NY State Senate Bill 2021-S22A

Archive: Last Bill Status - In Senate Committee Finance 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

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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Mar 02, 2022	reported and committed to finance
Feb 18, 2022	print number 22a
Feb 18, 2022	amend and recommit to commerce, economic development and small business
Jan 05, 2022	referred to commerce, economic development and small business
Jan 19, 2021	reported and committed to finance
Jan 06, 2021	referred to commerce, economic development and small business

Votes

- Mar 2, 2022 - Commerce, Economic Development And Small Business Committee Vote
  S22A
  
  9
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Commerce, Economic Development And Small Business Committee Vote: Mar 2, 2022
      
      aye (9)
      
      Cleare
      
      Helming
      
      Hinchey
      
      Kaplan
      
      Martucci
      
      Ramos
      
      Ryan
      
      Sanders Jr.
      
      Tedisco
  Jan 19, 2021 - Commerce, Economic Development And Small Business Committee Vote
  S22A
  
  9
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Commerce, Economic Development And Small Business Committee Vote: Jan 19, 2021
      
      aye (9)
      
      Helming
      
      Hinchey
      
      Kaplan
      
      Martucci
      
      Persaud
      
      Ramos
      
      Ryan
      
      Sanders Jr.
      
      Tedisco

Bill Amendments

Original

A (Active)

co-Sponsors

View additional co-sponsors

2021-S22 - Details

See Assembly Version of this Bill:: A2291
Current Committee:: Senate Finance
Law Section:: Economic Development Law
Laws Affected:: Add §138-a, Ec Dev L; amd §§208 & 612, Tax L
Versions Introduced in Other Legislative Sessions:: 2013-2014: A8653
2015-2016: A2375
2017-2018: A2457
2019-2020: S2412, A7332
2023-2024: S5990

2021-S22 - Summary

Relates to authorizing small business tax-deferred savings accounts.

2021-S22 - Sponsor Memo

                                
 
BILL NUMBER: S22

SPONSOR: KAPLAN
 
TITLE OF BILL:

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

 
PURPOSE OR GENERAL IDEA OF BILL:

This legislation would allow any small business to deposit profits into
a small business tax-deferred savings account, up to $5,000 annually.
This money may be withdrawn tax free for certain qualifying purposes.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1 amends economic development law by adding a new section 138-a
to create a small business tax-deferred savings account. Any small busi-
ness may make a deposit into a small business tax-deferred account, any
interest is tax free as long as used for a qualifying purpose. This

section defines a qualifying purpose as expenditures on tangible
personal property, or other tangible property including buildings, and
structural components of buildings principally used in the ordinary
course of the trade or business, and any other expenditures deemed
appropriate by the department which will improve the competiveness and
productivity of a small business and results in creation or retention of
full-time jobs. Further requires an annual report on the number of small
business taxpayers utilizing these programs, the aggregate amount depos-
ited, average amount of deposit, and the amount of qualifying and non-
qualifying withdrawals.

Section 2 amends paragraph (a) of subdivision 9 of section 208 of the
tax law, to create the tax exemption associated with the small business
savings account

Section 3 amends subsection (c ) of section 612 of the tax law by adding
a new paragraph 43 to modify federally adjusted gross income by
subtracting any withdrawal of the account

Section 4 authorizes the Department of Taxation and Finance along with
the Department of Economic Development to report and monitor on this
program.

Section 5 authorizes the Department of taxation with the Department of
Economic Development to determine rules and regulations for the program

Section 6 authorizes this act effective immediately.

 
JUSTIFICATION:

Permitting small businesses to create these tax-deferred accounts will
enable, incentive and protect job creation. More importantly, these
accounts will not only create and preserve jobs but will ensure that
these jobs are full time positions. This legislation aims to assist
small businesses in a way to afford them additional financial means to
grow, preserve, and improve their business. The benefit that would be
enacted should this bill become law sets a positive message that we

understand, support, and are willing to look at various alternatives
aimed to help our small businesses.

 
PRIOR LEGISLATIVE HISTORY:

S. 2412B/A.7332B of 2019/20; Advanced to Senate Finance Committee
A. 2457 of 2018, voted out of Assembly Committee .

 
FISCAL IMPLICATIONS:

To Be Determined

 
EFFECTIVE DATE:
Immediately.

2021-S22 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    22
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  Sens. KAPLAN, SANDERS -- read twice and ordered printed,
   and when printed to be committed to the Committee on Commerce, Econom-
   ic Development and Small Business
 
 AN ACT to amend the  economic  development  law  and  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.  The  economic  development law is amended by adding a new
 section 138-a to read as follows:
   § 138-A. SMALL BUSINESS TAX-DEFERRED SAVINGS ACCOUNTS.   1.  A  "SMALL
 BUSINESS  TAXPAYER"  OR  "SMALL BUSINESS" SHALL HAVE THE SAME MEANING AS
 DEFINED IN SECTION ONE HUNDRED THIRTY-ONE OF THIS ARTICLE AND SHALL MEET
 THE REQUIREMENTS OF PARAGRAPH (F) OF  SUBDIVISION  ONE  OF  SECTION  TWO
 HUNDRED TEN OF THE TAX LAW.
   2. ANY SMALL BUSINESS SHALL BE AUTHORIZED TO ESTABLISH WITH ANY FINAN-
 CIAL  ORGANIZATION  A SMALL BUSINESS TAX-DEFERRED SAVINGS ACCOUNT AND TO
 MAKE DEPOSITS INTO AND WITHDRAWALS FROM SUCH ACCOUNT.  FOR  PURPOSES  OF
 THIS  SECTION,  "FINANCIAL  ORGANIZATION"  SHALL  MEAN  AN  ORGANIZATION
 AUTHORIZED TO DO BUSINESS IN THE STATE OF NEW  YORK  AND  (A)  WHICH  IS
 LICENSED  OR  CHARTERED  BY THE DEPARTMENT OF FINANCIAL SERVICES, (B) IS
 CHARTERED BY AN AGENCY OF THE FEDERAL GOVERNMENT, OR (C) IS  SUBJECT  TO
 THE  JURISDICTION  AND REGULATION OF THE SECURITIES AND EXCHANGE COMMIS-
 SION OF THE FEDERAL GOVERNMENT.
   3. THE AMOUNT DEPOSITED INTO SUCH TAX-DEFERRED  SAVINGS  ACCOUNTS  AND
 ANY  INTEREST EARNED ON SUCH DEPOSITS SHALL BE SUBJECT TO THE PROVISIONS
 OF SUBPARAGRAPH TWENTY-ONE OF  PARAGRAPH  (A)  OF  SUBDIVISION  NINE  OF
 SECTION TWO HUNDRED EIGHT AND PARAGRAPH FORTY-THREE OF SUBSECTION (C) OF
 SECTION SIX HUNDRED TWELVE OF THE TAX LAW, UNLESS SUCH AMOUNTS ARE WITH-
 DRAWN AND EXPENDED FOR A PURPOSE OTHER THAN A QUALIFYING PURPOSE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

                       [ ] is old law to be omitted.
                                                            LBD00218-01-1

 S. 22                               2
 
   4.  FOR  THE  PURPOSES OF THIS ACT, A QUALIFYING PURPOSE SHALL INCLUDE
 SMALL BUSINESS TAXPAYER EXPENDITURES (A) FOR TANGIBLE PERSONAL  PROPERTY
 OR     OTHER  TANGIBLE  PROPERTY, INCLUDING BUT NOT LIMITED TO BUILDINGS
 AND STRUCTURAL COMPONENTS OF BUILDINGS, THAT ARE PRINCIPALLY USED IN THE
 ORDINARY  COURSE  OF  THE  TAXPAYER'S  TRADE  OR  BUSINESS AND (B) OTHER
 EXPENDITURES DEEMED APPROPRIATE BY THE DEPARTMENT,  WHICH  WILL  IMPROVE
 THE  COMPETITIVENESS AND PRODUCTIVITY OF A SMALL BUSINESS AND RESULTS IN
 THE CREATION OR RETENTION OF FULL-TIME JOBS.
   5. THE MONIES DEPOSITED INTO SUCH TAX-DEFERRED SAVINGS ACCOUNTS DURING
 ANY TAXABLE YEAR MAY NOT EXCEED FIVE THOUSAND DOLLARS.
   6. ON OR BEFORE APRIL FIRST, TWO THOUSAND  TWENTY-THREE  AND  ANNUALLY
 THEREAFTER, THE DEPARTMENT, IN CONSULTATION WITH THE DEPARTMENT OF TAXA-
 TION AND FINANCE, SHALL REPORT ON THE NUMBER OF SMALL BUSINESS TAXPAYERS
 UTILIZING  THIS  PROGRAM, THE AGGREGATE AMOUNT DEPOSITED FOR WHICH A TAX
 CREDIT WAS CLAIMED, THE AVERAGE AGGREGATE AMOUNT  ON  DEPOSIT  IN  SMALL
 BUSINESS  SAVINGS  ACCOUNTS, THE AMOUNT OF QUALIFYING AND NON-QUALIFYING
 WITHDRAWALS, AND ANY OTHER SUCH DATA DEEMED NECESSARY AND APPROPRIATE BY
 THE DEPARTMENT.
   § 2.  Paragraph (a) of subdivision 9 of section 208 of the tax law  is
 amended by adding a new subparagraph 21 to read as follows:
   (21)  ANY  AMOUNT DEPOSITED INTO A SMALL BUSINESS TAX-DEFERRED SAVINGS
 ACCOUNT CREATED  PURSUANT TO SECTION ONE HUNDRED THIRTY-EIGHT-A  OF  THE
 ECONOMIC  DEVELOPMENT  LAW,  AND  ANY  INTEREST EARNED ON SUCH DEPOSITS,
 PROVIDED THAT ANY AMOUNT WITHDRAWN FOR A NON-QUALIFYING PURPOSE SHALL BE
 INCLUDED IN THE ENTIRE NET INCOME FOR THE TAX YEAR IN  WHICH  THE  WITH-
 DRAWAL WAS MADE.
   § 3. Subsection (c) of section 612 of the tax law is amended by adding
 a new paragraph 43 to read as follows:
   (43)  ANY  AMOUNT DEPOSITED INTO A SMALL BUSINESS TAX-DEFERRED SAVINGS
 ACCOUNT CREATED  PURSUANT TO SECTION ONE HUNDRED THIRTY-EIGHT-A  OF  THE
 ECONOMIC  DEVELOPMENT  LAW,  AND  ANY  INTEREST EARNED ON SUCH DEPOSITS,
 PROVIDED THAT ANY AMOUNT WITHDRAWN FOR A NON-QUALIFYING PURPOSE SHALL BE
 INCLUDED IN THE ENTIRE NET INCOME FOR THE TAX YEAR IN  WHICH  THE  WITH-
 DRAWAL WAS MADE.
   §  4. The department of taxation and finance, in consultation with the
 department of economic development, shall review and analyze all statis-
 tical data available for such purposes of determining the  economic  and
 revenue  impact associated with this act. Such data shall be included in
 an annual report that shall also include, but not  be  limited  to,  the
 number  of  small business taxpayers utilizing this program, the average
 aggregate amount on deposit, the qualifying expenses claimed, any quali-
 fying expenses deemed inappropriate  and  any  other  such  data  deemed
 necessary and appropriate by the department. Such annual report shall be
 posted on the websites of the department of taxation and finance and the
 department of economic development, and transmitted to the governor, the
 temporary  president  of  the  senate,  the  senate minority leader, the
 speaker of the assembly and the assembly minority leader.
   § 5. Rules and regulations. The department of taxation and finance  in
 consultation  with  the  department  of  economic development, is hereby
 authorized to promulgate rules and regulations in  accordance  with  the
 state  administrative  procedure  act  that are necessary to fulfill the
 purposes of this act. Such regulations shall include but not be  limited
 to  deadlines  for  establishing  a  small business tax deferred savings
 account, standard procedures and forms to be utilized  in  the  program,
 and  any  other  such  regulations  deemed necessary to promote the full

 S. 22                               3
 
 utilization of  this  program.  Such  rules  and  regulations  shall  be
 completed within 180 days after the effective date of this act.
   § 6. This act shall take effect immediately.

co-Sponsors

View additional co-sponsors

2021-S22A (ACTIVE) - Details

See Assembly Version of this Bill:: A2291
Current Committee:: Senate Finance
Law Section:: Economic Development Law
Laws Affected:: Add §138-a, Ec Dev L; amd §§208 & 612, Tax L
Versions Introduced in Other Legislative Sessions:: 2013-2014: A8653
2015-2016: A2375
2017-2018: A2457
2019-2020: S2412, A7332
2023-2024: S5990

2021-S22A (ACTIVE) - Summary

Relates to authorizing small business tax-deferred savings accounts.

2021-S22A (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S22A

SPONSOR: KAPLAN
 
TITLE OF BILL:

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

 
PURPOSE OR GENERAL IDEA OF BILL:

This legislation would allow any small business to deposit profits into
a small business tax-deferred savings account, up to $5,000 annually.
This money may be withdrawn tax free for certain qualifying purposes.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1 amends economic development law by adding a new section 138-a
to create a small business tax-deferred savings account. Any small busi-
ness may make a deposit into a small business tax-deferred account, any
interest is tax free as long as used for a qualifying purpose. This
section defines a qualifying purpose as expenditures on tangible

personal property, or other tangible property including buildings, and
structural components of buildings principally used in the ordinary
course of the trade or business, and any other expenditures deemed
appropriate by the department which will improve the competitiveness and
productivity of a small business and results in creation or retention of
full-time jobs. Further requires an annual report on the number of small
business taxpayers utilizing these programs, the aggregate amount depos-
ited, average amount of deposit, and the amount of qualifying and non-
qualifying withdrawals.

Section 2 amends paragraph (a) of subdivision 9 of section 208 of the
tax law, to create the tax exemption associated with the small business
savings account.

Section 3 amends subsection (c ) of section 612 of the tax law by adding
a new paragraph 43 to modify federally adjusted gross income by
subtracting any withdrawal of the account.

Section 4 authorizes the Department of Taxation and Finance along with
the Department of Economic Development to report and monitor on this
program.

Section 5 authorizes the Department of taxation with the Department of
Economic Development to determine rules and regulations for the program.

Section 6 authorizes this act effective immediately.

 
JUSTIFICATION:

Permitting small businesses to create these tax-deferred accounts will
enable, incentive and protect job creation. More importantly, these
accounts will not only create and preserve jobs but will ensure that
these jobs are full time positions. This legislation aims to assist
small businesses in a way to afford them additional financial means to
grow, preserve, and improve their business. The benefit that would be
enacted should this bill become law sets a positive message that we

understand, support, and are willing to look at various alternatives
aimed to help our small businesses.

 
PRIOR LEGISLATIVE HISTORY:

S. 2412B/A.7332B of 2019/20; Advanced to Senate Finance Committee
A. 2457 of 2018, voted out of Assembly Committee

 
FISCAL IMPLICATIONS:

To Be Determined

 
EFFECTIVE DATE:
Immediately.

2021-S22A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   22--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by Sens. KAPLAN, HELMING, HINCHEY, MARTUCCI, MAY, SANDERS --
   read twice and ordered printed, and when printed to  be  committed  to
   the  Committee on Commerce, Economic Development and Small Business --
   recommitted to the Committee on  Commerce,  Economic  Development  and
   Small  Business  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  economic  development  law  and  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.  The  economic  development law is amended by adding a new
 section 138-a to read as follows:
   § 138-A. SMALL BUSINESS TAX-DEFERRED SAVINGS ACCOUNTS.   1.  A  "SMALL
 BUSINESS  TAXPAYER"  OR  "SMALL BUSINESS" SHALL HAVE THE SAME MEANING AS
 DEFINED IN SECTION ONE HUNDRED THIRTY-ONE OF THIS ARTICLE AND SHALL MEET
 THE REQUIREMENTS OF PARAGRAPH (F) OF  SUBDIVISION  ONE  OF  SECTION  TWO
 HUNDRED TEN OF THE TAX LAW.
   2. ANY SMALL BUSINESS SHALL BE AUTHORIZED TO ESTABLISH WITH ANY FINAN-
 CIAL  ORGANIZATION  A SMALL BUSINESS TAX-DEFERRED SAVINGS ACCOUNT AND TO
 MAKE DEPOSITS INTO AND WITHDRAWALS FROM SUCH ACCOUNT.  FOR  PURPOSES  OF
 THIS  SECTION,  "FINANCIAL  ORGANIZATION"  SHALL  MEAN  AN  ORGANIZATION
 AUTHORIZED TO DO BUSINESS IN THE STATE OF NEW  YORK  AND  (A)  WHICH  IS
 LICENSED  OR  CHARTERED  BY THE DEPARTMENT OF FINANCIAL SERVICES, (B) IS
 CHARTERED BY AN AGENCY OF THE FEDERAL GOVERNMENT, OR (C) IS  SUBJECT  TO
 THE  JURISDICTION  AND REGULATION OF THE SECURITIES AND EXCHANGE COMMIS-
 SION OF THE FEDERAL GOVERNMENT.
   3. THE AMOUNT DEPOSITED INTO SUCH TAX-DEFERRED  SAVINGS  ACCOUNTS  AND
 ANY  INTEREST EARNED ON SUCH DEPOSITS SHALL BE SUBJECT TO THE PROVISIONS
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD00218-02-2
 S. 22--A                            2
 
 OF SUBPARAGRAPH TWENTY-ONE OF  PARAGRAPH  (A)  OF  SUBDIVISION  NINE  OF
 SECTION TWO HUNDRED EIGHT AND PARAGRAPH FORTY-THREE OF SUBSECTION (C) OF
 SECTION SIX HUNDRED TWELVE OF THE TAX LAW, UNLESS SUCH AMOUNTS ARE WITH-
 DRAWN AND EXPENDED FOR A PURPOSE OTHER THAN A QUALIFYING PURPOSE.
   4.  FOR  THE  PURPOSES OF THIS ACT, A QUALIFYING PURPOSE SHALL INCLUDE
 SMALL BUSINESS TAXPAYER EXPENDITURES (A) FOR TANGIBLE PERSONAL  PROPERTY
 OR     OTHER  TANGIBLE  PROPERTY, INCLUDING BUT NOT LIMITED TO BUILDINGS
 AND STRUCTURAL COMPONENTS OF BUILDINGS, THAT ARE PRINCIPALLY USED IN THE
 ORDINARY COURSE OF THE  TAXPAYER'S  TRADE  OR  BUSINESS  AND  (B)  OTHER
 EXPENDITURES  DEEMED  APPROPRIATE  BY THE DEPARTMENT, WHICH WILL IMPROVE
 THE COMPETITIVENESS AND PRODUCTIVITY OF A SMALL BUSINESS AND RESULTS  IN
 THE CREATION OR RETENTION OF FULL-TIME JOBS.
   5. THE MONIES DEPOSITED INTO SUCH TAX-DEFERRED SAVINGS ACCOUNTS DURING
 ANY TAXABLE YEAR MAY NOT EXCEED FIVE THOUSAND DOLLARS.
   6.  ON  OR  BEFORE APRIL FIRST, TWO THOUSAND TWENTY-THREE AND ANNUALLY
 THEREAFTER, THE DEPARTMENT, IN CONSULTATION WITH THE DEPARTMENT OF TAXA-
 TION AND FINANCE, SHALL REPORT ON THE NUMBER OF SMALL BUSINESS TAXPAYERS
 UTILIZING THIS PROGRAM, THE AGGREGATE AMOUNT DEPOSITED FOR WHICH  A  TAX
 CREDIT  WAS  CLAIMED,  THE  AVERAGE AGGREGATE AMOUNT ON DEPOSIT IN SMALL
 BUSINESS SAVINGS ACCOUNTS, THE AMOUNT OF QUALIFYING  AND  NON-QUALIFYING
 WITHDRAWALS, AND ANY OTHER SUCH DATA DEEMED NECESSARY AND APPROPRIATE BY
 THE DEPARTMENT.
   §  2.  Paragraph (a) of subdivision 9 of section 208 of the tax law is
 amended by adding a new subparagraph 23 to read as follows:
   (23) ANY AMOUNT DEPOSITED INTO A SMALL BUSINESS  TAX-DEFERRED  SAVINGS
 ACCOUNT  CREATED   PURSUANT TO SECTION ONE HUNDRED THIRTY-EIGHT-A OF THE
 ECONOMIC DEVELOPMENT LAW, AND ANY  INTEREST  EARNED  ON  SUCH  DEPOSITS,
 PROVIDED THAT ANY AMOUNT WITHDRAWN FOR A NON-QUALIFYING PURPOSE SHALL BE
 INCLUDED  IN  THE  ENTIRE NET INCOME FOR THE TAX YEAR IN WHICH THE WITH-
 DRAWAL WAS MADE.
   § 3. Subsection (c) of section 612 of the tax law is amended by adding
 a new paragraph 46 to read as follows:
   (46) ANY AMOUNT DEPOSITED INTO A SMALL BUSINESS  TAX-DEFERRED  SAVINGS
 ACCOUNT  CREATED   PURSUANT TO SECTION ONE HUNDRED THIRTY-EIGHT-A OF THE
 ECONOMIC DEVELOPMENT LAW, AND ANY  INTEREST  EARNED  ON  SUCH  DEPOSITS,
 PROVIDED THAT ANY AMOUNT WITHDRAWN FOR A NON-QUALIFYING PURPOSE SHALL BE
 INCLUDED  IN  THE  ENTIRE NET INCOME FOR THE TAX YEAR IN WHICH THE WITH-
 DRAWAL WAS MADE.
   § 4. The department of taxation and finance, in consultation with  the
 department of economic development, shall review and analyze all statis-
 tical  data  available for such purposes of determining the economic and
 revenue impact associated with this act. Such data shall be included  in
 an  annual  report  that  shall also include, but not be limited to, the
 number of small business taxpayers utilizing this program,  the  average
 aggregate amount on deposit, the qualifying expenses claimed, any quali-
 fying  expenses  deemed  inappropriate  and  any  other such data deemed
 necessary and appropriate by the department. Such annual report shall be
 posted on the websites of the department of taxation and finance and the
 department of economic development, and transmitted to the governor, the
 temporary president of the  senate,  the  senate  minority  leader,  the
 speaker of the assembly and the assembly minority leader.
   §  5. Rules and regulations. The department of taxation and finance in
 consultation with the department  of  economic  development,  is  hereby
 authorized  to  promulgate  rules and regulations in accordance with the
 state administrative procedure act that are  necessary  to  fulfill  the
 purposes  of this act. Such regulations shall include but not be limited
 S. 22--A                            3
 
 to deadlines for establishing a  small  business  tax  deferred  savings
 account,  standard  procedures  and forms to be utilized in the program,
 and any other such regulations deemed  necessary  to  promote  the  full
 utilization  of  this  program.  Such  rules  and  regulations  shall be
 completed within 180 days after the effective date of this act.
   § 6. This act shall take effect on the first of April next  succeeding
 the date on which it shall have become a law.

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Senate Bill S22A

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee

Mar 2, 2022 - Commerce, Economic Development And Small Business Committee Vote

Commerce, Economic Development And Small Business Committee Vote: Mar 2, 2022

Jan 19, 2021 - Commerce, Economic Development And Small Business Committee Vote

Commerce, Economic Development And Small Business Committee Vote: Jan 19, 2021

Bill Amendments

co-Sponsors

2021-S22 - Details

2021-S22 - Summary

2021-S22 - Sponsor Memo

2021-S22 - Bill Text download pdf

co-Sponsors

2021-S22A (ACTIVE) - Details

2021-S22A (ACTIVE) - Summary

2021-S22A (ACTIVE) - Sponsor Memo

2021-S22A (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S22A

Share this bill

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee

Bill Amendments

co-Sponsors

2021-S22 - Details

2021-S22 - Summary

2021-S22 - Sponsor Memo

2021-S22 - Bill Text download pdf

co-Sponsors

2021-S22A (ACTIVE) - Details

2021-S22A (ACTIVE) - Summary

2021-S22A (ACTIVE) - Sponsor Memo

2021-S22A (ACTIVE) - Bill Text download pdf

Comments