Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Jan 14, 2020 | reported and committed to finance |
Jan 08, 2020 | referred to investigations and government operations returned to senate died in assembly |
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 |
senate Bill S3163
Sponsored By
Anna M. Kaplan
(D, IP, WF) 0 Senate District
Archive: Last 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
Votes
Co-Sponsors
Phil Boyle
(R) 0 Senate District
David Carlucci
(D) 0 Senate District
Andrew Gounardes
(D) 26th Senate District
Jen Metzger
(D, WF) 0 Senate District
S3163 (ACTIVE) - Details
S3163 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3163 SPONSOR: KAPLAN TITLE OF BILL: An act to amend the tax law, in relation to establishing small business savings accounts PURPOSE: This bill would allow small businesses to make contributions into a small business tax-deferred savings account to which the monies in such account may be withdrawn tax free during times of specified economic hardship, for the purpose of job retention or creation, or times where the Governor deems it a natural disaster to warrant assistance from the federal government. SUMMARY OF PROVISIONS: Tax law is amended by adding a new section 42 requiring the commissioner to set minimum standards in establishing small business savings accounts
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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