Senate Bill S7688

2015-2016 Legislative Session

Relates to authorizing small business tax-deferred savings accounts

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2015-S7688 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยงยง208 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S3391
2019-2020: S859
2021-2022: S1691
2023-2024: S236

2015-S7688 (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.

2015-S7688 (ACTIVE) - Sponsor Memo

2015-S7688 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7688

                            I N  S E N A T E

                              May 12, 2016
                               ___________

Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

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 20 to read as follows:
  (20)  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.
  S  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.
  S 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-
OPMENT LAW FROM A SMALL BUSINESS TAX-DEFERRED SAVINGS ACCOUNT MAINTAINED
BY  A  BANKING  ORGANIZATION AS DEFINED IN SUBDIVISION ELEVEN OF SECTION

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.