Introduced
by
To exempt for five years a "qualified start-up business" from portions of the industrial facility tax which is levied in lieu of property tax on firms which have received an industrial facilities exemption certificate (otherwise known as a property tax abatement). 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 Economic Development, Small Business, and Regulatory Reform
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Amendment offered
by
To allow local governments to opt-out of granting the proposed tax break.
The amendment failed 16 to 21 (details)
Passed in the Senate 37 to 0 (details)
Referred to the Committee on Commerce
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that requires the approval of the local unit of government for the tax break.
The substitute passed by voice vote
Passed in the House 93 to 14 (details)
To exempt for five years a "qualified start-up business" from portions of the industrial facility tax which is levied in lieu of property tax on firms which have received an industrial facilities exemption certificate (otherwise known as a property tax abatement). 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. The tax break is contingent on the approval of the local unit of government.
To concur with the House-passed version of the bill.
Passed in the Senate 38 to 0 (details)
