senate Bill S22

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 Finance 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 (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 02, 2022 reported and committed to finance
Feb 18, 2022 print number 22a
Feb 18, 2022 amend and recommit to commerce, economic development and small business
Jan 05, 2022 referred to commerce, economic development and small business
Jan 19, 2021 reported and committed to finance
Jan 06, 2021 referred to commerce, economic development and small business

Votes

view votes

Mar 2, 2022 - Commerce, Economic Development and Small Business committee Vote

S22A
9
0
committee
9
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Mar 2, 2022

Jan 19, 2021 - Commerce, Economic Development and Small Business committee Vote

S22
9
0
committee
9
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Commerce, Economic Development and Small Business committee vote details

Commerce, Economic Development and Small Business Committee Vote: Jan 19, 2021

Co-Sponsors

S22 - Details

See Assembly Version of this Bill:
A2291
Current Committee:
Senate Finance
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: S2412, A7332
2023-2024: S5990

S22 - Summary

Relates to authorizing small business tax-deferred savings accounts.

S22 - Sponsor Memo

S22 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    22
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  Sens. KAPLAN, SANDERS -- read twice and ordered printed,
   and when printed to be committed to the Committee on Commerce, Econom-
   ic Development and Small Business
 
 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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

Co-Sponsors

S22A (ACTIVE) - Details

See Assembly Version of this Bill:
A2291
Current Committee:
Senate Finance
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: S2412, A7332
2023-2024: S5990

S22A (ACTIVE) - Summary

Relates to authorizing small business tax-deferred savings accounts.

S22A (ACTIVE) - Sponsor Memo

S22A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   22--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by Sens. KAPLAN, HELMING, HINCHEY, MARTUCCI, MAY, SANDERS --
   read twice and ordered printed, and when printed to  be  committed  to
   the  Committee on Commerce, Economic Development and Small Business --
   recommitted to the Committee on  Commerce,  Economic  Development  and
   Small  Business  in accordance with Senate Rule 6, sec. 8 -- 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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