New York State Assembly

Bill No.:  

 
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S00236 Summary:

BILL NO	S00236
SAME AS	No Same As
SPONSOR	GALLIVAN
COSPNSR
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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S00236 Actions:

BILL NO	S00236
01/04/2023	REFERRED TO BUDGET AND REVENUE
01/03/2024	REFERRED TO BUDGET AND REVENUE

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S00236 Committee Votes:

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S00236 Floor Votes:

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S00236 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                           236
 
                               2023-2024 Regular Sessions
 
                    IN SENATE
 
                                       (Prefiled)
 
                                     January 4, 2023
                                       ___________
 
        Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue
 
        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 28 to read as follows:
     3    (28)  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 44 to read as follows:
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00121-01-3
        S. 236                              2
 
     1    (44) Any withdrawal exclusive of interest income made by a small busi-
     2  ness as defined in section one hundred thirty-one of the economic devel-
     3  opment law from a small business tax-deferred savings account maintained
     4  by  a  banking  organization as defined in subdivision eleven of section
     5  two of the banking law and established for the purposes of improving the
     6  facilities of such business or for procurement of machinery or equipment
     7  and  an  additional ten percent of any withdrawals exclusive of interest
     8  income from the small business tax-deferred savings account not used for
     9  improving the facilities of such business or for procurement of  machin-
    10  ery or equipment.
    11    § 4. Subsection (c) of section 612 of the tax law is amended by adding
    12  a new paragraph 47 to read as follows:
    13    (47)  Any  deposit  made by a small business as defined in section one
    14  hundred thirty-one of the economic development law into 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 or any interest earned
    19  on any small business tax-deferred savings account.
    20    § 5. This act shall take effect immediately and shall apply to taxable
    21  years beginning on or after January 1, 2024.

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