|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Feb 27, 2019||reported and committed to finance|
|Jan 24, 2019||referred to commerce, economic development and small business|
senate Bill S2412
Current Bill Status - In Senate Committee Finance Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S2412 (ACTIVE) - Details
S2412 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2412 SPONSOR: KAPLAN TITLE OF BILL: 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 PURPOSE OR GENERAL IDEA OF BILL: This legislation would allow any small business to deposit profits into a small business tax-deferred savings account. The monies in such account may be withdrawn tax free only to create full time jobs. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends economic development law by adding a new section 139 that creates the small business tax-deferred savings account and estab- lishes that the funds may only be withdrawn to create full time jobs.
S2412 (ACTIVE) - 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 THE MONIES IN SUCH TAX-DEFERRED SAVINGS ACCOUNTS MAY BE DEPOSITED OR WITHDRAWN TAX FREE WHEN THEY ARE EXPENDED FOR EXPANSION OF SUCH SMALL BUSINESS FOR THE PURPOSE OF CREATING OR PRESERVING FULL TIME JOBS. 4.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
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