Introduced by Rep. Leon Drolet (R) on February 3, 2004, to eliminate all remaining Single Business Tax that businesses pay on their employee health insurance costs, beginning in 2008. As part of a December 2003 agreement to close a $900 million gap between desired state spending and expected revenues, Senate Bills 672 and 673 phase out half of the tax through 2007. Note: Because the SBT is a value added tax, offering health insurance to employees raises a firm’s SBT tax liability.
Referred to the House Tax Policy Committee on February 3, 2004.
