New legislation based on CNY recommendations could create tax-free savings accounts

Dan Maffei

New tax free savings accounts may help entrepreneurs start small businesses if a new piece of legislation passes.

Congressman Dan Maffei introduced the bill, called the Incentivize Growth Now in Tomorrow's Entrepreneurs Act, which he says could help Central New Yorkers create more jobs.

It would work like a Roth IRA, allowing those who want to save to use that money tax free to start a business.

"This legislation would enable Central New York entrepreneurs to open start-up accounts that would work like a Roth IRA for small businesses, allowing them to save and invest money for their future small businesses on a tax-free basis" said Maffei. "This would help entrepreneurs avoid having to go into debt or raid their retirement savings in order to start a business."

He also says the legislation is based on recommendations from small business owners throughout Central New York.