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NY S00859
NY S00859Relates to authorizing small business tax-deferred savings accounts for the purpose of improving facilities of such business and for procurement of machinery or equipment.
summary
Introduced
01/09/2019
01/09/2019
In Committee
01/08/2020
01/08/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
2019-2020 General Assembly
Bill Summary
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
AI Summary
This bill authorizes the creation of small business tax-deferred savings accounts maintained by banking organizations. Deposits into these accounts, as well as any interest earned on them, are exempt from state corporate and personal income taxes. Withdrawals from the accounts used to improve business facilities or procure machinery/equipment are also exempt, but an additional 10% tax is imposed on withdrawals not used for those purposes.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS (on 01/08/2020)
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://assembly.state.ny.us/leg/?default_fld=&bn=S00859&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y | 01/10/2019 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S00859&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S00859 | 01/10/2019 |
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