New York State Assembly

Bill No.:  

 
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•  Floor Votes 
 
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A08225 Summary:

BILL NO	A08225
SAME AS	SAME AS S01691
SPONSOR	Lawler
COSPNSR	Brabenec
MLTSPNSR
Amd 208 & 612, Tax L
Relates to authorizing small business tax-deferred savings accounts for the purpose of improving facilities of such business and for procurement of machinery or equipment.

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A08225 Actions:

BILL NO	A08225
08/25/2021	referred to ways and means
01/05/2022	referred to ways and means
06/01/2022	held for consideration in ways and means

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A08225 Committee Votes:

Committee:WAYS AND MEANS   Chair:Weinstein      
DATE:06/01/2022AYE/NAY:23/10  Action: Held for Consideration         
Weinstein
Aye
Ra
Nay
Glick
Aye
Fitzpatrick
Nay
Nolan
Excused
Hawley
Nay
Pretlow
Aye
Montesano
Nay
Colton
Aye
Blankenbush
Nay
Cook
Aye
Norris
Nay
Cahill
Aye
Brabenec
Nay
Aubry
Aye
Palmesano
Nay
Cusick
Aye
Byrne
Nay
Benedetto
Aye
Ashby
Nay
Weprin
Aye
Ramos
Excused
Braunstein
Aye
McDonald
Aye
Rozic
Aye
Dinowitz
Aye
Joyner
Aye
Magnarelli
Aye
Zebrowski
Aye
Bronson
Aye
Dilan
Aye
Seawright
Aye
Hyndman
Aye
Walker
Aye
Bichotte Hermel
Aye

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A08225 Floor Votes:

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A08225 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8225
 
                               2021-2022 Regular Sessions
 
                   IN ASSEMBLY
 
                                     August 25, 2021
                                       ___________
 
        Introduced by M. of A. LAWLER -- read once and referred to the Committee
          on Ways and Means
 
        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:

     1    Section  1.  Paragraph  (a) of subdivision 9 of section 208 of the tax
     2  law is amended by adding a new subparagraph 27 to read as follows:
     3    (27) any deposit made by a small business as defined  in  section  one
     4  hundred thirty-one of the economic development law into a small business
     5  tax-deferred  savings  account  maintained  by a banking organization as
     6  defined in subdivision eleven of section two  of  the  banking  law  and
     7  established  for  the purposes of improving the facilities of such busi-
     8  ness or for procurement of machinery or equipment or any interest earned
     9  on any small business tax-deferred savings account.
    10    § 2. Subdivision 9 of section 208 of the tax law is amended by  adding
    11  a new paragraph (c-4) to read as follows:
    12    (c-4)  Entire  net  income  shall  include any withdrawal exclusive of
    13  interest income made by a small  business  as  defined  in  section  one
    14  hundred thirty-one of the economic development law from a small business
    15  tax-deferred  savings  account  maintained  by a banking organization as
    16  defined in subdivision eleven of section two  of  the  banking  law  and
    17  established  for  the purposes of improving the facilities of such busi-
    18  ness or for procurement of machinery or equipment and an additional  ten
    19  percent  of  any withdrawals exclusive of interest income from the small
    20  business tax-deferred savings account not used for improving the facili-
    21  ties of such business or for procurement of machinery or equipment.
    22    § 3. Subsection (b) of section 612 of the tax law is amended by adding
    23  a new paragraph 43 to read as follows:
    24    (43) Any withdrawal exclusive of interest income made by a small busi-
    25  ness as defined in section one hundred thirty-one of the economic devel-
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04066-01-1
        A. 8225                             2
 
     1  opment law from a small business tax-deferred savings account maintained
     2  by a banking organization as defined in subdivision  eleven  of  section
     3  two of the banking law and established for the purposes of improving the
     4  facilities of such business or for procurement of machinery or equipment
     5  and  an  additional ten percent of any withdrawals exclusive of interest
     6  income from the small business tax-deferred savings account not used for
     7  improving the facilities of such business or for procurement of  machin-
     8  ery or equipment.
     9    § 4. Subsection (c) of section 612 of the tax law is amended by adding
    10  a new paragraph 44 to read as follows:
    11    (44)  Any  deposit  made by a small business as defined in section one
    12  hundred thirty-one of the economic development law into a small business
    13  tax-deferred savings account maintained by  a  banking  organization  as
    14  defined  in  subdivision  eleven  of  section two of the banking law and
    15  established for the purposes of improving the facilities of  such  busi-
    16  ness or for procurement of machinery or equipment or any interest earned
    17  on any small business tax-deferred savings account.
    18    § 5. This act shall take effect immediately and shall apply to taxable
    19  years beginning on or after January 1, 2022.

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