2003 House Bill 5345 (Tax breaks for "start-up business") (House Roll Call 271)
Passed in the House (80 to 27) on April 27, 2004, to exempt the owner of a "qualified start-up business" from paying a city income tax on earnings from the enterprise for five years, if the city agrees. 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. [History, Amendments & Comments]
The vote was 80 in favor, 27 opposed, and 2 not voting
(House Roll Call 271 at House Journal 34)
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The following legislators supported 2003 House Bill 5345 (Tax breaks for "start-up business"):
The following legislators opposed 2003 House Bill 5345 (Tax breaks for "start-up business"):
The following legislators did not vote on 2003 House Bill 5345 (Tax breaks for "start-up business"):
| Phillips (D) | Zelenko (D) |
Most Recent Comments
1) Rep. Accavitti's "no vote explanation" [by Admin003 on April 29, 2004]Rep. Accavitti, having reserved the right to explain his protest against the passage of the bill, made the following statement:
"Mr. Speaker and members of the House:
I voted no on the companion package of bills to HB 5331 which were deemed to assist 'start-up' businesses (HB 5335, 5341-43, 5345; SB 863, 865, 867, 872, 875) because they will actually amount to very little in terms of tax relief to business but will cost the state treasury up to $15 million at a time when, if revenues are not increased, significant reductions will have to take place in programs to seniors, education and health care.
The bills also have the potential of undermining existing economic development programs and incentives and pitting local units against each other in the race to land businesses. Local units will again be forced to choose."
Reply
Introduced in the House on December 3, 2003, to exempt the owner of a "qualified start-up business" from paying a city income tax on earnings from the enterprise for five years, if the city agrees. 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 vote was 80 in favor, 27 opposed and 2 not voting
(House Roll Call 271 at House Journal 34)
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