Introduced by Sen. Jason Allen (R) on December 3, 2003, to exempt for five years a "qualified start-up business" from the commercial facilities specific tax, which is levied in lieu of property tax on firms which have received a commercial 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.
Referred to the Senate Economic Development, Small Business and Regulatory Reform Committee on December 3, 2003.
1) 2003 Senate Bill 873 (Tax breaks for "start-up business") by admin on January 1, 2001 Introduced in the Senate on December 3, 2003