Senate Bill S2412B

2019-2020 Legislative Session

Relates to authorizing small business tax-deferred savings accounts

download bill text pdf

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Archive: Last Bill Status - In Senate Committee Finance 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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Actions
Votes

Bill Amendments

co-Sponsors

2019-S2412 - Details

See Assembly Version of this Bill:
A7332
Current Committee:
Senate Finance
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: S22, A2291
2023-2024: S5990

2019-S2412 - Summary

Relates to authorizing small business tax-deferred savings accounts.

2019-S2412 - Sponsor Memo

2019-S2412 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2412
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 24, 2019
                                ___________
 
 Introduced  by  Sen.  KAPLAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Commerce, Economic  Devel-
   opment and 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 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-S2412A - Details

See Assembly Version of this Bill:
A7332
Current Committee:
Senate Finance
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: S22, A2291
2023-2024: S5990

2019-S2412A - Summary

Relates to authorizing small business tax-deferred savings accounts.

2019-S2412A - Sponsor Memo

2019-S2412A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2412--A
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 24, 2019
                                ___________
 
 Introduced  by  Sens. KAPLAN, SANDERS -- read twice and ordered printed,
   and when printed to be committed to the Committee on Commerce, Econom-
   ic Development and Small Business -- recommitted to the  Committee  on
   Commerce,  Economic  Development and Small Business in accordance with
   Senate Rule 6, sec. 8 -- 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-S2412B (ACTIVE) - Details

See Assembly Version of this Bill:
A7332
Current Committee:
Senate Finance
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: S22, A2291
2023-2024: S5990

2019-S2412B (ACTIVE) - Summary

Relates to authorizing small business tax-deferred savings accounts.

2019-S2412B (ACTIVE) - Sponsor Memo

2019-S2412B (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2412--B
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 24, 2019
                                ___________
 
 Introduced  by  Sens. KAPLAN, SANDERS -- read twice and ordered printed,
   and when printed to be committed to the Committee on Commerce, Econom-
   ic Development and Small Business -- recommitted to the  Committee  on
   Commerce,  Economic  Development and Small Business in accordance with
   Senate Rule 6, sec. 8 -- committee discharged, bill  amended,  ordered
   reprinted  as  amended  and  recommitted to said committee -- reported
   favorably from said  committee  and  committed  to  the  Committee  on
   Finance  --  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 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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08519-04-0
              

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