2003 Senate Bill 866 ↩

Senate Roll Call 48: Passed

To exempt the owner of a "qualified start-up business" from paying a city income tax on earnings from the enterprise for five years. 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, is not publicly traded, and did not have net income for two consecutive tax years. This does not necessarily apply only to new firms, and the proposed five year exemption is not necessarily the firm's first five years of operation.