This bill would allow small businesses to set aside money — tax free — for a rainy day

Originally published in Albany Business Review on March 13, 2019.

Small businesses would be able to better prepare for future investments and protect against economic downturns if they could set aside some money — tax free — for when times are tough, state Sen. Anna Kaplan says.

That's why Kaplan, a Democrat from Long Island, sponsored a bill allowing certain small businesses to set up such a savings account.

Why the sponsor says it's important: Thousands of small businesses around the state closed after the 2008 recession, and some that survived are still having trouble getting loans and credit to stay open. These savings accounts would give businesses a fund for creating and retaining jobs if the economy takes a turn for the worse, the bill's justification reads...Continue reading at bizjournals.com