SB 481 - Beginning January 1, 2010, this act authorizes a corporate income tax exemption for corporations that do not receive funds from any program administered by the Department of Economic Development. To be eligible for the exemption, the corporation must annually file a request form with the Department of Revenue indicating that the corporation is not receiving funds from a Department of Economic Development program and will not receive funds for five taxable years following the request. A corresponding individual income tax exemption is provided for taxpayer income received from business entities with flow-through tax treatment.
The provisions authorizing the corporate income tax exemption will expire December 31 six years from the effective date.
This act is similar to House Bill 432 (2009).