senate Bill S2412A

2019-2020 Legislative Session

Relates to authorizing small business tax-deferred savings accounts

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance 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 (8)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 03, 2020 print number 2412b
Mar 03, 2020 amend and recommit to finance
Feb 04, 2020 reported and committed to finance
Jan 21, 2020 print number 2412a
Jan 21, 2020 amend and recommit to commerce, economic development and small business
Jan 08, 2020 referred to commerce, economic development and small business
Feb 27, 2019 reported and committed to finance
Jan 24, 2019 referred to commerce, economic development and small business

Votes

view votes

Feb 4, 2020 - Commerce, Economic Development and Small Business committee Vote

S2412A
9
0
committee
9
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Commerce, Economic Development and Small Business committee vote details

Commerce, Economic Development and Small Business Committee Vote: Feb 4, 2020

Feb 27, 2019 - Commerce, Economic Development and Small Business committee Vote

S2412
9
0
committee
9
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Feb 27, 2019

Co-Sponsors

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 §§209 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A8653
2015-2016: A2375
2017-2018: A2457

S2412 - Summary

Relates to authorizing small business tax-deferred savings accounts.

S2412 - Sponsor Memo

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

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 §§209 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A8653
2015-2016: A2375
2017-2018: A2457

S2412A - Summary

Relates to authorizing small business tax-deferred savings accounts.

S2412A - Sponsor Memo

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

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 §§209 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A8653
2015-2016: A2375
2017-2018: A2457

S2412B (ACTIVE) - Summary

Relates to authorizing small business tax-deferred savings accounts.

S2412B (ACTIVE) - Sponsor Memo

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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