assembly Bill A4824A

2021-2022 Legislative Session

Relates to small business savings accounts

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Sponsored By

Current Bill Status - In Assembly 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 (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 21, 2022 print number 4824a
Jan 21, 2022 amend and recommit to ways and means
Jan 05, 2022 referred to ways and means
Feb 08, 2021 referred to ways and means

Co-Sponsors

view additional co-sponsors

Multi-Sponsors

A4824 - Details

See Senate Version of this Bill:
S702
Law Section:
Tax Law
Laws Affected:
Add §45, amd §§209 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A6031, S4376
2017-2018: A3434, S3557
2019-2020: A6706, A7693, S3163

A4824 - Summary

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

A4824 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4824
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 8, 2021
                                ___________
 
 Introduced  by  M.  of A. STERN, THIELE, ENGLEBRIGHT, SILLITTI, DARLING,
   GRIFFIN, SEAWRIGHT, GUNTHER,  JACOBSON,  WOERNER,  GALLAGHER,  COLTON,
   NOLAN,  DeSTEFANO, GANDOLFO, MONTESANO, RA, ASHBY, BUTTENSCHON, BRABE-
   NEC, SIMPSON, ANGELINO -- Multi-Sponsored by -- M. of A.  BLANKENBUSH,
   B. MILLER -- read once and referred to the Committee on Ways and Means

 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  45  to  read  as
 follows:
   §  45.  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.

Co-Sponsors

view additional co-sponsors

Multi-Sponsors

A4824A (ACTIVE) - Details

See Senate Version of this Bill:
S702
Law Section:
Tax Law
Laws Affected:
Add §45, amd §§209 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A6031, S4376
2017-2018: A3434, S3557
2019-2020: A6706, A7693, S3163

A4824A (ACTIVE) - Summary

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

A4824A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4824--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 8, 2021
                                ___________
 
 Introduced  by  M.  of A. STERN, THIELE, ENGLEBRIGHT, SILLITTI, DARLING,
   GRIFFIN, SEAWRIGHT, GUNTHER,  JACOBSON,  WOERNER,  GALLAGHER,  COLTON,
   NOLAN,  DeSTEFANO, GANDOLFO, MONTESANO, RA, ASHBY, BUTTENSCHON, BRABE-
   NEC, SIMPSON, ANGELINO, LUNSFORD -- Multi-Sponsored by  --  M.  of  A.
   BLANKENBUSH, B. MILLER, TAGUE -- read once and referred to the Commit-
   tee  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 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  45  to  read  as
 follows:
   §  45.  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.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00712-04-1
 A. 4824--A                          2