senate Bill S702

2021-2022 Legislative Session

Relates to small business savings accounts

download bill text pdf

Sponsored By

Current 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 (9)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 01, 2022 reported and committed to finance
Jan 20, 2022 print number 702a
Jan 20, 2022 amend and recommit to investigations and government operations
Jan 05, 2022 referred to investigations and government operations
Jun 10, 2021 committed to rules
Jan 25, 2021 advanced to third reading
Jan 20, 2021 2nd report cal.
Jan 19, 2021 1st report cal.129
Jan 06, 2021 referred to investigations and government operations

Votes

view votes

Feb 1, 2022 - Investigations and Government Operations committee Vote

S702A
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Feb 1, 2022

Jan 19, 2021 - Investigations and Government Operations committee Vote

S702
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Investigations and Government Operations committee vote details

Investigations and Government Operations Committee Vote: Jan 19, 2021

Co-Sponsors

S702 - Details

See Assembly Version of this Bill:
A4824
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Add §45, amd §§209 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: S4376, A6031
2017-2018: S3557, A3434
2019-2020: S3163, A6706, A7693

S702 - Summary

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

S702 - Sponsor Memo

S702 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    702
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced by Sens. KAPLAN, GOUNARDES, SKOUFIS -- read twice and ordered
   printed, and when printed to be committed to the Committee on Investi-
   gations 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  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

S702A (ACTIVE) - Details

See Assembly Version of this Bill:
A4824
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Add §45, amd §§209 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: S4376, A6031
2017-2018: S3557, A3434
2019-2020: S3163, A6706, A7693

S702A (ACTIVE) - Summary

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

S702A (ACTIVE) - Sponsor Memo

S702A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  702--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced by Sens. KAPLAN, BROUK, GAUGHRAN, GOUNARDES, JACKSON, SKOUFIS
   -- read twice and ordered printed, and when printed to be committed to
   the Committee on Investigations and Government Operations -- recommit-
   ted  to  the  Committee on Investigations and Government Operations in
   accordance with Senate Rule 6, sec. 8 --  committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee
 
 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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