Introduced
by
To replace the $350,000 Single Business Tax (SBT) “cliff,” which is the amount of annual gross receipts that subjects a business to the tax, with a $350,000 deduction. Below the “cliff” a business pays no tax; above it, a business pays tax on the entire amount, which is why it is called the “cliff.” The bill would have the effect of leaving small firms with no SBT tax liability, and giving larger firms a tax cut by levying the tax only on receipts greater than $350,000. The $350,000 deduction would increase with inflation.
Referred to the Committee on Tax Policy
