NY State Senate Bill 2017-S3391A

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

Please enter your contact information

First Name

Last Name

Email Address

A valid email address is required.

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

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 31, 2018	print number 3391a
Jan 31, 2018	amend and recommit to investigations and government operations
Jan 03, 2018	referred to investigations and government operations
Jan 23, 2017	referred to investigations and government operations

Bill Amendments

Original

A (Active)

2017-S3391 - Details

Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §§208 & 612, Tax L
Versions Introduced in Other Legislative Sessions:: 2015-2016: S7688
2019-2020: S859
2021-2022: S1691
2023-2024: S236

2017-S3391 - 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.

2017-S3391 - Sponsor Memo

2017-S3391 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3391
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 23, 2017
                                ___________
 
 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.
   §  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.
   § 3. Subsection (b) of section 612 of the tax law is amended by adding
 a new paragraph 43 to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00365-01-7

 S. 3391                             2
 
   (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
 TWO OF THE BANKING LAW AND ESTABLISHED FOR THE PURPOSES OF IMPROVING THE
 FACILITIES OF SUCH BUSINESS 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 FACILITIES OF SUCH BUSINESS OR FOR PROCUREMENT OF  MACHIN-
 ERY OR EQUIPMENT.
   § 4. Subsection (c) of section 612 of the tax law is amended by adding
 a new paragraph 44 to read as follows:
   (44)  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.
   § 5. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2018.

2017-S3391A (ACTIVE) - Details

Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §§208 & 612, Tax L
Versions Introduced in Other Legislative Sessions:: 2015-2016: S7688
2019-2020: S859
2021-2022: S1691
2023-2024: S236

2017-S3391A (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.

2017-S3391A (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S3391A

SPONSOR: GALLIVAN
 
TITLE OF BILL:

An act to amend the tax law, in relation to authorizing the creation of
small business tax-deferred savings accounts

 
PURPOSE:

This bill would establish a small business tax-deferred savings account
that would enable funds to be designated for facility improvements or
for procurement of machinery or equipment.

 
SUMMARY OF PROVISIONS:

Sections 1 and 2 amend the Tax law governing Franchise Tax on Business
Corporations by adding new provisions of law allowing for deposits into
a small business tax-deferred savings account to be tax-exempt.  With-
drawals from such an account, for the identified purposes, would be
considered taxable minus any interest which has accrued.

Section 3 and 4 amends the Tax law governing Personal Income Taxes by
adding a new paragraph and subparagraph to allow for deposits into a
small business tax-deferred savings account to be tax-exempt.  With-
drawals from such an account, for the identified purposes, would be
considered taxable minus any interest which has accrued.

Section 5 sets forth the effective date.

 
JUSTIFICATION:

Small businesses play a vital role in New York State's economy. By
establishing a small business tax deferred savings account, these small
businesses will be afforded an opportunity to reinvest into their oper-
ations, thereby enhancing efficiency as well as sustaining and growing
their workforce.

 
LEGISLATIVE HISTORY:

2015-16: S.7688 Referred to Investigations and Government Operations

 
FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to taxable years
beginning on or after January 1, 2019.

2017-S3391A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3391--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 23, 2017
                                ___________
 
 Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment Operations -- recommitted 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 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 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.
   § 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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD00365-02-8

 S. 3391--A                          2
 
   § 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
 TWO OF THE BANKING LAW AND ESTABLISHED FOR THE PURPOSES OF IMPROVING THE
 FACILITIES OF SUCH BUSINESS 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 FACILITIES OF SUCH BUSINESS OR FOR PROCUREMENT OF MACHIN-
 ERY OR EQUIPMENT.
   § 4. Subsection (c) of section 612 of the tax law is amended by adding
 a new paragraph 44 to read as follows:
   (44) 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.
   § 5. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2019.

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.

Senate Bill S3391A

Sponsored By

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

Bill Amendments

2017-S3391 - Details

2017-S3391 - Summary

2017-S3391 - Sponsor Memo

2017-S3391 - Bill Text download pdf

2017-S3391A (ACTIVE) - Details

2017-S3391A (ACTIVE) - Summary

2017-S3391A (ACTIVE) - Sponsor Memo

2017-S3391A (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S3391A

Share this bill

Sponsored By

Patrick M. Gallivan

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

Bill Amendments

2017-S3391 - Details

2017-S3391 - Summary

2017-S3391 - Sponsor Memo

2017-S3391 - Bill Text download pdf

2017-S3391A (ACTIVE) - Details

2017-S3391A (ACTIVE) - Summary

2017-S3391A (ACTIVE) - Sponsor Memo

2017-S3391A (ACTIVE) - Bill Text download pdf

Comments