2003 House Bill 5342 ↩

Senate Roll Call 291: Passed

To exempt for five years a "qualified start-up business" from the "neighborhood enterprise zone specific tax" which is levied in lieu of property tax on firms located in a "neighborhood enterprise zone." 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.