assembly Bill A3434

2017-2018 Legislative Session

Relates to small business savings accounts

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Sponsored By

Archive: Last Bill Status - In Assembly Committee


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 03, 2018 referred to ways and means
Jan 27, 2017 referred to ways and means

Co-Sponsors

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Multi-Sponsors

A3434 (ACTIVE) - Details

See Senate Version of this Bill:
S3557
Law Section:
Tax Law
Laws Affected:
Add §43, amd §§209 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A6031, S4376
2019-2020: A6706, A7693, S3163
2021-2022: A4824, S702

A3434 (ACTIVE) - Summary

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

A3434 (ACTIVE) - Bill Text download pdf


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

                                  3434

                       2017-2018 Regular Sessions

                          I N  A S S E M B L Y

                            January 27, 2017
                               ___________

Introduced  by  M.  of  A. LAVINE, M. G. MILLER, BENEDETTO, BLAKE, OTIS,
  COOK, THIELE, JAFFEE, GUNTHER, SIMANOWITZ, MOSLEY, ZEBROWSKI,  BRINDI-
  SI,  GJONAJ, MONTESANO, MURRAY, PALUMBO, RA, SKARTADOS, COLTON, BRABE-
  NEC, PICHARDO, SALADINO, ENGLEBRIGHT,  HOOPER,  RAIA,  JEAN-PIERRE  --
  Multi-Sponsored  by  -- M. of A. BARCLAY, SOLAGES, WALKER -- read once
  and referred to the Committee on Ways and Means

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".
  §  2.  The  tax  law  is amended by adding a new section 43 to read as
follows:
  § 43. 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.
                                                           LBD06746-01-7