assembly Bill A7693

2019-2020 Legislative Session

Relates to small business savings accounts

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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 08, 2020 referred to ways and means
May 16, 2019 referred to ways and means

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A7693 (ACTIVE) - Details

See Senate Version of this Bill:
S3163
Law Section:
Tax Law
Laws Affected:
Add §44, amd §§209 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A6031, S4376
2017-2018: A3434, S3557
2021-2022: A4824, S702

A7693 (ACTIVE) - Summary

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

A7693 (ACTIVE) - Bill Text download pdf


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

                                  7693

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                              May 16, 2019
                               ___________

Introduced  by M. of A. STERN -- 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 44 to read as
follows:
  § 44. 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.
  (C) CONTRIBUTIONS. (1) THERE SHALL BE ALLOWED AS A DEDUCTION AN AMOUNT
EQUAL TO THE CONTRIBUTIONS TO A SMALL BUSINESS SAVINGS ACCOUNT  FOR  THE
TAXABLE YEAR.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.