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Bill > S01691
NY S01691
NY S01691Relates 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
01/14/2021
01/14/2021
In Committee
01/05/2022
01/05/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
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.
AI Summary
This bill authorizes the creation of small business tax-deferred savings accounts that can be used to improve business facilities or procure machinery and equipment. Deposits into these accounts and any interest earned on them are exempt from the state's corporate income tax. Withdrawals from the accounts, excluding interest income, are included in the small business's taxable income, with an additional 10% tax on withdrawals not used for the intended purposes. The bill applies to tax years beginning on or after January 1, 2022.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
REFERRED TO BUDGET AND REVENUE (on 01/05/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/S1691 | 01/15/2021 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S01691&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S01691 | 01/15/2021 |
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