senate Bill S3163

2019-2020 Legislative Session

Sponsored By

Current Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (7)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 07, 2019 referred to ways and means
delivered to assembly
passed senate
Mar 04, 2019 advanced to third reading
Feb 28, 2019 2nd report cal.
Feb 27, 2019 1st report cal.176
Feb 04, 2019 referred to investigations and government operations

Votes

view votes

Feb 27, 2019 - Investigations and Government Operations committee Vote

S3163
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Investigations and Government Operations committee vote details

Investigations and Government Operations Committee Vote: Feb 27, 2019

Co-Sponsors

S3163 (ACTIVE) - Details

See Assembly Version of this Bill:
A7693
Law Section:
Tax Law
Laws Affected:
Add §44, amd §§209 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: S4376, A6031
2017-2018: S3557, A3434

S3163 (ACTIVE) - Summary

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

S3163 (ACTIVE) - Sponsor Memo

S3163 (ACTIVE) - Bill Text download pdf


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

                                  3163

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            February 4, 2019
                               ___________

Introduced by Sens. KAPLAN, BOYLE -- read twice and ordered printed, and
  when  printed  to  be committed to the Committee on Investigations and
  Government Operations

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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09440-01-9

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