Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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---|---|
Jan 05, 2022 |
referred to budget and revenue |
Jan 14, 2021 |
referred to budget and revenue |
Senate Bill S1691
2021-2022 Legislative Session
Sponsored By
(R, C) 60th Senate District
Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
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- On Floor Calendar Assembly
- On Floor Calendar Senate
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- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2021-S1691 (ACTIVE) - Details
2021-S1691 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1691 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.
2021-S1691 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1691 2021-2022 Regular Sessions I N S E N A T E January 14, 2021 ___________ Introduced by Sen. GALLIVAN -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue 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.
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