2004 Senate Bill 1302 ↩

House Roll Call 641: Passed

To allow local governments to exempt for five years a "qualified start-up business" that has not made a profit from portions of the "technology park facilities tax," which is levied in lieu of property tax on firms located in a "technology park." 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.