Introduced
by
To exempt for five years a "qualified start-up business" from the "neighborhood enterprise zone specific tax" which is levied in lieu of property tax on firms located in a "neighborhood enterprise zone." A "qualified start-up business" is defined as a firm that has fewer than 25 full-time equivalent employees, has annual sales of less than $1 million, has research and development expenses that make up at least 15-percent of its annual expenses, and is not publicly traded. This does not necessarily apply only to new firms, and the five year exemption is not necessarily the firm's first five years of operation.
Referred to the Committee on Tax Policy
Reported without amendment
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that makes the tax break contingent on approval by the local government, and incorporates certain additional restrictions and requirements designed to more narrowly target the tax breaks at certain kinds of businesses, and make it harder for non-targeted firms to make themselves eligible by changing their business structure.
The substitute passed by voice vote
Amendment offered
by
To tie-bar the bill to House Bill 5331, meaning this bill cannot become law unless that one does also.
The amendment passed by voice vote
Passed in the House 85 to 14 (details)
Referred to the Committee on Economic Development, Small Business, and Regulatory Reform
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 37 to 0 (details)
To exempt for five years a "qualified start-up business" from the "neighborhood enterprise zone specific tax" which is levied in lieu of property tax on firms located in a "neighborhood enterprise zone." A "qualified start-up business" is defined as a firm that has fewer than 25 full-time equivalent employees, has annual sales of less than $1 million, has research and development expenses that make up at least 15-percent of its annual expenses, and is not publicly traded. This does not necessarily apply only to new firms, and the five year exemption is not necessarily the firm's first five years of operation.
