Introduced
by
To allow local governments to exempt for five years a "qualified start-up business" that is a for-profit company which has not made a profit and which is leasing tax-exempt property, from the real and personal property tax that would otherwise be levied. 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 correct a drafting error in the language of the bill.
The amendment passed by voice vote
Passed in the Senate 35 to 0 (details)
Referred to the Committee on Tax Policy
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 107 to 0 (details)
To allow local governments to exempt for five years a "qualified start-up business" that is a for-profit company which has not made a profit and which is leasing tax-exempt property, from the real and personal property tax that would otherwise be levied. 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.
