U.S. Representative Daniel Maffei (D–DeWitt) today announced a bill meant to help small-business owners in Central New York create new jobs.
The proposal, the Incentivize Growth Now in Tomorrow’s Entrepreneurs (IGNITE) Act, would enable individuals to create tax-free savings accounts to start a small business.
The accounts would function similar to Roth IRA retirement-savings accounts, allowing individuals to save money to start a small business on a tax-free basis, Maffei’s office said in a news release.
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The bill would amend the Internal Revenue Code to create the startup-savings accounts.
The proposal is among the recommendations made in Maffei’s plan to create jobs that he released earlier this year in a news conference at the Central New York Philanthropy Center in Syracuse.
“This legislation is based on what I heard from dozens of business owners during my district-wide listening tour,” Maffei said in the news release.
The savings accounts are intended to benefit small businesses with 50 or fewer employees. The owners of those businesses could use the accounts to save up to $10,000 a year, according to Maffei’s office.
Contact Reinhardt at ereinhardt@cnybj.com
