Assembly Bill A7332B

2019-2020 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

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Bill Amendments

co-Sponsors

2019-A7332 - Details

See Senate Version of this Bill:
S2412
Current Committee:
Assembly Ways And Means
Law Section:
Economic Development Law
Laws Affected:
Add §138-a, Ec Dev L; amd §§208 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A8653
2015-2016: A2375
2017-2018: A2457
2021-2022: A2291, S22
2023-2024: S5990

2019-A7332 - Summary

Relates to authorizing small business tax-deferred savings accounts.

2019-A7332 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7332
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 24, 2019
                                ___________
 
 Introduced  by  M.  of  A.  STERN,  LAVINE, ENGLEBRIGHT, THIELE, ABBATE,
   SIMON, D'URSO, CRUZ, RAIA, DeSTEFANO, RA, BRABENEC --  read  once  and
   referred to the Committee on Ways and Means
 
 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 138-a to read as follows:
   §  138-A.  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,
 NEW CONSTRUCTION, RENOVATION OR LEASEHOLD IMPROVEMENTS, AND THE ACQUISI-
 TION OF LAND, BUILDINGS, MACHINERY AND EQUIPMENT.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08519-01-9
              

co-Sponsors

2019-A7332A - Details

See Senate Version of this Bill:
S2412
Current Committee:
Assembly Ways And Means
Law Section:
Economic Development Law
Laws Affected:
Add §138-a, Ec Dev L; amd §§208 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A8653
2015-2016: A2375
2017-2018: A2457
2021-2022: A2291, S22
2023-2024: S5990

2019-A7332A - Summary

Relates to authorizing small business tax-deferred savings accounts.

2019-A7332A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7332--A
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 24, 2019
                                ___________
 
 Introduced  by  M.  of  A.  STERN,  LAVINE, ENGLEBRIGHT, THIELE, ABBATE,
   SIMON, D'URSO, CRUZ, DeSTEFANO, RA, BRABENEC, COLTON -- read once  and
   referred  to  the  Committee  on  Ways and Means -- recommitted to the
   Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2
   -- committee discharged, bill amended, ordered  reprinted  as  amended
   and recommitted to said committee
 
 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 138-a to read as follows:
   §  138-A.  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.
              

co-Sponsors

2019-A7332B (ACTIVE) - Details

See Senate Version of this Bill:
S2412
Current Committee:
Assembly Ways And Means
Law Section:
Economic Development Law
Laws Affected:
Add §138-a, Ec Dev L; amd §§208 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A8653
2015-2016: A2375
2017-2018: A2457
2021-2022: A2291, S22
2023-2024: S5990

2019-A7332B (ACTIVE) - Summary

Relates to authorizing small business tax-deferred savings accounts.

2019-A7332B (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7332--B
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 24, 2019
                                ___________
 
 Introduced  by  M.  of  A.  STERN,  LAVINE, ENGLEBRIGHT, THIELE, ABBATE,
   SIMON, D'URSO, CRUZ, DeSTEFANO, RA, BRABENEC, COLTON -- read once  and
   referred  to  the  Committee  on  Ways and Means -- recommitted to the
   Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2
   -- committee discharged, bill amended, ordered  reprinted  as  amended
   and  recommitted to said committee -- again reported from said commit-
   tee with amendments, ordered reprinted as amended and  recommitted  to
   said committee
 
 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 138-a to read as follows:
   §  138-A.  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 WITH ANY FINAN-
 CIAL ORGANIZATION A SMALL BUSINESS TAX-DEFERRED SAVINGS ACCOUNT  AND  TO
 MAKE  DEPOSITS  INTO  AND WITHDRAWALS FROM SUCH ACCOUNT. FOR PURPOSES OF
 THIS  SECTION,  "FINANCIAL  ORGANIZATION"  SHALL  MEAN  AN  ORGANIZATION
 AUTHORIZED  TO  DO  BUSINESS  IN  THE STATE OF NEW YORK AND (A) WHICH IS
 LICENSED OR CHARTERED BY THE DEPARTMENT OF FINANCIAL  SERVICES,  (B)  IS
 CHARTERED  BY  AN AGENCY OF THE FEDERAL GOVERNMENT, OR (C) IS SUBJECT TO
 THE JURISDICTION AND REGULATION OF THE SECURITIES AND  EXCHANGE  COMMIS-
 SION OF THE FEDERAL GOVERNMENT.
   3.  THE  AMOUNT  DEPOSITED INTO SUCH TAX-DEFERRED SAVINGS ACCOUNTS AND
 ANY INTEREST EARNED ON SUCH DEPOSITS SHALL BE SUBJECT TO THE  PROVISIONS
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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