Senate Bill S6310

2013-2014 Legislative Session

Authorizes the creation of small business tax-deferred savings accounts

download bill text pdf

Sponsored By

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

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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) - Summary

Authorizes the creation of small business tax-deferred savings accounts.

2013-S6310 (ACTIVE) - Sponsor Memo

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 THE MONIES IN SUCH TAX-DEFERRED SAVINGS ACCOUNTS MAY  BE  WITHDRAWN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FUNDS WITHDRAWN SHALL BE TAXABLE AS INCOME UNDER THE TAX LAW.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
              

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