Relates to authorizing small business tax-deferred savings accounts

This bill creates tax-deferred savings accounts for eligible small businesses in New York, allowing them to deposit up to $5,000 annually. Funds must be used for qualifying business expenses like equipment, building improvements, or job creation; withdrawals for non-qualifying purposes become taxable income. The state requires annual reports tracking account usage, deposits, and spending to assess the program's impact. It amends tax law to define these accounts and mandates reporting by the Department of Taxation and Finance.