Senate Bill S1691

2021-2022 Legislative Session

Relates to authorizing small business tax-deferred savings accounts

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue 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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2021-S1691 (ACTIVE) - Details

See Assembly Version of this Bill:
A8225
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§208 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: S7688
2017-2018: S3391
2019-2020: S859
2023-2024: S236

2021-S1691 (ACTIVE) - Summary

Relates to authorizing small business tax-deferred savings accounts for the purpose of improving facilities of such business and for procurement of machinery or equipment.

2021-S1691 (ACTIVE) - Sponsor Memo

2021-S1691 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1691
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 14, 2021
                                ___________
 
 Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 AN ACT to amend 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. Paragraph (a) of subdivision 9 of section 208  of  the  tax
 law is amended by adding a new subparagraph 27 to read as follows:
   (27)  ANY  DEPOSIT  MADE BY A SMALL BUSINESS AS DEFINED IN SECTION ONE
 HUNDRED THIRTY-ONE OF THE ECONOMIC DEVELOPMENT LAW INTO A SMALL BUSINESS
 TAX-DEFERRED SAVINGS ACCOUNT MAINTAINED BY  A  BANKING  ORGANIZATION  AS
 DEFINED  IN  SUBDIVISION  ELEVEN  OF  SECTION TWO OF THE BANKING LAW AND
 ESTABLISHED FOR THE PURPOSES OF IMPROVING THE FACILITIES OF  SUCH  BUSI-
 NESS OR FOR PROCUREMENT OF MACHINERY OR EQUIPMENT OR ANY INTEREST EARNED
 ON ANY SMALL BUSINESS TAX-DEFERRED SAVINGS ACCOUNT.
   §  2. Subdivision 9 of section 208 of the tax law is amended by adding
 a new paragraph (c-4) to read as follows:
   (C-4) ENTIRE NET INCOME SHALL  INCLUDE  ANY  WITHDRAWAL  EXCLUSIVE  OF
 INTEREST  INCOME  MADE  BY  A  SMALL  BUSINESS AS DEFINED IN SECTION ONE
 HUNDRED THIRTY-ONE OF THE ECONOMIC DEVELOPMENT LAW FROM A SMALL BUSINESS
 TAX-DEFERRED SAVINGS ACCOUNT MAINTAINED BY  A  BANKING  ORGANIZATION  AS
 DEFINED  IN  SUBDIVISION  ELEVEN  OF  SECTION TWO OF THE BANKING LAW AND
 ESTABLISHED FOR THE PURPOSES OF IMPROVING THE FACILITIES OF  SUCH  BUSI-
 NESS  OR FOR PROCUREMENT OF MACHINERY OR EQUIPMENT AND AN ADDITIONAL TEN
 PERCENT OF ANY WITHDRAWALS EXCLUSIVE OF INTEREST INCOME FROM  THE  SMALL
 BUSINESS TAX-DEFERRED SAVINGS ACCOUNT NOT USED FOR IMPROVING THE FACILI-
 TIES OF SUCH BUSINESS OR FOR PROCUREMENT OF MACHINERY OR EQUIPMENT.
   § 3. Subsection (b) of section 612 of the tax law is amended by adding
 a new paragraph 43 to read as follows:
   (43) ANY WITHDRAWAL EXCLUSIVE OF INTEREST INCOME MADE BY A SMALL BUSI-
 NESS AS DEFINED IN SECTION ONE HUNDRED THIRTY-ONE OF THE ECONOMIC DEVEL-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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