Introduced
by
To allow local governments to exempt a "qualified start-up business" that has not made a profit from paying certain property taxes on real and personal property 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, 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 personal property tax is a tax on the tools and equipment that businesses use to provide goods and services. It is assessed and levied in the same manner as regular property taxes on real estate.
Referred to the Committee on Tax Policy
Reported without amendment
With the recommendation that the substitute (H-2) 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
Passed in the House 100 to 1 (details)
Referred to the Committee on Economic Development, Small Business, and Regulatory Reform
Reported without amendment
With the recommendation that the amendments be adopted and that the bill then pass.
Amendment offered
To not allow counties to grant the proposed tax break.
The amendment passed by voice vote
Amendment offered
by
To allow individual tax collecting units within a single taxing jurisdiction to "opt out" of granting the proposed tax break.
The amendment failed by voice vote
Passed in the Senate 33 to 2 (details)
To allow local governments (except for counties) to exempt a "qualified start-up business" that has not made a profit from paying certain property taxes on real and personal property 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, 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 personal property tax is a tax on the tools and equipment that businesses use to provide goods and services. It is assessed and levied in the same manner as regular property taxes on real estate.
Passed in the House 101 to 0 (details)
To concur with the Senate-passed version of the bill.
