Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 30, 2016 |
print number 3220a |
Mar 30, 2016 |
amend and recommit to investigations and government operations |
Jan 06, 2016 |
referred to investigations and government operations |
Feb 03, 2015 |
referred to investigations and government operations |
Senate Bill S3220A
2015-2016 Legislative Session
Sponsored By
(R, C) 7th Senate District
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
Actions
Bill Amendments
co-Sponsors
(R) Senate District
2015-S3220 - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§208 & 612, Tax L
- Versions Introduced in 2013-2014 Legislative Session:
-
S6717
2015-S3220 - Sponsor Memo
BILL NUMBER:S3220 TITLE OF BILL: An act to amend the tax law, in relation to authorizing the creation of small business tax-deferred savings accounts PURPOSE OR GENERAL IDEA OF BILL: Allows any small business to deposit profits into a small business tax-deferred savings account. The monies in such account may be withdrawn tax free only to create full time jobs. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends section 208 of the tax law to create the small business tax-deferred savings account and establishes that the funds may only be withdrawn to create or preserve full time jobs. Section 2 amends section 209 of the tax law by adding a new subdivision 22 to create the tax exemption associated with the small business savings account. Section 3 amends subsection (b) of section 612 of the tax law by adding a new paragraph 42 to allow for withdrawals by small businesses from such accounts.
2015-S3220 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3220 2015-2016 Regular Sessions I N S E N A T E February 3, 2015 ___________ Introduced by Sen. MARTINS -- 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 CREATING OR PRESERVING FULL TIME JOBS. S 2. Paragraph (b) of subdivision 9 of section 208 of the tax law is amended by adding a new subparagraph 22 to read as follows: (22) 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 TWO OF THE BANKING LAW AND ESTABLISHED FOR THE PURPOSES OF CREATING OR PRESERVING FULL TIME JOBS. S 3. Subsection (b) of section 612 of the tax law is amended by adding a new paragraph 42 to read as follows: (42) 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 TWO OF THE BANKING LAW AND ESTABLISHED FOR THE PURPOSES OF CREATING OR PRESERVING FULL TIME JOBS. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08419-01-5
co-Sponsors
(R) Senate District
2015-S3220A (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§208 & 612, Tax L
- Versions Introduced in 2013-2014 Legislative Session:
-
S6717
2015-S3220A (ACTIVE) - Sponsor Memo
BILL NUMBER: S3220A TITLE OF BILL : An act to amend the tax law, in relation to authorizing the creation of small business tax-deferred savings accounts PURPOSE OR GENERAL IDEA OF BILL : Allows any small business to deposit profits into a small business tax-deferred savings account. The monies in such account may be withdrawn tax free only to create full time jobs. SUMMARY OF SPECIFIC PROVISIONS : Section 1 amends section 208 of the tax law to create the small business tax-deferred savings account and establishes that the funds may only be withdrawn to create or preserve full time jobs. Section 2 amends section 209 of the tax law by adding a new subdivision 11 to create the tax exemption associated with the small business savings account. Section 3 amends subsection (b) of section 612 of the tax law by adding a new paragraph 42 to allow for withdrawals by small businesses from such accounts.
2015-S3220A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3220--A 2015-2016 Regular Sessions I N S E N A T E February 3, 2015 ___________ Introduced by Sens. MARTINS, BOYLE -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations -- recommitted to the Committee on Investi- gations and Government Operations 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 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 CREATING OR PRESERVING FULL TIME JOBS. S 2. Paragraph (b) of subdivision 9 of section 208 of the tax law is amended by adding a new subparagraph 22 to read as follows: (22) 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 TWO OF THE BANKING LAW AND ESTABLISHED FOR THE PURPOSES OF CREATING OR PRESERVING FULL TIME JOBS. 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. LBD08419-03-6
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.