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Committee advances HB 3049 changing eligibility for taxable income exemptions in challenged areas
Summary
The committee voted to advance House Bill 3049 to the House Committee on Revenue with a do-pass recommendation. The bill revises the definition of qualified locations and application requirements for a taxable income exemption for businesses in economically challenged areas, and adds an annual cap on the exemption for any single company.
Committee staff summarized House Bill 3049 as changing eligibility criteria and modifying application requirements for the taxable income exemption available to businesses in economically challenged areas of the state. The bill would revise the definition of a qualified location, adjust preliminary and annual certification…
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