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Sponsors
Senator · Senate District 7
2 Co-sponsors
History
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 57–0
- Ordered to third reading cal.1401
- Committee discharged and committed to rules
- Print number 6717a
- Amend (t) and recommit to finance
- Reported and committed to finance
- Referred to commerce, economic development and small business
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to authorizing small business tax-deferred savings accounts
In Assembly Committee · Ways And Means · Sponsor Charles Lavine
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6717A
Title of bill
An act to amend the tax 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 The monies in such account may be withdrawn tax free only to create full time jobs.
Summary of specific provisions
Section 1 amends section 208 of the tax law to create the small business tax-deferred savings account and establishes that the funds may only be withdrawn to create or preserve full time jobs.
Section 2 amends section 208 of the tax law by adding a new subdivision 22 to create the tax exemption associated with the small business savings account.
Section 3 amends subsection (b) of section 612 of the tax law by adding a new paragraph 42 to allow for withdrawals by small businesses from such accounts.
Section 4 amends subsection (c) of section 612 of the tax law, and establishes that the funds may only be withdrawn to create or preserve full time jobs.
Section 5 sets the effective date.
Justification
This bill will permit small businesses to create tax deferred accounts which will enable and incentivize job creation. More importantly, these accounts will not only create jobs but will create quality full time jobs.
Prior legislative history
This is a new Bill
Fiscal implications
To be determined
Effective date
Immediately, and apply to taxable years beginning on or after January 1, 2015.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.