED APPROPRIATE BY THE DEPARTMENT, WHICH WILL IMPROVE THE
 COMPETITIVENESS AND PRODUCTIVITY OF A SMALL BUSINESS AND RESULTS IN  THE
 CREATION OR RETENTION OF FULL-TIME JOBS SHALL BE CONSIDERED A QUALIFYING
 BUSINESS  EXPENDITURE.  QUALIFYING  SMALL BUSINESS TAXPAYER EXPENDITURES
 FOR THE PURPOSE OF THIS SECTION SHALL INCLUDE, BUT NOT  BE  LIMITED  TO,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.