New York S00695 would authorize small business tax-deferred savings accounts for facility improvements and machinery or equipment procurement.

New York S00695 amends the tax law to authorize the creation of small business tax-deferred savings accounts. These accounts can be used for improving business facilities or procuring machinery or equipment. Withdrawals from these accounts for specified purposes are exempt from certain taxes. The act applies to taxable years beginning on or after January 1, 2026.

New York S00695 would authorize small business tax-deferred savings accounts for facility improvements and machinery or equipment procurement.

New York S00695 amends the tax law to authorize the creation of small business tax-deferred savings accounts. These accounts can be used for improving business facilities or procuring machinery or equipment. Withdrawals from these accounts for specified purposes are exempt from certain taxes. The act applies to taxable years beginning on or after January 1, 2026.