SB 1041 Creates tax incentives for purchases of tangible business property by eligible small businesses
Sponsor: Schmitt
LR Number: 4829S.02I Fiscal Note:
Committee: Governmental Accountability and Fiscal Oversight
Last Action: 3/4/2010 - Second Read and Referred S Governmental Accountability and Fiscal Oversight Committee Journal Page: S524
Title: Calendar Position:
Effective Date: August 28, 2010

Full Bill Text | All Actions | Available Summaries | Senate Home Page | List of 2010 Senate Bills

Current Bill Summary


SB 1041 - This act creates a refundable tax credit for purchases of tangible business property made by eligible small businesses. The tax credit will be available for businesses with annual gross receipts equal to or less than one million dollars, or those businesses which employ thirty or less full-time employees. The tax credit will be equal to one hundred percent of the general revenue portion of state sales taxes paid by an eligible small business on purchases of certain business property during the taxable year. The tax credit may be used against state income, corporate income, corporate franchise, financial institutions, and bridge, utility and express company taxes.

JASON ZAMKUS