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Narrowed contractor credit for 100% employee-owned firms advances
Summary
SB 5 36, narrowed to offer a contractor gross receipts tax credit only to 100% employee-owned (ESOP) construction companies, passed the committee by voice vote; Department of Revenue staff said the narrowed scope should substantially reduce prior administrative and FTE needs.
Senate Finance and Claims approved SB 5 36, a contractor gross receipts–tax credit narrowly tailored to construction companies that are 100% employee-owned (ESOP). Sponsor Senator Greg Hertz said the measure responds to stranded prepayments of the contractor gross receipts tax faced by such firms.
Russ Chr…
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