Senate Bill S859

2019-2020 Legislative Session

Relates to authorizing small business tax-deferred savings accounts

download bill text pdf

Sponsored By

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

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2019-S859 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §§208 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: S7688
2017-2018: S3391
2021-2022: S1691
2023-2024: S236

2019-S859 (ACTIVE) - Summary

Relates to authorizing small business tax-deferred savings accounts for the purpose of improving facilities of such business and for procurement of machinery or equipment.

2019-S859 (ACTIVE) - Sponsor Memo

2019-S859 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    859
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              January 9, 2019
                                ___________
 
 Introduced  by Sen. GALLIVAN -- 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 IMPROVING THE FACILITIES OF  SUCH  BUSI-
 NESS OR FOR PROCUREMENT OF MACHINERY OR EQUIPMENT OR ANY INTEREST EARNED
 ON ANY SMALL BUSINESS TAX-DEFERRED SAVINGS ACCOUNT.
   §  2. Subdivision 9 of section 208 of the tax law is amended by adding
 a new paragraph (c-4) to read as follows:
   (C-4) ENTIRE NET INCOME SHALL  INCLUDE  ANY  WITHDRAWAL  EXCLUSIVE  OF
 INTEREST  INCOME  MADE  BY  A  SMALL  BUSINESS AS DEFINED IN SECTION ONE
 HUNDRED THIRTY-ONE OF THE ECONOMIC DEVELOPMENT 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 IMPROVING THE FACILITIES OF  SUCH  BUSI-
 NESS  OR FOR PROCUREMENT OF MACHINERY OR EQUIPMENT AND AN ADDITIONAL TEN
 PERCENT OF ANY WITHDRAWALS EXCLUSIVE OF INTEREST INCOME FROM  THE  SMALL
 BUSINESS TAX-DEFERRED SAVINGS ACCOUNT NOT USED FOR IMPROVING THE FACILI-
 TIES OF SUCH BUSINESS OR FOR PROCUREMENT OF MACHINERY OR EQUIPMENT.
   § 3. Subsection (b) of section 612 of the tax law is amended by adding
 a new paragraph 43 to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02812-01-9
              

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