Bill Text: NY A03625 | 2013-2014 | General Assembly | Introduced

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Bill Title: Authorizes the creation of small business tax-deferred savings accounts.

Spectrum: Moderate Partisan Bill (Republican 7-2)

Status: (Introduced - Dead) 2014-05-20 - held for consideration in small business [A03625 Detail]

Download: New_York-2013-A03625-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3625
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 28, 2013
                                      ___________
       Introduced  by M. of A. RA, RAIA, GOODELL -- Multi-Sponsored by -- M. of
         A. SALADINO -- read once and referred to the Committee on Small  Busi-
         ness
       AN  ACT to amend the economic development law, the tax law and the labor
         law, in relation to authorizing the creation of small business tax-de-
         ferred savings accounts
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  The  economic  development law is amended by adding a new
    2  section 139 to read as follows:
    3    S 139. SMALL BUSINESS TAX-DEFERRED  SAVINGS  ACCOUNTS.  1.  ANY  SMALL
    4  BUSINESS  SHALL  BE  AUTHORIZED  TO ESTABLISH AND DEPOSIT PROFITS INTO A
    5  SMALL BUSINESS TAX-DEFERRED SAVINGS ACCOUNT.
    6    2. THE MONIES IN SUCH TAX-DEFERRED SAVINGS ACCOUNTS MAY  BE  WITHDRAWN
    7  TAX  FREE ONLY WHEN THE COMMISSIONER OF LABOR DECLARES AN ECONOMIC DOWN-
    8  TURN PURSUANT TO SUBDIVISION FOURTEEN OF SECTION TWENTY-ONE OF THE LABOR
    9  LAW.
   10    3. IF A   SMALL BUSINESS WITHDRAWS  FUNDS  FROM  SUCH  A  TAX-DEFERRED
   11  SAVINGS  ACCOUNT  WHEN  AN ECONOMIC DOWNTURN HAS NOT BEEN DECLARED, SUCH
   12  FUNDS WITHDRAWN SHALL BE TAXABLE AS INCOME UNDER THE TAX LAW.
   13    S 2. Section 209 of the tax law is amended by adding a new subdivision
   14  11 to read as follows:
   15    11. FOR ANY TAXABLE YEAR BEGINNING ON  OR  AFTER  JANUARY  FIRST,  TWO
   16  THOUSAND  FOURTEEN, ANY SMALL BUSINESS, AS SUCH TERM IS DEFINED PURSUANT
   17  TO SECTION ONE HUNDRED THIRTY-ONE OF THE ECONOMIC DEVELOPMENT LAW, SHALL
   18  BE EXEMPT FROM ALL TAXES IMPOSED PURSUANT TO THIS ARTICLE FOR ANY  WITH-
   19  DRAWAL  FROM  A  SMALL BUSINESS TAX-DEFERRED SAVINGS ACCOUNT ESTABLISHED
   20  PURSUANT TO SECTION ONE HUNDRED THIRTY-NINE OF THE ECONOMIC  DEVELOPMENT
   21  LAW AND MADE DURING AN ECONOMIC DOWNTURN DECLARED BY THE COMMISSIONER OF
   22  LABOR  PURSUANT  TO  SUBDIVISION  FOURTEEN  OF SECTION TWENTY-ONE OF THE
   23  LABOR LAW.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05927-01-3
       A. 3625                             2
    1    S 3. Subsection (c) of section 612 of the tax law is amended by adding
    2  a new paragraph 39 to read as follows:
    3    (39) ANY WITHDRAWAL FROM A SMALL BUSINESS TAX-DEFERRED SAVINGS ACCOUNT
    4  ESTABLISHED  PURSUANT TO SECTION ONE HUNDRED THIRTY-NINE OF THE ECONOMIC
    5  DEVELOPMENT LAW MADE DURING AN ECONOMIC DOWNTURN DECLARED BY THE COMMIS-
    6  SIONER OF LABOR PURSUANT TO SUBDIVISION FOURTEEN OF  SECTION  TWENTY-ONE
    7  OF THE LABOR LAW.
    8    S  4.  Section 21 of the labor law is amended by adding a new subdivi-
    9  sion 14 to read as follows:
   10    14. SHALL CALCULATE AND PUBLISH, ON OR BEFORE  THE  FIFTEENTH  DAY  OF
   11  EACH  MONTH,  A COMPOSITE INDEX OF BUSINESS CYCLE INDICATORS. SUCH INDEX
   12  SHALL BE CALCULATED USING MONTHLY DATA ON  NEW  YORK  STATE  EMPLOYMENT,
   13  TOTAL  MANUFACTURING  HOURS  WORKED,  AND  UNEMPLOYMENT  PREPARED BY THE
   14  DEPARTMENT OR ITS SUCCESSOR AGENCY, AND TOTAL SALES TAX COLLECTED NET OF
   15  LAW CHANGES, PREPARED BY THE DEPARTMENT OF TAXATION AND FINANCE  OR  ITS
   16  SUCCESSOR AGENCY. SUCH INDEX SHALL BE CONSTRUCTED IN ACCORDANCE WITH THE
   17  PROCEDURES  FOR  CALCULATING  COMPOSITE INDEXES ISSUED BY THE CONFERENCE
   18  BOARD OR ITS SUCCESSOR ORGANIZATION, AND  ADJUSTED  FOR  SEASONAL  VARI-
   19  ATIONS  IN ACCORDANCE WITH THE PROCEDURES ISSUED BY THE CENSUS BUREAU OF
   20  THE UNITED STATES DEPARTMENT OF COMMERCE OR ITS SUCCESSOR AGENCY. IF THE
   21  COMPOSITE INDEX DECLINES FOR FIVE CONSECUTIVE MONTHS,  THE  COMMISSIONER
   22  OF  LABOR  SHALL  NOTIFY  THE GOVERNOR, THE SPEAKER OF THE ASSEMBLY, THE
   23  TEMPORARY PRESIDENT OF THE SENATE,  AND  THE  MINORITY  LEADERS  OF  THE
   24  ASSEMBLY AND THE SENATE THAT AN ECONOMIC DOWNTURN HAS BEEN DECLARED.
   25    S 5. This act shall take effect immediately.