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Panel okays annual form requirement for small-business incubator tax exemption
Summary
Senate Bill 573 requires incubators claiming a small-business tax exemption to file an annual form with the Department of Commerce to remain eligible; the subcommittee approved the measure unanimously.
The subcommittee passed Senate Bill 573, which requires a small business that claims the small-business incubator tax exemption to submit an annual form to the Department of Commerce to continue qualifying.
Representative Pei presented the bill and said it "requires a small business tender claiming the small business incubator tax exemption. This is an annual form to the Department of Commerce to continue qualifying for the exemption." Pei moved for adoption and yielded for questions; none were recorded.
Committee members gave the bill a do-pass recommendation. The clerk recorded a 10-0 vote in favor and the chair declared the bill passed the subcommittee.
