2003 Senate Bill 869 ↩

House Roll Call 319: Passed

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.