NY A08653

Creates tax deductions for deposits made by small businesses (as defined in Economic Development Law Section 131) into small business tax-deferred savings accounts maintained by banking organizations, for purposes of creating or preserving full-time jobs

Exempts withdrawals from small business tax-deferred savings accounts (excluding interest income) from taxation for small businesses meeting the statutory definition

Applies deduction and withdrawal exemptions to both personal income tax (Section 208 of Tax Law) and corporation tax (Section 612 of Tax Law)

Takes effect immediately and applies to taxable years beginning on or after January 1, 2015