2005 Senate Bill 534

Increase SBT “cliff” for new firms

Introduced in the Senate

May 25, 2005

Introduced by Sen. Samuel B. Thomas (D-4)

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 Committee on Finance

May 26, 2005

Referred to the Committee on Economic Development, Small Business, and Regulatory Reform