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Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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|---|---|
| Jun 13, 2014 |
print number 8653a |
| Jun 13, 2014 |
amend (t) and recommit to ways and means |
| Apr 29, 2014 |
reported referred to ways and means |
| Jan 30, 2014 |
referred to small business |
Assembly Bill A8653A
2013-2014 Legislative Session
Sponsored By
LAVINE
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
Actions
Bill Amendments
co-Sponsors
David McDonough
Robin Schimminger
Michelle Schimel
Steven Otis
multi-Sponsors
John Ceretto
Vivian Cook
Gary Finch
Andrew Goodell
2013-A8653 - Details
2013-A8653 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
8653
I N A S S E M B L Y
January 30, 2014
___________
Introduced by M. of A. LAVINE -- read once and referred to the Committee
on 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 139 to read as follows:
S 139. SMALL BUSINESS TAX-DEFERRED SAVINGS ACCOUNTS. 1. ANY SMALL
BUSINESS SHALL BE AUTHORIZED TO ESTABLISH AND DEPOSIT PROFITS INTO A
SMALL BUSINESS TAX-DEFERRED SAVINGS ACCOUNT.
2. THE MONIES IN SUCH TAX-DEFERRED SAVINGS ACCOUNTS MAY BE WITHDRAWN
TAX FREE WHEN THEY ARE EXPENDED FOR EXPANSION OF SUCH BUSINESS FOR THE
PURPOSE OF CREATING OR PRESERVING FULL TIME JOBS.
S 2. Section 209 of the tax law is amended by adding a new subdivision
12 to read as follows:
12. FOR ANY TAXABLE YEAR BEGINNING ON OR AFTER JANUARY FIRST, TWO
THOUSAND FOURTEEN, ANY SMALL BUSINESS, AS SUCH TERM IS DEFINED PURSUANT
TO SECTION ONE HUNDRED THIRTY-ONE OF THE ECONOMIC DEVELOPMENT LAW, SHALL
BE EXEMPT FROM ALL TAXES IMPOSED PURSUANT TO THIS ARTICLE FOR ANY WITH-
DRAWAL FROM A SMALL BUSINESS TAX-DEFERRED SAVINGS ACCOUNT ESTABLISHED
PURSUANT TO SECTION ONE HUNDRED THIRTY-NINE OF THE ECONOMIC DEVELOPMENT
LAW AND USED FOR THE EXPANSION OF SUCH SMALL BUSINESS FOR THE PURPOSE OF
CREATING OR PRESERVING FULL TIME JOBS. IF A TAXPAYER FILES FOR AND
RECEIVES AN EXEMPTION FROM THE TAX IMPOSED UNDER THIS SECTION PURSUANT
TO THE PROVISIONS OF THIS SUBDIVISION AND THE FUNDS WITHDRAWN, OR ANY
PORTION THEREOF, ARE NOT EXPENDED FOR A QUALIFYING PURPOSE AS SET FORTH
HEREIN, THEN THE AMOUNT OF SUCH EXEMPTION CLAIMED BY THE TAXPAYER SHALL
BE ADDED BACK TO TAX IN THE NEXT SUCCEEDING TAXABLE YEAR OR IN THE YEAR
IN WHICH THE EXEMPTION IS DISALLOWED.
S 3. Subsection (c) of section 612 of the tax law is amended by adding
a new paragraph 41 to read as follows:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13358-02-4
co-Sponsors
David McDonough
Robin Schimminger
Michelle Schimel
Steven Otis
multi-Sponsors
John Ceretto
Vivian Cook
Gary Finch
Andrew Goodell
2013-A8653A (ACTIVE) - Details
2013-A8653A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
8653--A
I N A S S E M B L Y
January 30, 2014
___________
Introduced by M. of A. LAVINE, McDONOUGH, SCHIMMINGER, SCHIMEL, OTIS,
SCARBOROUGH, SIMANOWITZ, ZEBROWSKI, SALADINO, PERRY, RAIA, RA, GJONAJ,
CAMARA, BENEDETTO, GUNTHER, CLARK, FAHY, ROBINSON, SKARTADOS, GRAF,
HOOPER, HENNESSEY -- Multi-Sponsored by -- M. of A. CERETTO, COOK,
FINCH, GOODELL, HEVESI, LALOR, PALMESANO, PEOPLES-STOKES, RIVERA,
SOLAGES, SWEENEY, THIELE, WEISENBERG -- read once and referred to the
Committee on Small Business -- reported and referred to the Committee
on Ways and Means -- 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 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
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
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