SB 481 Creates income tax exemptions for corporations which do not receive funds from programs administered by the Department of Economic Development
Sponsor: Ridgeway
LR Number: 2174S.01I Fiscal Note:
Committee: Governmental Accountability and Fiscal Oversight
Last Action: 3/2/2009 - Second Read and Referred S Governmental Accountability and Fiscal Oversight Committee Journal Page: S442
Title: Calendar Position:
Effective Date: August 28, 2009

Full Bill Text | All Actions | Available Summaries | Senate Home Page | List of 2009 Senate Bills

Current Bill Summary


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).

JASON ZAMKUS