Introduced
by
To exempt for five years a "qualified start-up business" from the obsolete properties tax which is levied in lieu of property tax on firms which have received an obsolete property rehabilitation 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 bill pass.
Substitute offered
To replace the previous version of the bill with one that somewhat narrows the definition of qualified start up business to only include firms that did not have net income for two consecutive tax years.
The substitute passed by voice vote
Passed in the Senate 38 to 0 (details)
To exempt for five years a "qualified start-up business" from the obsolete properties tax which is levied in lieu of property tax on firms which have received an obsolete property rehabilitation 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, is not publicly traded, and did not have net income for two consecutive tax years. This does not necessarily apply only to new firms, and the proposed five year exemption is not necessarily the firm's first five years of operation.
Referred to the Committee on Commerce
Referred to the Committee on Tax Policy
