Assembly Bill A8225

2021-2022 Legislative Session

Relates to authorizing small business tax-deferred savings accounts

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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

co-Sponsors

2021-A8225 (ACTIVE) - Details

See Senate Version of this Bill:
S1691
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§208 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: S7688
2017-2018: S3391
2019-2020: S859
2023-2024: S236

2021-A8225 (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.

2021-A8225 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8225
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              August 25, 2021
                                ___________
 
 Introduced by M. of A. LAWLER -- read once and referred to the Committee
   on Ways and Means
 
 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 27 to read as follows:
   (27) 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:
   (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-
 
  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.