Assembly Bill A2291A

2021-2022 Legislative Session

Relates to authorizing small business tax-deferred savings accounts

download bill text pdf

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Archive: Last Bill Status - In Assembly 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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Bill Amendments

co-Sponsors

multi-Sponsors

2021-A2291 - Details

See Senate Version of this Bill:
S22
Current Committee:
Assembly Ways And Means
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
2019-2020: A7332, S2412
2023-2024: S5990

2021-A2291 - Summary

Relates to authorizing small business tax-deferred savings accounts.

2021-A2291 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2291
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 14, 2021
                                ___________
 
 Introduced  by M. of A. STERN -- read once and referred to the Committee
   on Ways and Means
 
 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.
   3. THE AMOUNT DEPOSITED INTO SUCH TAX-DEFERRED  SAVINGS  ACCOUNTS  AND
 ANY  INTEREST EARNED ON SUCH DEPOSITS SHALL BE SUBJECT TO THE PROVISIONS
 OF SUBPARAGRAPH TWENTY-ONE OF  PARAGRAPH  (A)  OF  SUBDIVISION  NINE  OF
 SECTION TWO HUNDRED EIGHT AND PARAGRAPH FORTY-THREE OF SUBSECTION (C) OF
 SECTION SIX HUNDRED TWELVE OF THE TAX LAW, UNLESS SUCH AMOUNTS ARE WITH-
 DRAWN AND EXPENDED FOR A PURPOSE OTHER THAN A QUALIFYING PURPOSE.
   4.  FOR  THE  PURPOSES OF THIS ACT, A QUALIFYING PURPOSE SHALL INCLUDE
 SMALL BUSINESS TAXPAYER EXPENDITURES (A) FOR TANGIBLE PERSONAL  PROPERTY
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

multi-Sponsors

2021-A2291A (ACTIVE) - Details

See Senate Version of this Bill:
S22
Current Committee:
Assembly Ways And Means
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
2019-2020: A7332, S2412
2023-2024: S5990

2021-A2291A (ACTIVE) - Summary

Relates to authorizing small business tax-deferred savings accounts.

2021-A2291A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2291--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 14, 2021
                                ___________
 
 Introduced  by  M. of A. STERN, DURSO, RA -- Multi-Sponsored by -- M. of
   A. GOODELL -- read once and referred to  the  Committee  on  Ways  and
   Means  -- recommitted to the Committee on Ways and Means in accordance
   with Assembly Rule 3, sec. 2 -- 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.
   3.  THE  AMOUNT  DEPOSITED INTO SUCH TAX-DEFERRED SAVINGS ACCOUNTS AND
 ANY INTEREST EARNED ON SUCH DEPOSITS SHALL BE SUBJECT TO THE  PROVISIONS
 OF  SUBPARAGRAPH  TWENTY-ONE  OF  PARAGRAPH  (A)  OF SUBDIVISION NINE OF
 SECTION TWO HUNDRED EIGHT AND PARAGRAPH FORTY-THREE OF SUBSECTION (C) OF
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00218-03-2
 A. 2291--A                          2
              

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