New York S06539 authorizes small business tax-deferred savings accounts.

New York S06539 amends the economic development law and the tax law to authorize small business tax-deferred savings accounts. Small businesses can establish these accounts with financial organizations authorized in New York. Deposits and interest are tax-deferred unless withdrawn for non-qualifying purposes, which are then taxed. The accounts can be used for tangible property and other expenditures that improve competitiveness and productivity. Annual reports on the program's use and impact will be submitted to the governor and legislative leaders.

New York S06539 authorizes small business tax-deferred savings accounts.

New York S06539 amends the economic development law and the tax law to authorize small business tax-deferred savings accounts. Small businesses can establish these accounts with financial organizations authorized in New York. Deposits and interest are tax-deferred unless withdrawn for non-qualifying purposes, which are then taxed. The accounts can be used for tangible property and other expenditures that improve competitiveness and productivity. Annual reports on the program's use and impact will be submitted to the governor and legislative leaders.