New York S 386: Provides for a referendum on the question "Do you support the division of New York into two separate states?"

Bill Text

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S00386 Summary:

BILL NOS00386 

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SAME ASSAME AS A02460

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SPONSORRYAN S

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COSPNSR

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MLTSPNSR

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Add §50, amd §§209 & 612, Tax L

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Relates to small business savings accounts; provides tax incentives for contributions and distributions.

Go to top S00386 Actions:

BILL NOS00386 

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01/08/2025REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Go to topS00386 Committee&nbspVotes:

Go to topS00386 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS00386 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 386

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sen. S. RYAN -- read twice and ordered printed, and when
 printed to be committed to the Committee on Investigations and Govern-
 ment Operations

 AN ACT to amend the tax law, in relation to establishing small business
 savings accounts

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "savings accounts for a variable economy (SAVE) for small businesses
 3 act".
 4 § 2. The tax law is amended by adding a new section 50 to read as
 5 follows:
 6 § 50. Small business savings accounts. (a) General. (1) The commis-
 7 sioner shall establish a program to administer small business savings
 8 accounts under this section.
 9 (2) The commissioner shall establish minimum standards for small busi-
 10 ness savings accounts and shall establish accounts, or enter into agree-
 11 ments that meet these standards to administer such accounts. In estab-
 12 lishing such standards and making such agreements the commissioner
 13 shall, to the extent practicable, seek to minimize fees, minimize risk
 14 of loss of principal, and ensure a range of investment risk options
 15 available to account beneficiaries. Any eligible small business may
 16 establish a small business savings account with respect to such business
 17 under terms which meet the requirements of this section.
 18 (b) Definition. For the purposes of this section, the term "small
 19 business savings account" means a tax preferred savings account which is
 20 designated at the time of establishment of the plan as a small business
 21 savings account. Such designation shall be made in such manner as the
 22 commissioner may by regulation prescribe.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 S LBD00453-01-5

 S. 386 2

 1 (c) Contributions. (1) There shall be allowed as a deduction an amount
 2 equal to the contributions to a small business savings account for the
 3 taxable year.
 4 (2) The aggregate amount of contributions for any taxable year to all
 5 small business savings accounts maintained for the benefit of an eligi-
 6 ble small business shall not exceed an amount equal to ten percent of
 7 the gross profits of the business for the preceding taxable year.
 8 (d) Distributions. (1) Any qualified distribution from a small busi-
 9 ness savings account shall not be includible in gross income.
 10 (2) Any amounts distributed out of a small business savings account
 11 that are not qualified distributions shall be included in gross income
 12 for the taxable year of the distribution.
 13 (3) For purposes of this section:
 14 (A) The term "qualified distribution" means any amount:
 15 (i) distributed from a small business savings account during a speci-
 16 fied period of economic hardship; and
 17 (ii) the distribution of which is certified by the taxpayer as part of
 18 a plan which provides for the reinvestment of such distribution for the
 19 funding of worker hiring or financial stabilization for the purposes of
 20 job retention or creation.
 21 (B) The term "specified period of economic hardship" means:
 22 (i) any one-year period beginning immediately after the end of any two
 23 consecutive quarters during which the annual rate of real gross domestic
 24 product (as determined by the Bureau of Economic Analysis of the Depart-
 25 ment of Commerce) decreases, or
 26 (ii) any period, in no event shorter than one year, specified by t