Introduced by Sen. Samuel B. Thomas, III (D) on May 25, 2005, to increase from $350,000 to $500,000 the Single Business Tax “cliff” or filing threshold for a small business in its first or second year. This is the amount of annual gross receipts that subjects a business to the tax. Below the “cliff” a business pays no tax; above it, a business pays SBT on its entire tax base, which is why it is called the “cliff”.
Referred to the Senate Finance Committee on May 25, 2005.
Referred to the Senate Economic Development, Small Business and Regulatory Reform Committee on May 26, 2005.
