2003 House Bill 5345 ↩

House Roll Call 271: Passed

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.