Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 13, 2014 |
referred to commerce, economic development and small business |
Senate Bill S6310
2013-2014 Legislative Session
Sponsored By
(R, C) 7th Senate District
Archive: Last Bill Status - In Senate Committee Commerce, Economic Development And Small Business 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
co-Sponsors
(D) Senate District
2013-S6310 (ACTIVE) - Details
- Current Committee:
- Senate Commerce, Economic Development And Small Business
- Law Section:
- Economic Development Law
- Laws Affected:
- Add §139, Ec Dev L; amd §§209 & 612, Tax L; amd §21, Lab L
2013-S6310 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6310 TITLE OF BILL: An act to amend the economic development law, the tax law and the labor law, in relation to authorizing the creation of small business tax-deferred savings accounts PURPOSE OR GENERAL IDEA OF BILL: Allows any small business to deposit profits into a small business tax-deferred savings account. The monies in such account may be withdrawn tax free only when the State has declared an economic downturn. If a small business decides to withdraw funds from the account when an economic downturn has not been acknowledged than the funds must be taxed as income. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends economic development law by adding a new section 139 that creates the small business tax-deferred savings account, establishes that the funds may only be withdrawn tax free when the Commissioner of Labor declares an economic downturn and states that if money is withdrawn during a time when no economic downturn has been declared must be taxed as income under the tax law. Section 2 amends section 209 of the tax law by adding a new subdivision 11 to create the tax exemption associated with the small business savings account.
2013-S6310 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6310 I N S E N A T E January 13, 2014 ___________ Introduced by Sen. MARTINS -- read twice and ordered printed, and when printed to be committed to the Committee on Commerce, Economic Devel- opment and Small Business AN ACT to amend the economic development law, the tax law and the labor law, in relation to authorizing the creation of small business tax-de- ferred 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 ONLY WHEN THE COMMISSIONER OF LABOR DECLARES AN ECONOMIC DOWN- TURN PURSUANT TO SUBDIVISION FIFTEEN OF SECTION TWENTY-ONE OF THE LABOR LAW. 3. IF A SMALL BUSINESS WITHDRAWS FUNDS FROM SUCH A TAX-DEFERRED SAVINGS ACCOUNT WHEN AN ECONOMIC DOWNTURN HAS NOT BEEN DECLARED, SUCH FUNDS WITHDRAWN SHALL BE TAXABLE AS INCOME UNDER THE TAX LAW. 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 MADE DURING AN ECONOMIC DOWNTURN DECLARED BY THE COMMISSIONER OF LABOR PURSUANT TO SUBDIVISION FIFTEEN OF SECTION TWENTY-ONE OF THE LABOR LAW. 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. LBD13473-01-4
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.